New Zealand: FATCA guidance on “recalcitrant accounts”

New Zealand: FATCA guidance on “recalcitrant accounts”

The Inland Revenue finalized guidance on the reporting of “recalcitrant accounts” under the FATCA regime.

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The approach generally is to treat recalcitrant individuals as specified U.S. persons and recalcitrant entities as passive non-financial foreign entities (passive NFFEs).

Default values have been provided for reporting purposes when information is not available.

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