FATCA Flashcards
What does the Best Endeavours Period refer to in FATCA?
The period (2 years) during which financial institutions are given 3 extra months to perform due diligence and to comply with FATCA requirements.
What is another expression used in FATCA meaning “Best Endeavours Period”?
Good faith transition period
On 12 June 2014, New Zealand signed an ________________ agreement (IGA) with the United States to clarify the reporting obligations of New Zealand financial institutions under the United States law commonly known as the Foreign Account Tax Compliance Act and also to create specific exceptions from reporting.
inter-governmental
On 12 June 2014, New Zealand signed an inter-governmental ____________ (IGA) with the United States to clarify the reporting obligations of New Zealand financial institutions under the United States law commonly known as the Foreign Account Tax Compliance Act and also to create specific exceptions from reporting.
agreement
On 12 June 2014, New Zealand signed an inter-governmental agreement (_____) with the United States to clarify the reporting obligations of New Zealand financial institutions under the United States law commonly known as the Foreign Account Tax Compliance Act and also to create specific exceptions from reporting.
IGA
On 12 June 2014, New Zealand signed an ___________________ (IGA) with the United States to clarify the reporting obligations of New Zealand financial institutions under the United States law commonly known as the Foreign Account Tax Compliance Act and also to create specific exceptions from reporting.
inter-governmental agreement
On 12 June 2014, New Zealand signed an _______________________ with the United States to clarify the reporting obligations of New Zealand financial institutions under the United States law commonly known as the Foreign Account Tax Compliance Act and also to create specific exceptions from reporting.
inter-governmental agreement (IGA)
Under the terms of the (FATCA) IGA, New Zealand ______________ are required to collect information on their customers that are, or are likely to be, United States taxpayers. This information must be sent to Inland Revenue (IR), who in turn will transmit it to the United States tax authorities under the existing exchange of information mechanism in the DTA between the two countries. The IGA also provides for reciprocal information to be sent from the United States to IR.
financial institutions
Under the terms of the (FATCA) IGA, New Zealand financial institutions are required to collect information on their customers that are, or are likely to be, United States taxpayers. This information must be sent to Inland Revenue (IR), who in turn will transmit it to the United States tax authorities under the existing _________________ mechanism in the DTA between the two countries. The IGA also provides for reciprocal information to be sent from the United States to IR.
exchange of information
Under the terms of the (FATCA) IGA, New Zealand financial institutions are required to collect information on their customers that are, or are likely to be, United States taxpayers. This information must be sent to Inland Revenue (IR), who in turn will transmit it to the United States tax authorities under the existing exchange of information ___________ in the DTA between the two countries. The IGA also provides for reciprocal information to be sent from the United States to IR.
mechanism
Under the terms of the (FATCA) IGA, New Zealand financial institutions are required to collect information on their customers that are, or are likely to be, United States taxpayers. This information must be sent to Inland Revenue (IR), who in turn will transmit it to the United States tax authorities under the existing e__________________ in the DTA between the two countries. The IGA also provides for reciprocal information to be sent from the United States to IR.
exchange of information mechanism
Under the terms of the (FATCA) IGA, New Zealand financial institutions are required to collect information on their customers that are, or are likely to be, United States taxpayers. This information must be sent to Inland Revenue (IR), who in turn will transmit it to the United States tax authorities under the existing exchange of information mechanism in the DTA between the two countries. The IGA also provides for _________________ to be sent from the United States to IR.
reciprocal information
Under the terms of the (FATCA) IGA, New Zealand financial institutions are required to collect information on their customers that are, or are likely to be, United States taxpayers. This information must be sent to Inland Revenue (IR), who in turn will transmit it to the United States tax authorities under the existing exchange of information mechanism in the _____ between the two countries. The IGA also provides for reciprocal information to be sent from the United States to IR.
DTA
_____________ of the Tax Administration Act 1994 (TAA) was inserted to explicitly authorise financial institutions to obtain and provide to IR the information that New Zealand is obliged to obtain and collect under the IGA.
Part 11B
Part 11B of the ________________ was inserted to explicitly authorise financial institutions to obtain and provide to IR the information that New Zealand is obliged to obtain and collect under the IGA.
Tax Administration Act 1994 (TAA)
