Oh well. It appears that (at least for now), the anti- FATCA submissions to New Zealand were of little effect.* A comprehensive description of the rejection is here and New Zealand based commentary on the FATCA capitulation (calling it a crime) is here.
An interesting article by Gareth Vaughn – New Zealand based journalist – describing FATCA in the context of information exchange includes:
On February 12, 2014 I made submissions to the New Zealand Finance and Expenditure Committee concerning a possible New Zealand FATCA IGA with the United States. My original submission may be found here.
At the end of that submission, the committee requested additional information about the 877A Exit Tax imposed on “covered expatriates”. The purpose was to assess the relevance of this information to a possible IGA between New Zealand and the United States. I have written a second detailed submission which is of relevance to ALL countries contemplating a FATCA IGA. This submission will also be of interest to those who wish to understand the workings of the Exit Tax on the most basic level.
Here is the pdf version of the submission. As always, comments are appreciated.