The New Zealand Law Society has prepared suggested self-certification forms to assist law firms who have elected to be active non-financial foreign entities (NFFEs) to gather information from their clients to ensure compliance with the United States Foreign Account Tax Compliance Act (FATCA).

The forms also seek information on non-US tax residents in light of upcoming requirements for the OECD’s Common Reporting Standard which is due to come into force by 1 July 2017.

AEOI will impose FATCA-like obligations on New Zealand law firms under agreements the New Zealand Government has entered into with the Governments of at least 100 other countries.

Law firms are reminded that individual banks may require the use of a different self-certification forms and lawyers should first check with their bank before using the suggested New Zealand Law Society forms.

A Law Society Practice Briefing provides more information on the regimes and is designed to assist law firms with assessing their obligations.