In the week just ended we have observed a fundamental shift in the landscape of information exchange between countries.

New legislation has come into force in New Zealand, increasing information reporting with respect to property transactions, and a milestone has been reached in the United States – the date on which the exchange of information under FATCA commences, 30 September.

We have observed these moves as measures in the fight to combat international tax evasion. In addition, the United States signed Competent Authority Arrangements with two countries, the United Kingdom and Australia. These were the first two countries to sign such agreements with the United States. New Zealand is to follow suit, and there is no doubt that dozens of other countries will follow suit also.