Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

NZ Super Fund caught using tax havens

26 September 2012

NZ Super Fund caught using tax havens

The New Zealand Super Fund’s use of tax havens is ethically wrong and undermines New Zealand’s attempts to stop international tax avoidance, the Green Party said today

Parliamentary questions lodged by the Green Party have revealed that our publicly funded New Zealand Superannuation Fund has $1.6 billion (or seven percent) of its funds invested through investment vehicles located in tax havens like the Cayman Islands, Isle of Man, British Virgin Islands, and Mauritius.

“We should not be profiting or supporting an international system of tax avoidance through tax havens. It’s simply unethical and hurts regular tax payers, who have to pay more tax when large multinationals use tax havens to avoid paying their fair share of tax,” said Green Party Co-leader Dr Russel Norman.

The Government’s Minister of Revenue said in November 2012, ‘In the global fight against tax evasion, the New Zealand Government takes its responsibilities very seriously and has been very active in this area. We will continue to explore further opportunities to clamp down on evasion.’ He also said in 2009 about the on-going negotiation of new tax information exchange agreements that, ‘in the foreseeable future we will get to the point where there are simply no more safe overseas tax havens.’

“We have a Government that is allowing the New Zealand Super Fund to use tax havens to avoid paying tax while simultaneously working to eliminate international tax avoidance through tax havens,” said Dr Norman.

“This is clearly a double standard.”

“We can’t both profit from tax havens and try to shut them down.

“That will simply undermine our international reputation – something the Super Fund is specifically legislated to avoid.

“The solution is for Bill English to direct the Super Fund to divest the $1.6 billion invested through tax havens.

“We can still make good returns without hurting others.”


Link to Parliamentary questions revealing the extent of the Super Fund’s use of tax havens:

https://www.greens.org.nz/sites/default/files/super_fund_caught_using_tax_havens_to_avoid_paying_tax.pdf

Link to previous Government statements on tax avoidance and tax havens

http://taxpolicy.ird.govt.nz/news/2009-12-17-big-year-tax-treaty-negotiations

http://taxpolicy.ird.govt.nz/news/2012-11-06-update-nzmalaysian-dta

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement.

As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

 

Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>

ALSO:

Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>

ALSO:

Gordon Campbell: On Our Refugee Intake (And Uber’s Woes)

On figures released this week, there are currently 65.6 million people worldwide who have been displaced from their homes by war, famine or other external causes… More>>

ALSO:

IGIS Report: GCSB Support For Groser WTO Bid Not Illegal

“The inquiry has found that the GCSB did not act unlawfully or improperly in providing assistance to the New Zealand government campaign”, Ms Gwyn said. More>>

ALSO:

PM's Press Conference: Pike And Houses

There were questions on Pike River mine re-entry after new video from inside the drift was released over the weekend. English maintained a human effort would not be feasible irrespective of any future coalition demands from NZ First. He said the government would continue to work with families on non-manned re-entry. More>>

ALSO:

Flogging A Dead Horse: NZ First Seeks New s59 Referendum

10 years on from the so called “anti-smacking” law - NZ First calls for a binding referendum. NZ First MP Tracey Martin told TVNZ’s Q+A programme that the law change has had a “chilling effect” on NZ parents including herself. More>>

ALSO:

Always Interesting: Internet Party Has New Leader

The Internet Party has a new leader: Suzie Dawson... She currently resides in Moscow, Russia, where she has applied for temporary asylum due to severe persecution she reports being subjected to by those whose corruption she worked to expose.More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog