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 Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality.

To date, the Greens have opposed (a) a wide range of the leaked content of the TPP (b) the secretive way it has been negotiated and (c) the undemocratic way in which any final document would be ratified. Labour has shared some of those concerns, but while remaining generally supportive of the deal itself.

National has, for its part, been very enthusiastic about the TPP, while still giving assurances about Pharmac being protected... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

 
 

Gordon Campbell: On The Farcical Elevation Of David Seymour

With the election won, it’s time to find jobs for the boy. David Seymour is the Act Party’s latest scrounger to be rewarded by the National Party, and not only with a seat in Parliament. More>>

ALSO:

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

'Safe To Re-Enter' - OIA Docs: Safety Is Absolute Priority At Pike River Mine

“We understand that the time it is taking to complete our evaluation of the risks is frustrating for the family members and we are trying to complete this work as quickly as we can,” Ms Dunphy says. “It is Solid Energy’s responsibility to make this decision and we will do so, once we have all the information required to make a fully-informed decision.” More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
More RSS  RSS
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news