Rt Hon Winston Peters

New Zealand First Leader

Member of Parliament for Northland
12 APRIL 2016

PM Fails to Reassure on Foreign Trust Review

Prime Minister John Key did nothing in Parliament today to reassure the public that the review of foreign trust disclosure rules is serious and independent.

“Unlike UK Prime Minister Cameron, who has been shocked into attacking the tax haven entities associated with the UK, Mr Key has ordered a review with limited terms of reference, and to be held in secret,” says New Zealand First Leader and MP for Northland Rt Hon Winston Peters.

“Such a review is not going to allay any of the foreign governments’ concerned at New Zealand’s role as at tax haven.

“Mr John Shewan’s appointment. given his Price Waterhouse Coopers background, simply was not appropriate.

“What was needed was an overseas expert, uncontaminated by New Zealand trust associations, far removed from political parties, and committed to ending the secrecy behind our foreign trust laws.

“Given the involvement of Mr Shewan in making submissions on tax laws in the past, one can conclude that he has no abhorrence of tax law secrecy, straight out tax evasion and structures to keep that secret.

“Is Mr Shewan, for example, seriously going to get behind the veil of offshore trusts registrations to get at the trust? With the powers that he has been given there’s no chance that his review will be completed by the end of June, or if it was it would mean he hasn’t taken his commission seriously.

“Appointed by a government that is not serious at getting at the truth, even if Mr Shewan was, he will run into roadblock after roadblock.

“Evidence of the government’s lax attitude is to be found in the contrast between Mr Key’s assurances of present work with the OECD, when the Minister of Revenue has said they have not come to one decision on any anti-trust matter before them,” says Mr Peters.

ENDS

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