Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

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

 

Govt was wrong to dismiss foreign trust concerns

Govt was wrong to dismiss foreign trust concerns

The Shewan inquiry has found that foreign trusts are open to being abused and has recommended new disclosure requirements in line with what the Green Party has been pushing for since 2012, the Green Party said today.

The Government Inquiry into Foreign Trust Disclosure Rules found today that existing foreign trust disclosure rules are inadequate and has recommended a significant increase in the information required for disclosure at set-up and on a yearly basis.

“The Shewan inquiry into foreign trusts has concluded what the Green Party has been pushing for since 2012: foreign trusts are a likely vehicle for tax abuse and need to be opened up with increased disclosure and reporting requirements,” said Green Party Co-leader James Shaw.

“The secrecy and tax-free status of New Zealand foreign trusts have made them an attractive vehicle for tax avoidance and crime, damaging our reputation abroad.

“The National Government has consistently defended foreign trusts, with the Prime Minister saying we had ‘full disclosure’ as recently as two months ago.

“The National Government was wrong to say our foreign trusts have full disclosure. In practice, that was not true. IRD warned the Government in 2013 and again in 2014 that our disclosure requirements were not fit for purpose, but it took the Panama Papers leak and significant public pressure to finally get National to move.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

“John Key had to be dragged kicking and screaming into a review that, in hindsight, was needed all along.

“Shewan’s findings are a win for greater transparency around tax matters and for honest politics internationally.

“We hope the Government moves quickly to adopt all these recommendations and put in place a review of how the new measures are working in two years’ time.

“IRD intimated in 2014 that our foreign trust regime might not be sustainable in the long term so we need to revisit the effectiveness of any new disclosure requirements to ensure they are delivering what they promise,” said Mr Shaw.

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On Dune 2, And Images Of Islam


Depictions of Islam in Western popular culture have rarely been positive, even before 9/11. Five years on from the mosque shootings, this is one of the cultural headwinds that the Muslim community has to battle against. Whatever messages of tolerance and inclusion are offered in daylight, much of our culture tends to be hostile to Islam when we’re sitting in the dark, with popcorn.
Any number of movie examples come to mind, beginning with Rudolf Valentino’s role (over a century ago) as the romantic Arab hero in The Sheik...
More


 
 


Government: One-stop Shop Major Projects On The Fast Track

The Coalition Government’s new one-stop-shop fast track consenting regime for regional and national projects of significance will cut red tape and make it easier for New Zealand to build the infrastructure and major projects needed to get the country moving again... More

ALSO:


Government: GPS 2024: Over $20 Billion To Get Transport Back On Track
Transport Minister Simeon Brown has released the draft Government Policy Statement (GPS) on Land Transport, outlining the Coalition Government’s plan to build and maintain a transport system that enables people to get to where they need to go quickly and safely... More

ALSO:

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.