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Key misleading over OECD tax haven report

Andrew Little
Leader of the Opposition
5 April 2016

Key misleading over OECD tax haven report

Prime Minister John Key has again been caught out misleading the public over New Zealand’s role as an international tax haven for the world’s mega-wealthy and elite, Leader of the Opposition Andrew Little says.

“John Key today claimed a 2013 OECD report gave New Zealand a ‘clean bill of health’ over trusts and tax laws.

“That is nonsense. The report (page 8, par 5) actually recommended our laws be made more transparent around who owns foreign trusts and who holds the assets of such trusts.

“It also raised concerns that enforcement provisions to ensure correct information is given to the Companies Registrar don’t necessarily apply to companies with non-resident directors.

“John Key also conveniently forgot to mention another 2013 OCED report – this one into bribery – which criticised New Zealand’s use of shell companies and failure to prosecute anyone for foreign bribery.

“Of most concern is the report’s finding that ‘New Zealand shell companies have been reported as being fronts for international laundering of drug money, fraud and terrorism’.

“The Prime Minister is allowing the world’s richest people to hide their wealth in New Zealand and not pay their fair share. John Key needs to act for all New Zealanders not just the few at the top,” Andrew Little says.

ENDS

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