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


Inquiry into foreign trusts must restore NZ’s reputation

11 April 2016

Inquiry into foreign trusts must restore NZ’s reputation

The Green Party is welcoming John Key’s U-turn on foreign trusts but is calling for a broader public inquiry to ensure this isn’t a whitewash, the Green Party said today.

“The Prime Minister is in damage control mode over the use (and abuse) of New Zealand’s foreign trust regime, today announcing that he will appoint an independent expert to review New Zealand’s rules around foreign trusts,” said Green Party Co-Leader James Shaw.

“While I welcome the Prime Minister’s U-turn on New Zealand’s foreign trusts, appointing a single tax expert is unlikely to lead to the kinds of reforms we need to protect our country’s reputation.

“Appointing a single expert insider could result in a whitewash.

“Any inquiry into New Zealand’s foreign trusts also needs expertise from the Inland Revenue Department (IRD), transparency and anti-corruption experts, international tax law experts, and an opportunity for public input.

“Any inquiry without IRD input will be meaningless. IRD are at the heart of this issue, having direct oversight over foreign trusts and responsible for information sharing with overseas tax authorities. They first warned the Government about this issue back in 2013.

“Any inquiry without expert input from anti-corruption specialists will similarly be problematic, as a single tax expert will not be expert at protecting and restoring New Zealand’s reputation overseas.

“The Prime Minister needs to move from damage control mode to a meaningful reform of our secretive foreign trust regime.

“John Key spent last week denying there was a problem of very wealthy individuals hiding their assets in New Zealand, when international experts were saying there very clearly is a problem.”

The Green Party has pushing for greater transparency around foreign trusts since 2012. Greater disclosure of the identity of the settlors, their country of residence, the trust’s beneficiaries, and annual financial reporting would help eliminate the abuse of foreign trusts.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Bernie Sanders’ Presidential Bid

Bernie Sanders’ campaign for the Democratic nomination is taking on an air of inevitability, and that likelihood has been met with elation by some people, and feelings of dread in others. Is the Vermont senator the party’s best hope of motivating and leading an inspirational movement to defeat Donald Trump in November, or would he be the easiest opponent of them all for Trump to stigmatise, isolate and defeat? Is Bernie Sanders a once-in-a-lifetime opportunity to transform America, or a once- in-a -generation calamity who is likely to entrench in power the worst President in American history? No pressure, people. More>>

First Published on Werewolf here


NZ Government: 18,400 Children Lifted Out Of Poverty

Prime Minister Jacinda Ardern has welcomed new reporting showing the Coalition Government is on track to meet its child poverty targets, with 18,400 children lifted out of poverty as a result of the Families Package... More>>


Gordon Campbell: On Our Unreal Optimism About The Economic Impact Of Coronavirus

At this week’s Chinese New Year celebrations, PM Jacinda Ardern was resolutely upbeat that business with China would soon bounce back to normal – better than ever, even - once the coronavirus epidemic has been brought under control. To Ardern, ... More>>


Vaping: Government To Regulate Products

No sales to under-18-year-olds No advertising and sponsorship of vaping products and e-cigarettes No vaping or smokeless tobacco in smokefree areas Regulates vaping product safety comprehensively, - including devices, flavours and ingredients Ensure ... More>>


Gordon Campbell: On The Political Donations Scandals
Even paranoids have real enemies. While there has been something delusionary about the way New Zealand First has been living in denial about its donations scandal, one can sympathise with its indignation about Paula Bennett and Simon Bridges being among its chief accusers. More>>


UN Expert: NZ Housing Crisis Requires Bold Human Rights Response

This is a press statement from UN Special Rapporteur on the right to housing at the end of her 10-day visit to New Zealand. The Government of New Zealand has recognized that the country is facing a housing crisis, said Leilani Farha, UN Special Rapporteur ... More>>






InfoPages News Channels