Thursday, April 07, 2016

Panama Papers: New Zealand is 'complicit' in tax avoidance schemes - expert

" The loophole in our laws that allows New Zealand foreign trusts to escape taxation has been known about for years, but nothing has been done to shut it down. This makes us complicit in schemes to avoid tax," she said.
Another tax law expert has also said that the rules around the what foreigners with New Zealand trusts must disclose to Inland Revenue are "weak".
Revenue Minister Michael Woodhouse, however, said it was "ridiculous to suggest that New Zealand is a tax haven".
"Tax havens thrive on secrecy," Woodhouse said.
"Our tax rules require foreign trusts to be registered. We also have a strong tax treaty network with the express purpose of discovering and preventing tax avoidance by exchanging information between tax jurisdictions," he said.

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