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NZ Inquiry Launched On Foreign Trust Disclosure Rules

by Mary Swire, Tax-News.com, Hong Kong

03 May 2016


New Zealand's Minister of Finance, Simon English, and the Minister of Revenue, Michael Woodhouse, has established a government inquiry into Foreign Trust Disclosure Rules.

As a result of the recent leak of the "Panama Papers," concerns have been raised about rules covering foreign trusts registered in New Zealand. The Cabinet has decided to initiate a review of New Zealand's disclosure rules relating to foreign trusts registered in New Zealand to ensure the county's reputation is maintained.

The inquiry will report on and make recommendations relating to:

  • New Zealand's existing foreign trust disclosure rules;
  • Whether the existing foreign trust disclosure rules and the enforcement of those rules are sufficient to ensure New Zealand's reputation is maintained; and
  • Options for enhancements to New Zealand's foreign trust disclosure rules and enforcement of those rules, including any practical improvements that could be made or other actions that could be taken.

The inquiry is to report findings and opinions to the appointing Ministers in writing by June 30, 2016.

TAGS: compliance | Finance | tax | tax compliance | tax avoidance | banking | trusts | international financial centres (IFC) | Organisation for Economic Co-operation and Development (OECD) | enforcement | offshore | offshore banking | New Zealand | Panama | Tax | Tax Evasion

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