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Taxenophobia

Written By: - Date published: 4:51 pm, August 20th, 2014 - 22 comments
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Tim Hunter aka “Chalkie” has a fascinating article in today’s DomPost on why foreigners are so keen to buy New Zealand assets – tax. He discusses Wellington Electricity Network and Lochinver to make the point that “the real appeal of investing in New Zealand is how easily foreign companies manage to avoid paying tax” – anywhere.

“There are huge tax advantages available to overseas investors that simply cannot be accessed by locals. They crank up the returns available to foreign buyers and make New Zealand assets worth more to overseas owners than to New Zealand residents.”

He looks Wellington Electricity Network as an example, and also Lochinver. Read it and weep – or get mad.

WED was bought by Cheung Kong Infrastructure Holdings  for $785million. It makes a loss, not because of its cashflow but because of its debt – 80% of its asset value. The debt is to a CKI company registered in the British Virgin Islands at a premium rate 12.5%. It pays no tax in New Zealand becuase of the loss and pays no tax anywhere else because it is owned in the Bahamas “where , like BVI, the tax system is a warm bath for companies to float in the dark and listen to the sound of money – no company tax, no withholding tax, no captial gains tax, nothing.”

Chalike discusses the Lochinver sale as well.

Chalkie reckons we should welcome foreign investment, but not so much that we meet it at the airport with the tax equivalent of a red carpet on the tarmac, a chauffeur-driven limousine, free accommodation at Kauri Cliffs and an invite to John Key’s house for drinkies every Friday night. Whatever the benefits of overseas ownership – and there will be some – Chalkie reckons we should also take account of the costs.

The issue is the same whether the assets are companies or farmland. The would-be buyer of Lochinver Station near Taupo has been named as Pure 100 Farm, described by the Overseas Investment Office as “a wholly owned subsidiary of Shanghai Pengxin Group”.

It may be, but its immediate parent is Milk New Zealand Holding, owner of the former Crafar and Synlait farms in Waikato and Canterbury. Milk New Zealand Holding is wholly owned not by Shanghai Pengxin, but by Milk New Zealand Investment, a company registered in the British Virgin Islands. The ownership was disclosed to the Companies Office on August 13.

Chalkie reckons owning New Zealand farms through a Caribbean tax haven may have tax advantages – or is that xenophobic?

The ownership was disclosed on August 13. On August 2 Farrar’s Kiwiblog (repeated in National Business Review) carried this post in support of Steven Joyce’s “xenophobia” attack on Labour’s Grant Robertson on TV3’s The Nation.

Interestingly, a couple of the commenters on Kiwiblog were awake to the murky ownership of the Lochinver would-be  buyers. However I think Chalkie is right – we should pay attention to the costs of foreign investment, and we need tot alk about that rec carpet rollout.

Joyce’s thoughtless bullying exemplifying National’s thoughtless  “soundbite” approach leaves New Zealand wide open. At least Labour will keep New Zealand for New Zealanders and will also close the tax loopholes available to multinational corporates.

Time for a change.

P.S. For more on Wellington Electricity Network’s history and the stupidity of asset sales to foreigners, see this Fabian Society paper comparing outcomes for water and electricity networks in Wellington.

 

 

 

22 comments on “Taxenophobia”

  1. ghostwhowalksnz 1

    Milk NZ Holdings were only able to buy the former Crafar farms because the National government stepped in to require the taxpayers milk the cows for them.

    Thats right they worked out a deal for Landcorp to become sharemilkers on someone elses land. Its crazy and not why we have a SOE involved in agriculture. I know that some people have long term leases on landcorp farms and some sharemilkers are on landcorp dairy farms.
    But the other way around ???

  2. hoom 2

    In the beginnings of the USA the citizens had the issue of Taxation without Representation.

    The world currently has the reverse problem of Rich & Corporates who have excessive Representation and no Taxation.

  3. ghostwhowalksnz 3

    As an aside I thought we had strict ‘thin capitalization’ rules to knock out most of this borrowing the lot off shore

    Seems as though there is looholes
    http://taxpolicy.ird.govt.nz/publications/2013-commentary-arearm/thin-capitalisation-rules

  4. alwyn 4

    I notice that you did a fairly selective edit of the article.
    The main organisation he talks about was Wellington Network which Chalkie says was bought in 2008 when, guess who (hint starts with an L) were the Government. He also says that, under a National Government the IRD are going to tighten up on the rules.
    Yes the rules are wrong but at least the current Government plan to do something about it.

    • infused 4.1

      Yeah, Labour flogged that one off… on the quiet too.

    • Draco T Bastard 4.2

      The main organisation he talks about was Wellington Network which Chalkie says was bought in 2008 when, guess who (hint starts with an L) were the Government.

      And a lot of us were saying at the time that it should have come under the Strategic Assets legislation that the Labour led government had just passed.

      Yes the rules are wrong but at least the current Government plan to do something about it.

      So do the next government. Thing is, we’ve known about these tax loopholes for years and National haven’t actually done anything about them. Instead they’ve been passing laws that damage working peoples rights, engaging in beneficiary bashing and giving state subsidies to WB, Rio Tinto and SkyCity.

      And, yes, I’ll agree that a government can’t do everything at once but these should have been a priority in 2008 or earlier.

  5. disturbed 5

    Can we get someone to compile an up to date list of foreign companies take overs as this as Farrar “taxpayers Union” or Government has yet to do.

    List of foreign taxpayers rip-off”s of the N.Z. taxpayer.

    1/ Lochinvar Station. to Shanghai Pengxin Group”.
    2/ 49% sale of Mighty river power, ?
    3/ Crafer Farms, to Milk NZ Holdings – British Virgin Islands
    4/ Wellington Electricity Ltd – Cheung Kong Infrastructure Holdings
    5/ Genesis Energy, to ?
    6/ Meridian Energy, ?

    Add to anyone.

    • Gareth 5.1

      ASB, ANZ, BNZ, National, Westpac

      • TheContrarian 5.1.1

        Westpac has always been an Aussie bank and ASB was, from memory, never owned by the govt. Same goes with ANZ too actually – was never a govt owned banking outfit.

        • felix 5.1.1.1

          I think the australian-owned westpac bought and subsumed the locally-owned trustbank, hence westpactrust.

          • TheContrarian 5.1.1.1.1

            True they did (like ANZ acquiring National bank) but Westpac and ANZ were always foreign owned and ASB has never been publicly owned.

            All three, however, have consumed and assimilated NZ owned enterprises. Except for maybe ASB

    • disturbed 5.2

      Updated any further?

      Can we get someone to compile an up to date list of foreign companies take overs as this as Farrar “taxpayers Union” or Government has yet to do.
      List of foreign taxpayers rip-off”s of the N.Z. taxpayer.

      1/ Lochinvar Station. to Shanghai Pengxin Group”.
      2/ 49% sale of Mighty river power, ?
      3/ Crafer Farms, to Milk NZ Holdings – British Virgin Islands
      4/ Wellington Electricity Ltd – Cheung Kong Infrastructure Holdings
      5/ Genesis Energy, to ?
      6/ Meridian Energy, ?
      7/BNZ
      8/Partial sale of Air NZ.
      9/Wairakei geothermal Power Station, to Contact/Origin Energy
      10/ Works Infrastructure ex (M.O.W). to Downer (Aust’)

  6. mikesh 6

    It’s about time interest was declared non deductible. It’s not really a business expense in any case.

  7. Draco T Bastard 7

    If that article is right, and I have no reason to doubt it, and Labour et al do close the tax loopholes (which I also have no reason to doubt) then you can start counting the time until foreign investors start running for the hills as their tax exempt status gets shut off.

  8. ianmac 8

    Who could ask if Cheung Kong Infrastructure Holdings paid any tax in NZ?
    Mr Key is very well informed and open and transparent.

  9. Alistair Connor 9

    The important point is that the various “free trade” treaties NZ has signed, or is negotiating, make it obligatory that the country be open to foreign investment.

    This is sold with “level playing field” arguments. But the playing field will never be level between local companies and multinational firms — or perhaps we should call them “non-national firms”, because they might as well be domiciled on the moon if they escape all tax jurisdictions.

    The case of Wellington’s electricity distribution is a blatant example. The story of the 12% interest rate paid to a letterbox in the Virgin Islands cries out for a law change — it would surely be legitimate to tax at, say 50%, interest paid to related parties at above market rates?

    I am opposed to all further opening of trade — in particular, the Pacific treaty under negotiation — until such time as a satisfactory international tax treaty has been established (which is likely never…)

  10. Rolf 11

    This is a trick used all over the world now, not only concerning New Zeeland. The investor put his money in a bank in, for instance UAE. He takes a loan from a bank or financial institution in BVI or Singapore, the UAE bank balance is the security. The loan interest and cost from BVI or Singapore is set high, and pay for the other costs many times over. The cost of money, interest to the BVI or Singapore is of course deductible as a commercial expense, hence no or little tax in the end. All the high tax nations are exposed to this, the real investor may even live in the same country, in this case, he lives in New Zealand, but is hidden from view through the system. This way the costs are high, and he does not have to pay tax. The only remedy is to cut the tax.

  11. Rich 12

    Cutting the tax rate? That won’t do anything, quite obviously the preffered tax rate is 0%.

    But as someone said elsewhere cut the tax claim on interest, and you will defeat this. Sure it will get a few legitimate businesses a bit antsy at first but then if your gearing is reasonable, you will be able to handle it. Well run debt evasive companies and businesses will do well.

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    GreensBy Jan Logie MP
    4 days ago
  • House prices to a crack $1 million in 17 months
    The average Auckland home is on track to cost $1 million in 17 months’ time if nothing substantial is done to rein in soaring price rises, Labour’s Housing spokesperson Phil Twyford says. “Auckland’s house prices have skyrocketed 63 per cent… ...
    4 days ago
  • Vital support services can’t be left in lurch
    The National Government has big questions to answer about how a provider of services to thousands of vulnerable New Zealanders is set to fold, Labour’s Finance spokesperson Grant Robertson says. Relationships Aotearoa which provides support and counselling to families, individuals… ...
    5 days ago
  • Treasury and IRD on a capital gains tax
    Both the Treasury and IRD have been advising the National Government on the benefits of a capital gains tax. Documents released to the Green Party under an Official Information Act request show that John Key has been selective with the… ...
    GreensBy Russel Norman MP
    5 days ago
  • Charity legislation needs review
    It is unacceptable that the big corporate based charities claim  millions in annual income tax exemptions, while small community based and operated non-profit organisations  struggle to gain official charity status, Labour’s acting spokesperson for the Voluntary and Community Sector Louisa… ...
    5 days ago
  • John’s panic-Key response to housing crisis
    John Key needs to tell New Zealanders what caused his sudden change of heart that led to the Government’s scrambled and last-minute housing measures, Opposition Leader Andrew Little says. “The Prime Minister’s sudden rush of blood to his head followed… ...
    5 days ago
  • Keep our Assets Christchurch Campaign: An update
    I recently presented my submission to keep Christchurch Council assets at the Christchurch City Council’s public hearings on its 10 year plan on 13 May. The hearings are live-streamed and recorded so you can watch them on www.ccc.govt.nz. The Council’s… ...
    GreensBy Eugenie Sage MP
    5 days ago
  • John Key finally admits there’s a housing crisis
    John Key’s weak measures to rein in the astronomical profits property speculators are making are an admission – finally – that there is a housing crisis, Labour Leader Andrew Little says. “But yet again National is tinkering with the housing… ...
    6 days ago
  • Government stifles voices in CYFs review
    The Government’s exclusion of the Māori Women’s Welfare League in a panel on the future of CYFs is a cynical ploy to stifle views, says Labour’s Māori Development Spokesperson Nanaia Mahuta. “It's unbelievable that a significant review on the future… ...
    1 week ago
  • Speech to the Otago Chamber of Commerce
    Thank you very much for the opportunity to be here today. It’s a pleasure as always to be back in the town that raised me. Growing up in St Kilda meant that there was one thing that was a big… ...
    1 week ago
  • Key can’t just be Prime Minister for Parnell
    John Key must show New Zealanders in next week’s Budget that he is more than the Prime Minister for Parnell, and is also the Prime Minister for Pine Hill, Putararu and Palmerston North, Labour’s Finance spokesperson Grant Robertson says. In… ...
    1 week ago
  • Stop the conversions
    This week, some Waikato locals took me and intrepid photographer Amanda Rogers on a tour of some  lakes and waterways in their region, and up to the massive dairy conversions in the upper catchment of the Waikato River. It… ...
    GreensBy Catherine Delahunty MP
    1 week ago
  • More regional jobs go in Corrections reshape
    News that 194 Corrections staff are to lose their jobs will have ramifications not only for them and their families but for the wider community, Labour’s Corrections spokesperson Kelvin Davis says. Prison units at Waikeria, Tongariro and Rimutaka face closure… ...
    1 week ago
  • Government’s climate meetings off to a bumpy start
    On Wednesday, I attended a hui and an evening meeting that the Government had organised in Nelson as part of its climate change consultation tour, to support the Nelson community telling the Government to take meaningful action on climate change.… ...
    GreensBy Steffan Browning MP
    1 week ago
  • Taxpayers the only ones left feeling blue
    Ministry of Social Development bosses could have saved themselves thousands of dollars in consultants’ fees by providing staff with rose-tinted spectacles, Labour’s State Services spokesperson Kris Faafoi says. A report out today reveals the Ministry is spending over half a… ...
    1 week ago
  • Why are the regions still facing restrictions?
    Labour's Housing spokesperson Phil Twyford is questioning why the regions should continue to be saddled with LVR lending restrictions announced by the Reserve Bank today. “Labour has been calling for the regions to be exempted from LVRs for the best… ...
    1 week ago
  • The high costs of weak environmental regulation
    Te Waihora/Lake Ellesmere is described on the Department of Conservation website as “Canterbury’s largest and New Zealand’s fifth largest [lake], and an internationally important wildlife area.” But the lake is also polluted by nutrients leaching from farms in the catchment.… ...
    GreensBy Eugenie Sage MP
    1 week ago
  • Submissions to Wellington City Council on their Gambling Venues Policy
    Every three years Councils across the country are required to check that their gambling venue policies are still fit for purpose and they can choose to consult on their policy if they are thinking of making changes. Councils don’t have… ...
    GreensBy Denise Roche MP
    1 week ago
  • Reserve Bank action shows Govt out of touch and out of ideas
    The Reserve Bank’s unprecedented measures today show it understands the serious risks of the overheating housing market – in complete contrast to John Key’s refusal to acknowledge the crisis, Labour’s Finance spokesperson Grant Robertson says. “The Bank is right to… ...
    1 week ago
  • Send us your snaps: 25 Years of the Green Party
    This year we've hit a milestone. We're turning 25.To help celebrate a quarter of a century, please send us your photos from the last 25 years of the Green Party Aotearoa New Zealand! Note: Photos must be jpg, gif or… ...
    2 weeks ago
  • 25 Years of the Green Party
    This year the Green Party sends 25. To help us celebrate a quarter of a century please send us you photos of 25 years of the Green Party!Photos must be jpg,gif or png and smaller than 2MB. If you are… ...
    2 weeks ago
  • Bay growth plan too little too late
    Today’s Bay of Plenty growth study from MBIE is another example of Government spin - lots of talk but little action, says Labour’s Regional Development spokesperson David Cunliffe.  “This is a region that desperately needs to develop the downstream processing… ...
    2 weeks ago
  • Government bows to ACC pressure
     The Government has finally buckled to pressure from Labour and the New Zealand public in making a half billion dollar cut to ACC levies, but the full benefits are two years away,” says Opposition Leader Andrew Little.  “$500 million over… ...
    2 weeks ago
  • False figures cloud Auckland transport facts
    The Prime Minister should apologise and issue a correction after both he and Transport Minister Simon Bridges have been caught out misrepresenting facts on Auckland’s transport spending, Labour’s Housing spokesperson Phil Twyford says. "Both John Key and Simon Bridges have… ...
    2 weeks ago
  • Govt books confirm National can’t post surplus
    The last publication of the Government’s books before the budget shows National will break its promise of seven years and two election campaigns and fail to get the books in order, says Labour’s Finance Spokesperson Grant Robertson. “The Government is… ...
    2 weeks ago
  • US state joins NZ with GE food labelling
    New Zealand has a similar law making the labelling of many GE foods compulsory, but the Government seems to let it slide.  Because the government has not monitored or enforced our GE food labelling laws since 2003, it seems the… ...
    GreensBy Steffan Browning MP
    2 weeks ago
  • Labour Pays Tribute to Erima Henare
    “E ua e te ua tata rahi ana, Ko te hua i te kamo taheke i runga raa. No reira e te rangatira Erima takoto mai I roto I te ringa o Ihowa o nga Mano e moe e.” ...
    2 weeks ago
  • Labour Pays Tribute to Erima Henare
    “E ua e te ua tata rahi ana, Ko te hua i te kamo taheke i runga raa. No reira e te rangatira Erima takoto mai I roto I te ringa o Ihowa o nga Mano e moe e.” ...
    2 weeks ago
  • Labour Pays Tribute to Erima Henare
    “E ua e te ua tata rahi ana, Ko te hua i te kamo taheke i runga raa. No reira e te rangatira Erima takoto mai I roto I te ringa o Ihowa o nga Mano e moe e.” ...
    2 weeks ago

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