The one on the right. She's gonna be a looker. Oh yeah, she's gonna be beautiful. If she wasn't a baby maybe I'd date her. I'll give her a call in 16 years. Believe me.
What about the righteous farmers who produce fruit, vegetables, pulses and grains and then sell these as animal feed to other farmers. Are they still righteous?
I said zero rates for non resident trusts obviously. You know, what we have been discussing.
And can you describe the pies u have identified as not being for investment purp9ses?
Pat. It wont make any difference to pies if rules are tightened. There is almost no offshore money in any pies. Be very happy for younto explain why pies are iseful for tax evaders. I have clearly explained why they arent. It would make a differnsce to ...
Oab. I commented on the explosion in numbers below. The zero rated pies arent useful for tax evasion because they dont rremove tax liability. Any investor is still legally liable to pay tax in their own jurisdiction as per tue rules of there home. The ...
Just to add one point of clarification pat. The zero change didnt change anything at all for foreign trusts. They have never had a tax liability in NZ. The increase in number of trusts was not pies. It was foreign trusts. So why did the change cause the ...
Seriously guys the zero rated pie thing is not the issue. Bu focussing on it, u fall into the trap set for you by the lawyers who faciltate the anonymous offshore trusts. Zero rate pies are public vehicles by definition. Why would money launderers use them...
Except Pat, in NZ the FMA is responsible for compliance with Anti-money laundering legislation, not the IRD. I merely said the data should go to the IRD, not necessarily the proof of that data.. The minimum practice required by the FMA is verification of ...
Technically NZ isn't being used as a tax haven. It's more correct to think of it as a money laundering haven.
Why? I haven't stated any opinions on this, just facts. And as expected, the Mojo Mathers thing is a beat up. But if you want my opinion here it is. All trusts domiciled in NZ should identify all settlers and beneficiaries to the IRD with certified ...
just a reminder...... the pie changes in 2010 have nothing to do with the Mossack Fonseca type of business. Pretty sure not a single $ has been laundered through PIE funds, and you should expunge the 2010 PIE change from your arguments as it just makes you...
It cant be the reason for the growth because the zero tax regime for foreign trusts has been in place for decades, if not forever. How many different ways do I have state that fact?
I suspect the cause of any growth is increased globalisation of the tax planning business, NZ's lax laws in this area and NZ's status as a first world economy. If the data was accessible, I also suspect you could trace all of the growth back to a handful ...
"the whole system relies upon the integrity and due diligence of the lawyers involved" Excellent. Should be no problem then with lawyers self certifying this. I can't think of a single case where lawyers have cut corners for a large enough payoff. That ...
And also the other big difference. A single person or entity can control a trust of type A. PIE funds cannot be controlled by a single entity. In fact no entity or related parties can control more than 20% of a PIE fund.
It is the FMA that audits money laundering info, not the IRD. Look I get it. The narrative you are desperate to "prove" is that John Key personally made tax law changes in 2011 which created NZ as a tax haven. It appears despite this being provably, ...
Mike. Please read more closely. You are really missing the point. No one invests in a PIE fund for reasons of tax evasion. You cant invest in them anonymously, therefore anyone thinking of tax evasion would never use one. Do you understand yet? Put another...
David Cameron. The Icelandic PM. King of Spain. Hosni Mubarek. Saudi Crown Prince. Various British MP's. Various Hungarian, Botswanan, French, Polish, Maltese politicians. Have I missed any other enemies of western imperial sanctions? The full list of ...
It's not a loophole. It's a policy by Customs that they dont collect the GST on goods worth less than $750. But technically, GST is still payable on the $10 of chocolate you buy overseas and bring into NZ. And obviously they dont have the technology to ...
The explanation is simple. the 2011 changes relate to PIE funds, not non-resident trusts. If numbers of non-resident trusts have grown as you suggest I suggest it reflects general growth in global trans-border trust type business combined with the fact NZ ...
Absolutely correct. PIE funds (and hence the 2011 law) aren't part of this whole Panama papers discussion. but everything else, fer sure. And also by definition , you cant anonymously invest in a PIE fund.
you're not reading your quotes correctly. the massive change stuff was pre the change in that people thought it would be massive. It wasn't. Seriously, read your quotes more carefully. They are generally talking about two completely different issues. I ...
Furthermore your quotes say it all. All the quotes about foreigners investing in funds here would have to be via PIES. (not a problem) The Craig Elliffe quotes talk about foreign trust rules refer to the business as usual business of non- domiciled foreign...
No. They list all their investments as well as report tax paid, and file audited accounts. So no. Although kiwisaver is a little bit more complex. PIE funds (which all kiwisavers are) pay no tax. They do however with-hold tax based on the tax rate declared...
No not at all. You're confusing two things that ar actually quite separate. The whole idea of zero rate pies for offshore investors, and Keys "South Pacific Fund Hub" where that this 2011 tax change would create a vibrant funds industry in NZ, where ...
No. They list all their investments as well as report tax paid, and file audited accounts. So no. Although kiwisaver is a little bit more complex. PIE funds (which all kiwisavers are) pay no tax. They do however with-hold tax based on the tax rate declared...
That wasn't caused by the 2011 change.......... I know that because there are not 8000 PIE's in NZ.
Rob I think we are right to call for significant changes around the secrecy of trusts, in particular the source of funds, identity of settlors and benficiaries should all be reported to the likes of MBIE. However - I think you are dead wrong on theses 2011...
The fact the act came into law in 2013. Prior to that there were almost no controls on "know your client" and other mechanisms to try and identify money laundering. Much as you would like a narrative that "National did this" you cant. Foreign sourced ...
You're completely misunderstanding how this works. The irony is that the whole foreign trust business brings pretty much nothing into the NZ economy. The only income generated to any segment of NZ would be fees paid to lawyers and accountants which in the ...
Cats, with their independent spirit and beguiling purrs, have captured the hearts of humans for millennia. In New Zealand, felines are no exception, boasting the highest national cat ownership rate globally [definition cat nz cat foundation]. An estimated 1.134 million pet cats grace Kiwi households, compared to 683,000 dogs ...
Recent Comments