- Date published:
9:32 am, June 28th, 2016 - 64 comments
Categories: accountability, business, john key, you couldn't make this shit up - Tags: panama papers, shewan report, tax haven, U-turn
Way back in April:
Greens’ “Barking Mad” Bill Blocked
The big question in Question Time arose from the allegation in leaked documents called the Panama Papers that New Zealand is a tax haven. Prime Minister John Key says tax havens are secret and New Zealand cannot be one because it has disclosure rules. Greens member’s bill opening trusts to scrutiny is blocked by the government. John Key calls Greens finance spokeswoman, Julie Anne Genter, “barking mad” for supporting it …
“Tax havens are where there is non-disclosure of information. New Zealand has full disclosure of information.”
Yesterday of course:
Review: ‘Existing foreign trust disclosure rules inadequate’
The Government has confirmed a shake-up of foreign trusts following a review sparked by the Panama Papers.
Foreign-owned trusts based in New Zealand will be required to disclose more information when registering, which would allow regulatory authorities to search the register. The trusts would also have to file annual returns, Finance Minister Bill English and Revenue Minister Michael Woodhouse said this afternoon.
“The inquiry concludes that the existing foreign trust disclosure rules are inadequate,” Mr Shewan’s report said. “The rules are not fit for purpose in the context of preserving New Zealand’s reputation as a country that cooperates with other jurisdictions to counter money laundering and aggressive tax practises.” Mr Shewan recommended a “significant” increase in the amount of information disclosed when trusts were first set up. …
According to June Key:
Key said the recommendations were sensible and well-reasoned…
For some strange reason this complete U-Turn has gone largely unremarked in the media.
Shewan Inquiry recommends strengthened disclosure + register of foreign trusts, basically my bill. Which PM called "barking mad". #nzpol
— Julie Anne Genter (@JulieAnneGenter) June 27, 2016
— Hayden Donnell (@HaydenDonnell) June 27, 2016