Even our government’s weak and reluctant response to the Panama Papers revelations has had an impact:
More than 1800 foreign trusts exit NZ
More than 1800 foreign trusts have told Inland Revenue they don’t want to register under new rules that require them to reveal financial information and their ultimate owners.
New Zealand’s foreign trust industry came under the spotlight last year in the wake of the Panama Papers – a cache of 11.5 million documents leaked from Panamanian law firm Mossack Fonseca.
This document trove, according to the group of journalists that analysed it, allegedly showed New Zealand was being used as a tax haven and raised questions over whether this country’s foreign trust industry was open to abuse.
Green Party leader James Shaw today questioned why the Government had taken so long to take action against foreign trusts.
Shaw said: “Holding foreign trusts to higher disclosure requirements will improve our international reputation, which is worth way more to us than the small industry that serviced them here in New Zealand.”
— Deborah Russell MP (@BeeFaerie) June 12, 2017