There were many who were concerned that John Shewan was not a good choice for an inquiry into NZ’s tax haven system. Seems we owe Shewan an apology, as initial reaction suggests that he has done a good job:
NZ foreign trust rules inadequate
The inquiry into New Zealand’s foreign trusts regime has found the current rules are inadequate, and are not robust enough to protect this country’s international reputation.
The review by John Shewan was ordered in response to questions raised about New Zealand’s role in helping wealthy foreigners hide their money offshore, after the release of the leaked Panama Papers.
Mr Shewan has recommended a significant increase in information to be disclosed when a foreign trust is set up, annual reporting and increased enforcement.
He described the current disclosure requirements as “light-handed” and said tougher disclosure rules would act as a deterrent for anyone looking to use New Zealand trusts for illicit purposes. …
Page on the report is here. The Executive Summary is here. Vernon Small’s summary here. Initial response:
The Government has confirmed a shake-up of foreign trusts following a review sparked by the Panama Papers.
And some other reaction…
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