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Panama tax rort stirs world leaders but not Key

Written By: - Date published: 8:00 am, April 7th, 2016 - 18 comments
Categories: business, capitalism, Economy, Globalisation, International, john key, Minister for International Embarrassment, national, national/act government, Politics, same old national, tax - Tags:

Contrast John Key’s response to revelations in the “Panama Papers” tax evasion scandal to that of most leaders and you understand where the prime minister and National stand on tax and a fair society.

Key’s response was to state that New Zealand has a “robust, legitimate tax regime that requires foreigners to fully disclose”. Nothing needs to change.

As was soon revealed, full disclosure was not only a very economical version of the truth (disclosure did not extend to financial disclosure for example), but exposed Key and National as content to do nothing to prevent multinationals and foreign entities ripping off the New Zealand tax base, to say nothing of swindlers, crooks, money launderers and the mafia using our deregulated, lax laws for nefarious purposes.

US President Barack Obama ordered Treasury and Congress to investigate ways and means to prevent companies setting up offshore shelf companies to avoid tax.

He noted that “a lot of it is legal, but that’s exactly the problem.”

It’s not that they are breaking the laws, it’s that the laws are so poorly designed that they allow people, if they have enough lawyers and caveats, to wriggle out of responsibilities that ordinary citizens are having to abide by.”

People had to know that the wealthy weren’t playing by a different set of rules and not gaming the system, he said.

Tax avoidance is a big global problem. Lost revenue has to be made up somewhere.”

Whether or not Treasury or Congress actions are effective, at least Obama recognises the issues.

Leaders of France, Spain, Austria and the Netherlands also pledged their governments would investigate the shady offshore trust business revealed in the leaks of Panama-based law firm Mossack Fonseca.

Meanwhile, Key denied the “Panama Papers” had embarrassed his Government or created a reputational risk for New Zealand.

New Zealand was a signatory to international tax treaties which allowed information exchanged between jurisdictions and a review of New Zealand’s foreign trust rules by the OECD in 2013 gave New Zealand a “clear bill of health”, he said.

The $24 million of fees generated annually made our lax tax regime worthwhile.

He also denied New Zealand was a tax haven.

Despite this, Inland Revenue warned in 2013 that New Zealand’s foreign trusts posed a reputational risk, adding that “our foreign trust rules continue to attract criticism including claims that New Zealand is now a tax haven in respect of trusts.”

It specifically warmed that New Zealand tax rules were a mismatch with other countries, even where there were doubled tax agreements, which, “may result in income not being taxed either in New Zealand or offshore.”

Use of NZ Trusts

The Panama Papers, the leak of over 11 million Mossack Fonseca documents, reveal New Zealand-based trusts have been used by clients of that firm, many of whom have used the murky route for money laundering, tax dodging and other illegal purposes.

Owning an offshore company or trust, is not illegal, but the Panama Papers reveal that concealing the identities of the true company owners was the primary aim in the vast majority of cases of the 214,000 entities leaked. Criminals, mafia groups, drug barons, human traffickers, oligarchs, highly ranked officials of some governments, have all been shown to be involved.

One New Zealand trust used by Maltese government minister Konrad Mizzi was one of nearly 12,000 foreign trusts in New Zealand, most of which do not pay tax on foreign income.

The “full disclosure” John Key claims for New Zealand trusts, amounts to registering the name of the trust and providing the name of the New Zealand trustee, usually a professional nominee who is adept at being economical with the truth if you can ever contact them.

IRD powers very limited

Further information, such as settlements and distributions, can legally be requested by IRD and passed on to one of 40 nations where New Zealand has double tax agreements (plus 11 others which have information sharing agreements), but IRD has to have reason to suspect before requesting such information. In practice, that just doesn’t happen. And if the trustees come from some murky jurisdiction outside the 51 above, then IRD is whistling in the wind.

University of Auckland Law Professor, Michael Littlewood, said IRD’s ability to collect information is very limited. With the exception of Australian residents, the trustee of New Zealand foreign trusts did not have to disclose the identities of the people putting assets into the trusts, where they come from, what the assets were, or their value, or who benefitted from them.

“As currently provided for, they (the disclosure requirements) are woefully inadequate.”

The do nothing option

Initially, Revenue Minister Michael Woodhouse ruled out any changes, saying New Zealand had “world-class” tax rules but as the revelations of the Panama Papers gained traction, amended his position to stating, “the Government wouldn’t rule out changes”.

However, instead of taking the initiative, he said the government would await OECD-led reform.

Woodhouse’s predecessor, Todd McClay, sought advice following the IRD’s 2013 warning of reputational damage, but was put off because “it would require a lot of hard work” and “the argument was, ‘was it worth it in terms of all the other issues on the IRD work programme?’.”

Multinationals’ tax avoidance even more damaging

A similar, and more financially damaging, fiddling-while-Rome-burns attitude has been taken in respect to multinationals like Facebook, Apple, McDonalds, and Coke rorting different tax rates around the world so they play virtually no tax here or anywhere else.

Law Professor Craig Elliffe, author of the book International and Cross Border Taxation in New Zealand, said 20 top multinationals paid just $1.8 million of tax on over $10 billion in turnover. Even John Key didn’t think that was totally fair, he said.

Former Google chief executive Eric Schmidt infamously defended such accounting tricks that had allowed it to funnel billions of dollars of profits to Bermuda each year, saying it was “called capitalism”.

When the OECD surprised the world by rapidly coming up with a set recommendations on its Beps (Base Erosion Profit Sharing) project to prevent avoidance of an estimated US$100 billion to $240b of corporation tax by the likes of Google, McClay promised that New Zealand would implement these before the end of this year.

Answering questions about how the legislation was progressing, current Revenue Minister Woodhouse pointed to the legislation introduced in November covering GST on online purchases.

This was an important first step in the government’s efforts to deal with increasing volumes of online services and other intangibles purchased from overseas suppliers, he told The Standard.

“Consultation had also been undertaken to seek feedback on proposals to strengthen our non-resident withholding tax rules which currently could provide the ability for non-residents to shift profits out of New Zealand with no or minimal New Zealand tax paid.

“Feedback from the public has been analysed and considered and I expect to introduce legislation on this matter in the near future,” he said.

“I would note that the most effective way to ensure that multinationals cannot exploit differences in tax rules lies in ensuring that there is consistency between jurisdictions. If there is little difference between tax rules, then profit shifting becomes pointless. And that is why we have committed to an OECD led, global response to this global problem.” Woodhouse said.

He told The Standard that a strong network of double tax agreements, tax information exchange agreements and such agreements were crucial in getting multinationals to pay their fair whack of tax.

Double tax agreements actually a threat

Prof Elliffe said such treaties were actually “the most significant threat because they are being used in a way that significantly reduces the ability of New Zealand to tax New Zealand-sourced business profits.”

New Zealand only had the right to tax these profits when a foreign multinational operates through what is known as a “permanent establishment” in New Zealand.

“At the heart of the problem is that some multinationals can operate without triggering a tax liability due to the way in which they can step around the taxation of business profits using (legitimately) these permanent establishment provisions of double tax agreements,” Elliffe says.

This is because they can sell or deliver their goods online and have them delivered without breaching the permanent establishment threshold.

Elliffe says that many multinational have structured their affairs so that double tax treaties are “creating a situation of double non-taxation”.

He suggested New Zealand should follow the example of Australia and the UK which had enacted measures of “unilateral legislation treaty override” which means that where a multinational abuses the intent of tax laws or treaties, they will have to pay up anyway.

However Woodhouse dresses the measures the government is considering, they appear to fall far short of dealing with the issues of full disclosure of foreign trusts, or of multinationals having billions of dollars of sales with commensurate profits in New Zealand and paying next to next to no tax.

The lack of intent to act comes down to ideology – that tax is anathema to the Right. The less tax the better and therefore the idea of closing tax loopholes at the bottom of National’s agenda.

John Key’s background was with the now defunct bank Merrill Lynch, which like other US investment banks, was instrumental in designing aggressive tax avoidance plans. Many in National’s constituency will be using offshore trusts and aggressive tax planning to minimize their tax. Why would he act to stop such behaviour?

(Simon Louisson formerly worked for The Wall Street Journal, NZPA, Reuters and was most recently a political and media adviser to the Green Party)

18 comments on “Panama tax rort stirs world leaders but not Key ”

  1. vto 1

    contrast Key’s approach to the world’s uber-rich…

    with his approach to NZ’s beneficiaries….

    it is easier to set up your illegal tax-dodging business in New Zealand than it is get a measly benefit to pay for a roof over your head. Check the difference between the paperwork, hoops and loops, and time taken for each …

    Key is the Prime Wanker of New Zealand

  2. Nick 2

    In the end Natz will announce an enquiry, a review, a consultation…..and pass around until the election and then announce tougher laws

  3. TC 3

    What did you expect from the banksta selected for his sales technique, groomed, parachuted into a stacked helensville pre-selection, advised by CT, councilled by global corporations as he is backed by the hollowmen

    They will use their influence over the msm to play this down which with mediawonks now run by another banksta is a doddle really.

  4. Draco T Bastard 4

    It’s not that they are breaking the laws, it’s that the laws are so poorly designed that they allow people, if they have enough lawyers and caveats, to wriggle out of responsibilities that ordinary citizens are having to abide by.”

    That doesn’t actually make the laws poorly designed. IMO, it’s proof that they were designed that for the purpose of tax avoidance and with the lobbyists from the companies pushing for them to be that way.

    However Woodhouse dresses the measures the government is considering, they appear to fall far short of dealing with the issues of full disclosure of foreign trusts, or of multinationals having billions of dollars of sales with commensurate profits in New Zealand and paying next to next to no tax.

    National is all about ensuring that multi-national companies and rich people in general don’t have to pay tax.

    There’s a reason why research shows that all money flows to the rich – it’s because the entire system has been designed to do just that.

  5. adam 5

    I do wonder if the Key government and supports will keep up with the truly odd argument put forward by the Muppet king himself in parliament the other day.

    “The poor rich people need somewhere to hide their money just in case of revolution or a government who raises taxes.”

    It seems that papers are proving, that criminals are a major beneficiary of these laws.

    So tough on crime if your poor. But a government of enabling – if you are a rich criminal.

    Trust the Tories to talk tough, then like the bullies they are, punish the weakest.

  6. Paul Campbell 6

    Of course we keep hearing that our dollar is too high, it disadvantages our manufacturers and primary producers, it moves jobs off shore because we are not competitive enough.

    We’ve been told our currency is ‘popular’ it’s the carry trade, Japanese housewives, that drives up our dollar (and our mortgage rates) ….

    Now it turns out it’s millions and millions of dollars of black-economy money being shuffled in and out of secret untaxed foreign trusts that’s the cause of a lot of this …

    Next time the farmers moan about the dollar and their Fonterra returns remind them of why the dollar is so high

  7. Stuart Munro 7

    Nothing is what Key does best – the only thing he was ever any good at.

    • Smilin 7.1

      As a PM yes, as a banker a right little shark getting bigger by the day,a major player in destroying economies et he touches turns gold for him and shit for the poor bastards who have to suffer the little tyrant

  8. Tautuhi 8

    What do you expect in a country like NZ which once led the world rankings in the OECD in the 1970’s, now in the mid to late 20’s and tanking?

    Once the madman Muldoon got hold of this country’s pension fund and went hog wild on his THINK BIG PROJECTS, and put the country at financial risk, then we were subject to the arch traitor of all time who sold off State Assets for a pittance to his colleagues Fay Richwhite and Alan Gibbs etc

    NZ has never recovered and now relies on overseas borrowing and further State Asset Sales which had been paid for by the taxpayer over the past 175 years.

    John Key is immersed in the world of global asset realisation [deleted]

    [Hope I don’t see a repeat performance of that sort of tripe. Seriously. Hope I don’t]- Bill

    • Since when is anti-semitism acceptable on this blog? This comment is extremely offensive and should be removed.

      [It’s not acceptable. A bit late in being picked up, but stupid and offensive portion of comment now removed] – Bill

      • Colonial Viper 8.1.1

        Correct. Bankster oligarch scum come from all kinds of race, nationality and religious backgrounds.

  9. Tautuhi 9

    In Iceland they jail bankers, in New Zealand we give them knighthoods?

    • Richard McGrath 9.1

      All that needs to be done is to let delinquent banks fail. Don’t bail them out with corporate welfare funded from taxation. That will wake up both bankers and their customers to the fact that actions have consequences.

  10. Smilin 10

    Socialist Democracies and govts in general are the enemy of capitalism, basic capitalist doctrine .So you would see by Keys actions we are goin g to financial ruin all part of overall plan to have govt the servant of capitalism and for capitalism in its own right to step in when the govt is insolvent and the people once again become serfs

  11. The lack of action on foreign trusts is incredible in relation to the stringent restrictions being applied to New Zealand individuals and companies.

    Here is yesterday’s article by Vernon Small. He came up against the government’s anti-money laundering legislation when he was trying to process a cheque from Inland Revenue. This is top heavy regulation and an overhead for banks and everyone that uses them. http://www.stuff.co.nz/national/politics/opinion/78612250/panama-papers-new-zealands-trusted-reputation-demands-changes-to-foreign-trust-rules

    Here is an article about well run, profitable, tax-paying New Zealand companies whose closure has been brought about by the Financial Markets authority money laundering criteria. http://www.scoop.co.nz/stories/PO1604/S00083/tax-avoiders-profit-while-profitable-companies-outlawed.htm

    These regulations forced the closure of i-predict for example when Minister Simon Bridges declined their application for a special dispensation

    “on the grounds that we are 'a legitimate money laundering risk'. This is essentially because we have no customer due diligence checks. He considered the level of regulatory burden is proportionate to the risk. He formed these views without any discussions with us”. http://www.scoop.co.nz/stories/PO1511/S00410/ipredict-to-wind-up-operations-in-nz.htm

    NZ does seem to have legislated to harm local enterprise while empowering foreign unethical and criminal enterprise.

  12. logie97 12

    Just reflecting on the pre 2008 election when JokeyHen appeared to be unsure who Lord Ashcroft might have been visiting in New Zealand. When pressed by the interviewer (Fran Mold from memory) he admitted that he himself had met with Ashcroft at his home. Probably nothing to see here … everyone’s comfortable … yeah.

  13. Jenny 13

    Key denied the “Panama Papers” had embarrassed his Government or created a reputational risk for New Zealand…..

    ……He also denied New Zealand was a tax haven.

    Song for John


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    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Govt supports residential house building by allowing manufacture of building supplies
    The Government has agreed to allow some building product manufacturing to take place in Auckland during Covid lockdown to support continued residential construction activity across New Zealand. “There are supply chain issues that arise from Alert Level 4 as building products that are manufactured domestically are mostly manufactured in Auckland. ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Government invests in scientific research to boost economy, address climate change and enhance wellb...
    Research, Science and Innovation Minister Hon Dr Megan Woods has today announced the recipients of this year’s Endeavour Fund to help tackle the big issues that New Zealanders care about, like boosting economic performance, climate change, transport infrastructure and wellbeing. In total, 69 new scientific research projects were awarded over ...
    BeehiveBy beehive.govt.nz
    2 weeks ago