MORE: N.Z. Report Finds Foreign Trust Disclosure ‘Inadequate’
Source: BFW (Bloomberg First Word)
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UUID: 7947283
(Bloomberg) -- New Zealand government releases report from John Shewan’s independent inquiry into foreign tax disclosure rules.
Alert: HALISTER1- “The inquiry concludes that the existing foreign trust disclosure rules are inadequate”
- Existing 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”
- A “significant” increase in information disclosed when a foreign trust sets up, annual reporting and increased enforcement, will satisfactorily address the issues identified
- Banning foreign trusts or removing the current tax exemption is not considered to be necessary or justified
- See report http://goo.gl/pF5CWC
Source: BFW (Bloomberg First Word)
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UUID: 7947283