The Resource Proposed reforms to New Zealand foreign trust rules

Proposed reforms to New Zealand foreign trust rules

Label
Proposed reforms to New Zealand foreign trust rules
Title
Proposed reforms to New Zealand foreign trust rules
Creator
Subject
Language
eng
Summary
The leak of the Panama Papers received worldwide media coverage. Media reports asserted that wealthy individuals were using New Zealand foreign trusts to hide money laundering and other illegal activities. This article examines the New Zealand Government's response to the Panama Papers. It includes background on the foreign trust regime and considers the proposed legislative response to deal with issues arising from an independent review of that regime. The implementation of the proposed legislative response in its current form will give rise to issues including increased compliance costs for trusts and their advisers, and concerns around confidentiality of information provided to New Zealand tax authorities. Those wishing to establish foreign trusts will need to consider whether the benefit of doing so outweighs such costs and risks. The autors conclude that the changes to the foreign trusts rules are simply part of the growing demand and momentum toward global transparency in fiscal affairs
Citation source
In: Trusts & trustees. - Oxford. - Vol. 23 (2017), no. 2 ; p. 179-189
http://library.link/vocab/creatorName
  • Tesiram, P
  • Law, S
Geographic coverage
Pacific Islands
Language note
English
http://library.link/vocab/subjectName
  • trust
  • tax transparency
  • disclosure
  • compliance costs
Label
Proposed reforms to New Zealand foreign trust rules
Instantiates
Publication
Label
Proposed reforms to New Zealand foreign trust rules
Publication

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