The magical disappearing Foreign Trust industry
National’s original claims that New Zealand was not a tax haven are in tatters as the Sherwan rule changes have resulted in the mass exodus of Foreign Trusts from New Zealand.
panama papers
Panama Papers fallout – trusts leaving NZ
Herald: “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.”
Panama Papers – Mossack Fonseca founders arrested
In the story that keeps rolling on, Mossack Fonseca founders arrested for money laundering.
Dodgy foreign trusts – will English take action?
Matt Nippert continued his excellent work on foreign trusts yesterday in The Herald. Will Bill English clean up the mess that John Key was determined to ignore?
Nats backsliding on tax haven law changes
The Nats are backsliding on implementing the law changes brought on by the Panama Papers revelations. If European regulators blacklist us the consequences will be catastrophic.
Panama Papers – Nat U-turn complete
Having ignored the IRD and other advice, having insulted calls for transparency as “barking mad”, today the Nats’ U-turn on disclosure for foreign trusts is complete.
From barking mad to common sense in one easy U turn
April Key said our foreign trusts had full disclosure and proposals to increase transparency were “barking mad”. June Key is going to implement “sensible and well-reasoned” proposals to increase disclosure and transparency.
Panama papers – Shewan inquiry – our rules are inadequate
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.
More Panama papers and other dirty money
Both One News and The Herald have pieces this morning highlighting different cases of dirty money being “filtered” through NZ. Panama papers, National donors, SkyCity and more…
The real reason that politicians will take no action on tax haven corruption
Matthew Hooton and the Radio New Zealand post
Radio New Zealand recently published a piece penned by well known supporter of the right Matthew Hooton. What has happened to the concept of balance?
Take action on tax haven corruption? NZ says – meh
The Nats are all over the place on this, and they’re trashing our reputation in the process.
Fixing the tax haven – what’s the downside?
Fixing our tax haven loopholes is easy but Key won’t act. Why?
John Key’s dead cat strategy
National is hoping to avoid a proper debate about issues raised by the Panama Papers by raising a series of idiotic diversions.
Key lashes out with the smears over tax haven status
Key was disgraceful in parliament yesterday, doing his buffoon act to try and trivialise the tax haven issue, and lashing out with the smears.
Sprung again – Key’s “lawyer” has close links to Mossack Fonseca
Contrary to Prime Minister John Key’s categorical assertion, his “lawyer”, Ken Whitney, has been found to have links to Mossack Fonseca, the Panama law firm at the centre of a global scandal on tax evasion and avoidance, TVNZ reported today.
John Key vs the world
Is John Key the only international leader defending tax havens? Includes bonus international media round up of yesterday’s revelations.
The link between tax havens, criminals and the amoral rich
“The Panama Papers issue is either illegal, or verging on illegal, it’s tax evasion, rather than tax avoidance,” Brash said.
John Key chickens out of #panamapapers interview
This morning John Key refused to be interviewed on Radio New Zealand after learning that they intended to ask him questions about the Panama Papers. And some elements of the media are for some strange reason trying to say there is nothing to see because he personally has not been implicated.
NZ exporting poverty
By enabling tax evasion for the rich in other (notably South American) countries NZ is exporting poverty. It’s all perfectly legal. And that’s exactly the problem.
Panama Papers whistleblower cites Pacific isles, NZ, for good reasons
Jurgen Mossack told Field his business involved people “trying to avoid paying taxes in their home countries” – crucially “avoidance”, “unlike evasion”, is within the law.
John, Ken and Mark might have had much better weeks
“I did a little yelp of joy…like an excited puppy,” wrote Farrier, the former Newsworthy presenter at TV3, on hearing of Weldon’s resignation
Why was John Key singled out by Panama Papers hacker?
Why, out of all the rotten, corrupt and unprincipled nations of the earth, did the Panama Papers hacker single out New Zealand’s John Key for special mention?
Panama leaker’s statement singles out John Key
Over night the Panama Papers leaker “John Doe” released a “manifesto”.
In it he/she mentioned just one national leader by name, singling out our very own John Key, for his “curious silence”…
Another Panama dump on NZ links
Australia’s Financial Review has just published more details of NZ’s starring role as tax haven in the Panama Papers.
Update: Claims that Key’s lawyer never dealt with Mossack Fonseca seem to be – untrue.
A week is a long time in politics
Over the past week the Government has gone from “there is no problem with the Overseas Investment Office” to announcing an urgent review and a staffing boost to make sure that approvals of foreign purchases of land are being properly processed.
Tax haven questions for National
The weekend saw the pressure stay on National over our tax haven status, and the role Key might have played in protecting it.
Dunne concerned about “extremely damaging” tax haven label – years too late
Peter Dunne is concerned about the ‘extremely damaging’ tax haven label. Guyon Espiner points out that he used to call it ‘legitimate tax avoidance’.
Key’s Blind Trust vs Our Blind Faith
So Key’s lawyer reckons the PM directly requested that trust industry leaders lobby the Revenue Minister. On the other hand, PM DunnoKeyo reckons he did no such thing. That leaves some really big questions …
Grant Robertson: Full independent inquiry needed to save New Zealand’s reputation
Grant Robertson is calling for a full inquiry into circumstances surrounding the Government’s 2015 decision not to review the country’s foreign tax rules.
Bowron on a tired government
Jane Bowron writes in the Dominion Post: “Two things happened this week that could signal the beginning of the end of John Key and his government.”
What tax evasion robs us of – in NZ
Gareth Morgan estimates that NZ could be missing out on up to 25% of total income tax because the rich aren’t paying their fair share. What could a government do with an extra $7.5bn a year?
The secrecy uprising
It is clear from John Key’s irresponsible reaction to accusations of NZ being a loosely controlled tax haven, that we are becoming an international target. Contrast that with European reactions, and then have a look at the David Brin’s prophetic reasons for the fictional Helvitica War…
Panama papers – the dark side in a nutshell
What tax evasion robs us of
An interesting piece in The Guardian looks at the costs of tax evasion, and how (in America) the missing funds could be used to fund a UBI.