New Zealand Gazette – 2016 – No. 33

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✨ Government Notices



NEW ZEALAND GAZETTE, No. 33 — 19 APRIL 2016

GOVERNMENT NOTICES

Departmental

Establishment of the Government Inquiry into Foreign Trust Disclosure Rules

Pursuant to section 6(3) of the Inquiries Act 2013, The Honourable Simon William English, Minister of Finance, and The Honourable Michael Woodhouse, Minister of Revenue, hereby establish the Government Inquiry into Foreign Trust Disclosure Rules ("Inquiry").

Background

The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, in its combined Phase 1 and Phase 2 Peer Review Report of 2013, rated New Zealand "compliant" – the highest possible ranking.

As a result of the recent release of documents known as the ‘Panama Papers’, concerns have been raised about rules covering foreign trusts registered in New Zealand.

Cabinet has decided to initiate a review of New Zealand’s disclosure rules relating to foreign trusts registered in New Zealand to ensure New Zealand’s reputation is maintained.

Membership

John Shewan is appointed to and constitutes the Inquiry.

Terms of Reference

The Inquiry will inquire into, report upon, and make any recommendations it considers appropriate relating to:

a. New Zealand’s existing foreign trust disclosure rules in the following areas:

i. record-keeping requirements, including records required to be provided to the New Zealand Government;

ii. enforcement of the rules;

iii. exchange of information with foreign jurisdictions; and

iv. practices for complying with the rules;

b. whether the existing foreign trust disclosure rules and the enforcement of those rules are sufficient to ensure New Zealand’s reputation is maintained, when considered alongside New Zealand’s:

i. commitment to the OECD action plan on base erosion and profit shifting (BEPS);

ii. commitment to the Convention on Mutual Administrative Assistance in Tax Matters;

iii. commitment to implementing the global standard for the automatic exchange of information (AEOI);

iv. existing and planned bilateral tax treaty network (including tax information exchange agreements);

v. anti-money laundering and countering financing of terrorism laws; and

vi. other related regimes; and

c. options for enhancements to New Zealand’s foreign trust disclosure rules and enforcement of those rules, including any practical improvements that could be made or other actions that could be taken.

In these terms of reference:

foreign trust has the meaning given to that term by the Income Tax Act 2007; and

foreign trust disclosure rules means:

  • any laws of New Zealand requiring trustees of a foreign trust, or their agents or advisors, to provide information to any New Zealand government agency, and includes (without limitation):
    • laws for the enforcement of those requirements; and

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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2016, No 33




✨ LLM interpretation of page content

🏛️ Establishment of the Government Inquiry into Foreign Trust Disclosure Rules

🏛️ Governance & Central Administration
Government Inquiry, Foreign Trusts, Disclosure Rules, Tax Transparency, OECD, Panama Papers
  • Simon William English (Honourable), Minister of Finance
  • Michael Woodhouse (Honourable), Minister of Revenue
  • John Shewan, Appointed to Inquiry

  • The Honourable Simon William English, Minister of Finance
  • The Honourable Michael Woodhouse, Minister of Revenue