The media in New Zealand covers the international and trust issue as critical news in the country. It has been acquired that New Zealand is not a tax haven and it not near the nations described as a tax haven. The OECD has a list of countries that fall under the tax haven description; unfortunately, New Zealand is not on the list. For a nation to in the tax haven list, it must have a characteristic of imposing no or minimal tax, and transparency is mandatory, and the country must follow the laws and regulations imposts by the government. New Zealand does not the required regulations nor does it have a highly private financial industry.
The gold standard for transparency is known as 2002 OECD Model Agreement; the founded Agreement is for the exchange of material on tax matters, which is a sponsor of the international exchange of information in the administration as well as the enforcement of the domestic tax. New Zealand was among the first countries to be in the OECD agreement white list for reaching the required standard and implementing them. New Zealand has been an excellent example of applying the rules, and they have been able to achieve this by their demonstration of good management and transparency in the way they handle foreign trusts.
New rules were enacted in 2006 by Michael Cullen after extensive research. The new rules require New Zealand local to submit their foreign trust disclosure form (IR607) for the purpose of tax record. The foreign trust structure include the money that the trustee receives and their expenditure, details of their assets and liabilities, as well as the trust deeds which include particulars of their settlement as well as their distribution. The law also states that all records must be safeguarded in New Zealand and the writing must be in English.
Geoffrey Cone is a lawyer by profession. He started practising his career immediately after his graduation from the University of Otago New Zealand where he graduated with LLB honours and a post graduate Diploma in tax trust law. Since his graduation he has specialize in tax law from 1980 in Auckland, New Zealand. Later in his career, Cone was a partner and was also appointed as a Chairperson of a top partner’s law firm in Christchurch.
Geoffrey has practised as a litigation and also a trust tax lawyer, and he has represented his clients in court, as well as appearing as a chief counsel including the Privy Council. Cone established his own firm Marshall Cone Limited in 1999 after working in West Indies for two years as a litigator. His company provides unique services, and it is the only business in New Zealand that offers international trust tax and planning services. The company also provides trustees as well as trust administration facilities.