According to Nov 9, 2012, news article in NZ Herald, the allegation on New Zealand to be a tax haven has been recently denied firmly by Geoffrey Cone, who is a respected figure in the field of fiscal management of New Zealand. He has vehemently spoken against the idea of cNew Zealand being a fertile ground for tax evasion. Supporting the bold claim of New Zealand being an ardent follower of international tax rules, Geoffrey has put forward many reasons and proofs to support his saying.
Geoffrey Cone is an eminent tax lawyer of the country and is has been at the helm of one of the most prestigious law firms in the country namely Cone Marshall. The company is famous for giving consultancy services in the field of tax management. Since its inception in 1999, Cone Marshall has been the most strongest supporter of tax transparency and has not left any stones unturned to abide by every international tax law. The company was started under the joint leadership of Cone Marshall and Karen Marshall. The company strictly follows the internal tax laws and is very adept at the international tax management.
Neither the country has a long history of imposing nominal or zero tax nor the country lacks any transparency in openly showing the exchange of information with other companies and governments.
Since a long time, New Zealand has been continually a member of the White List of Organisation for Economic Co-Operation and Development (OECD). The country is known for stoically following the international tax standard and maintain an extensive amount of transparency in its tax related execution. In 2006, Michael Cullen, former Deputy Prime Minister established a new rule which demanded New AZealnd to sign a Foreign Trust Disclosure Form where the trustee has to record the financial details of the trust at any cost. After five years, Money Laundering Legislation was also passed in 2011, which further propelled the Government to employ strict rules to maintain tax transparency in New Zealand. New Zealand walks hand in hand with other tax severe countries like Singapore and Britain. The country has signed much tax related agreements like 39 double tax agreements, 20 tax information exchange agreement and Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
The increasing input of foreign trusts in the country is due to the spotless reputation of New Zealand as a safe country with a stable environment for the asset protection and investments. Thus, New Zealand has always been in the forefront as a tax transparent country with not a single proof to testify it as a tax evading country.