There are countries that are tax havens, their dealings with tax and lack of transparency does not meet the international standards on taxes and revenue policy. New Zealand does not portray any of the tax Haven’s quality. Economic and law experts find nothing that can relate New Zealand to any form of tax and revenue policy violation. The exchange of information on taxation at international level is a requirement that should be met by all concerned States. New Zealand has adhered to this requirement the effort, which has made it get a place in OECD White list.
Tax transparency in handling foreign trusts is another requirement that should be implemented by all trustees to assist any government that may ask for any relevant information. To make the exercise of exchanging information secure and accurate all the trustees are required to complete and then submit the IR607 form that contains all the relevant information. New Zealand has some policies that are put in place to show transparency in taxation and to block any loophole that can lead to money laundry.
Some foreign trusts are being administered in New Zealand because it is internationally perceived to be having high-quality jurisdictions, stable, safe, and a good legal infrastructure to work in. The credit to this great achievement goes to successive governments as well as New Zealand’s service providers that are majorly composed of accounts and lawyers. New Zealand has followed and implemented all the international requirements on taxation and foreign trust to distance itself from being grouped as a tax haven. This was Geoff Cone’s response to an article, which was on foreign trust.
About Geoff Cone
Geoff Cone is a law practitioner with many years in the profession. He graduated with an LLB honors from the University of Otago in New Zealand. Geoff started to practice law in the year 1980 in Auckland. He, later on, moved to Christchurch where he worked as a partner and the chairperson of partners in one of the leading law firms. Cone worked here as a tax advisory as well as a commercial litigator; this post made him appear in courts and privy council.
Geoff Cone gathered experience for close to twenty years before coming back to Auckland to start his firm, the Cone Marshall Limited. His company became the first one in New Zealand to specialize entirely in tax planning and a foreign trust. Cone Marshall Limited provides trust management and related services to its clients through companies, which are affiliated with it. Cone has an impressive resume, which proves his ability to deal with matters related to tax and trust management. Cone Marshall Limited operates from New Zealand with its head office in Auckland.