In the past years, New Zealand has been accused of being a tax haven. The statement accuses New Zealand of imposing no or very minimal tax to their investors. It also accuses it of not being transparent and not being able to exchange its tax information with other governments whenever requested. New Zealand government has denied these allegations stating that they are not even and will be on the list of tax havens. OECD is responsible for keeping the list of notorious tax havens.
New Zealand has been among the first countries to embrace the gold standards for transparency that were put in place in 2002 in OECD Model Agreement. The agreement dictates that the tax information can be shared internationally by any government or authority whenever need be. In 2006, Michael Cullen introduced new rules that ensured that any foreign trust had a resident trustee in any investment project. The laws also dictate that a Disclosure form is submitted and the financial records of the foreign individual are made available to the government. Some of the information that is captured includes sentiment details, trustee assets and liabilities, money spent and received by the trustee, and trust deed. In the case of any business being run by the trustee, accounting information, codes and charts are also captured. The disclosure form is filled in English and is stored by the New Zealand Government. Substantial penalties are given to whoever fails to adhere to these rules. These rules were enhanced in 2011 to control money laundering activities.
Mr. Cone’s Background
Geoffrey Cone is among the two top principles of Cone Marshalls Company. It is an international tax and law firm that was established in 1999. It is based in Auckland New Zealand. The company offers advisory services to family advisors, private banks, corporations, and attorneys who are responsible for partnerships. Geoff has a rich career background that comprises of 30 years’ experience in tax planning, trust and trustee management and a foreign trust.
Mr. Cone is a graduate of the University of Otago in New Zealand with LLB degree. He also has a postgraduate diploma in tax and trust laws. His law practice began in 1980 in Auckland New Zealand. His law practice made him appear in several courts serving in different capacities. Geoffrey Cone later moved to Christchurch. Here he acted as a partner and also acted as the chairman of partners in the law firm. Cone has also worked in the British West Indies for two years serving as a litigator. He later set up his practice in Auckland in 1999 known as Cone Marshall Limited. As at present, Cone Marshal Limited is the only law firm in New Zealand that majors in International and tax planning.