Government Inquiry into Foreign Trust Disclosure Rules
Page updated 29 Jul 2016
The Minister of Finance and the Minister of Revenue have appointed John Shewan to constitute the Inquiry into Foreign Trust Disclosure Rules.
The Inquiry was established on 19 April 2016 and was authorised to begin hearing evidence from 19 April 2016. The Inquiry was due to report to the Ministers on 30 June 2016.
The Terms of Reference gazetted on 19 April 2016 are available on the New Zealand Gazette website.
Read the media statement by Hon Bill English, Minister of Finance and Hon Michael Woodhouse, Minister of Revenue on establishing the review on the Beehive website: Review of foreign trust disclosure rules (11 April 2016).
The Inquiry has reported its findings and recommendations to the Ministers
The Inquiry reported to the Minister of Finance and Minister of Revenue on 20 June 2016. The Ministers released the report on 27 June 2016. The report is available in the Documents Published section below. Read the Government media statement on releasing the report at Govt releases foreign trusts inquiry and steps to strengthen international tax rules (27 June 2016)
The Treasury will make a proactive release of Inquiry documents in late July.
John Shewan, CNZM
John Shewan is a company director and an adjunct professor in the Business School at Victoria University of Wellington. Until his retirement from the position in 2012 he was chairman of PwC New Zealand. He has served on a number of tax policy committees, including the Tax Working Group which reported in 2010. He chaired the Government’s Tax Education Office from 1988 to 1998.
He was made a Companion of the New Zealand Order of Merit in 2012 for services to business.
Inquiry Process
The inquiry invited submissions from interested parties and accepted submissions made by the public through this website. The Inquiry also interviewed government departments responsible for the policy and administration of disclosure and reporting requirements for foreign trusts. These include Inland Revenue, the Ministry of Justice, the Department of Internal Affairs and the Police. The Inquiry also consulted with the Office of the Privacy Commissioner and the Department of the Prime Minister and Cabinet.
Documents Published by the Inquiry
| Doc. Date | Creator | Title | View/Download |
|---|---|---|---|
| 9 May 2016 | John Shewan | Government Inquiry into Foreign Trust Disclosure Rules: Minute 1 Released 9 May 2016 |
minute1-giftdr-9may2016.pdf (124 KB) |
| 13 Jun 2016 | John Shewan | Government Inquiry into Foreign Trust Disclosure Rules: Minute 2 Released 13 June 2016 |
minute2-giftdr-13jun2016.pdf (124 KB) |
|
27 Jun 2016 |
John Shewan |
Government Inquiry into Foreign Trust Disclosure Rules: Report |
Documents Released by the Treasury
Submissions made to the Inquiry
| Doc. Date | Title | View/Download |
|---|---|---|
| 20 May 2016 | Submission: Jeremy Bowen Released 29 July 2016 |
fti-3459354.pdf 198 KB |
| 18 May 2016 | Submission: Simon Boyce Released 29 July 2016 |
fti-3458077.pdf 197 KB |
| 28 Jun 2016 | Submission: BusinessNZ Released 29 July 2016 |
fti-3458893.pdf 159 KB |
| 21 May 2016 | Submission: Denise Cavanaugh Released 29 July 2016 |
fti-3459355.pdf 199 KB |
| 20 May 2016 | Submission: Chartered Accountants Australia and New Zealand Released 29 July 2016 |
fti-3458911.pdf 315 KB |
| 4 May 2016 | Submission: Covisory Trust Services Limited Released 29 July 2016 |
fti-3454992.pdf 792 KB |
| 30 May 2016 | Submission: CPA Australia Limited Released 29 July 2016 |
fti-3476824.pdf 178 KB |
| 20 May 2016 | Submission: Ernst & Young Limited Released 29 July 2016 |
fti-3563415.pdf 89 KB |
| 23 May 2016 | Submission: KPMG Released 29 July 2016 |
fti-3563515.pdf 2.38 MB |
| 13 May 2016 | Submission: Michael Littlewood Released 29 July 2016 |
fti-3455384.pdf 520 KB |
| 20 May 2016 | Submission: New Zealand Council of Trade Unions Released 29 July 2016 |
fti-3459413.pdf 206 KB |
| 20 May 2016 | Submission: New Zealand Law Society Released 29 July 2016 |
fti-3458886.pdf 493 KB |
| 20 May 2016 | Submission: New Zealand Trustee Companies Association Released 29 July 2016 |
fti-3459211.pdf 535 KB |
| 20 May 2016 | Submission: Olivershaw Limited Released 29 July 2016 |
fti-3459207.pdf 402 KB |
| 20 May 2016 | Submission: PricewaterhouseCoopers Released 29 July 2016 |
fti-3459140.pdf 1350 KB |
| 20 May 2016 | Submission: Deborah Russell Released 29 July 2016 |
fti-3459202.pdf 1400 KB |
| 20 May 2016 | Submission: Society of Trust and Estate Practitioners Released 29 July 2016 |
fti-3458926.pdf 109 KB |
| 27 May 2016 | Submission: Southwest Trustees Limited Released 29 July 2016 |
fti-3476994.pdf 637 KB |
| 20 May 2016 | Submission: TGT Legal Released 29 July 2016 |
fti-3459199.pdf 243 KB |
| 20 May 2016 | Submission: Transparency International New Zealand Inc. Released 29 July 2016 |
fti-3459217.pdf 767 KB |
| 13 May 2016 | Submission: Trustee Corporations Association of New Zealand Inc. Released 29 July 2016 |
fti-3529903.pdf 303 KB |
| 20 May 2016 | Submission: Dale Williams and John Clarke Released 29 July 2016 |
fti-3459167.pdf 143 KB |
Background information provided to the Inquiry by Inland Revenue
| Doc. Date | Title | View/Download |
|---|---|---|
| 1 Dec 1987 | Consultative Document on International Taxation Released 29 July 2016 |
IRD Website |
| 1 Mar 1988 | International Tax Reform Part I: Report of the Consultative Committee Released 29 July 2016 |
IRD Website |
| 1 Jul 1988 | International Tax Reform Full Imputation Part II: Report of the Consultative Committee Released 29 July 2016 |
IRD Website |
| 1 Nov 1989 | Explanation of taxation of trusts – Appendix to TIB Vol. 1, No. 5 Appendix Released 29 July 2016 |
IRD Website |
| 7 Apr 2016 | File note: Background to 2006 foreign trust information disclosure reform Released 29 July 2016. fti-3558568.pdf |
fti-3558568.pdf 397 KB |
| 17 Jun 2004 | Tax Policy Report: Foreign Trust: Record keeping and filing requirements – T2004/957; PAD2004/092 Released 29 July 2016. fti-640411.pdf |
fti-640411.pdf 251 KB |
| 10 Sep 2004 | Tax Policy Report: Foreign Trust: submissions on the proposal to introduce record keeping and filing requirements – T2004/1673; PAD2004/192 Released 29 July 2016. fti-669649.pdf |
fti-669649.pdf 255 KB |
| 25 Nov 2004 | Consultative document: Future requirements for foreign trusts with New Zealand-resident trustees: amended proposal Released 29 July 2016 |
IRD Website |
| 7 Feb 2005 | Tax Policy Report: Foreign Trusts: information and record keeping requirements – T2005/160; PAD2005/022 Released 29 July 2016. fti-707067.pdf |
fti-707067.pdf 321 KB |
| 13 Apr 2005 | Tax Policy Report: Foreign Trusts: proposed amendments to recommendations – PAD2005/094 Released 29 July 2016. fti-732382.pdf |
fti-732382.pdf 215 KB |
| Mar 2006 | Officials’ report on “Information and record keeping requirements for foreign trusts” in the Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Bill Released 29 July 2016 |
IRD Website |
| 1 Jun 2016 | New disclosure and record-keeping rules for foreign trusts Tax Information Bulletin: Vol 18. No 5 Released 29 July 2016 |
IRD Website |
| 1 Jun 2011 | GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES: Peer Review Report Combined: Phase 1 + Phase 2 NEW ZEALAND Released 29 July 2016 |
OECD Website |
| 13 Oct 2011 | Tax Policy Report: Global Forum Review of New Zealand PAD2011/235 Released 29 July 2016. fti-3558569.pdf |
fti-3558569.pdf 689 KB |
| 1 Oct 2012 | Article: Beckham, Jeremy and Elliffe, Craig, The Inconvenient Problem with New Zealand’s Foreign Trust Regime (February 5, 2012). New Zealand Journal of Taxation Law and Policy Vol 18, No 2, 2012; Trust and Trustees, Vol 18, Issue 9 Released 29 July 2016 |
SSRN Website |
| 12 Dec 2014 | Tax Policy Report: Foreign Trust Rules T2014/2190, IR2014/620 Released 29 July 2016. fti-3558704.pdf |
fti-3558704.pdf 1960 KB |
| 12 Dec 2014 | Briefing note: Foreign Trusts Q&A BN2014/621; T2014/2213 Released 29 July 2016. fti-3086041.pdf |
fti-3086041.pdf 125 KB |
| 1 Apr 2016 | Note to Minister of Revenue prepared by Inland Revenue: Foreign trusts background note April 2016 Released 29 July 2016. fti-3558570.pdf |
fti-3558570.pdf 165 KB |
| 1 Apr 2016 | Draft note to Minister of Revenue prepared by Inland Revenue: Draft 2006 reforms Released 29 July 2016. fti-3558571.pdf |
fti-3558571.pdf 229 KB |
| 1 Apr 2016 | Note to Minister of Revenue prepared by Inland Revenue: Foreign trusts background note April 2016 Released 29 July 2016. fti-3558572.pdf |
fti-3558572.pdf 274 KB |
| 12 Apr 2016 | Draft IRD internal memo: AEOI and foreign trusts Released 29 July 2016. fti-3558573.pdf |
fti-3558573.pdf 400 KB |
| 11 Apr 2016 | Article: Littlewood, Michael Using New Zealand as a tax haven: How is it done? Could it be stopped? Should it be stopped? Working Paper No 1 of 2016 Released 29 July 2016 |
SSRN Website |
Official Information about setting up the Inquiry
| Doc. Date | Title | View/Download |
|---|---|---|
| Apr 2016 | Official Information about setting up the Inquiry | Official-Information-about-setting-up-the-Inquiry.pdf 5.43 MB |
