Between April and June 2016 the Treasury released documents relating to an Inquiry into Foreign Trust Disclosure Rules.
The Minister of Finance and the Minister of Revenue 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 made a proactive release of Inquiry documents here in late July 2016.
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#
Accessible versions
Documents are available in Adobe PDF format only. Please contact [email protected] to request HTML versions.
Documents Published by the Inquiry#
Doc. Date Sort ascending | Creator | Title |
---|---|---|
Chair of the Government Inquiry into Foreign Trust Disclosure Rules | ||
Chair of the Government Inquiry into Foreign Trust Disclosure Rules | ||
Chair of the Government Inquiry into Foreign Trust Disclosure Rules |
Documents Released by the Treasury#
Submissions made to the Inquiry
Doc. Date Sort ascending | Creator | Title |
---|---|---|
BusinessNZ | ||
CPA Australia Limited | ||
Southwest Trustees Limited | ||
KPMG | ||
Cavanaugh, Denise | ||
New Zealand Law Society | ||
Williams, Dale; Clarke, John | ||
Transparency International (New Zealand) Incorporated | ||
TGT Legal | ||
Society of Trust and Estate Practitioners | ||
Russell, Deborah | ||
PricewaterhouseCoopers | ||
Olivershaw Limited | ||
The NZ Trustee Companies Association Limited | ||
Bowen, Jeremy | ||
New Zealand Council of Trade Unions Te Kauae Kaimahi | ||
Ernst & Young Ltd | ||
Chartered Accountants Australia and New Zealand | ||
Boyce, Simon | ||
Littlewood, Michael | ||
Trustee Corporations Association of New Zealand Incorporated | ||
Covisory Trust Services Limited |
Background information provided to the Inquiry by Inland Revenue#
Available on the Treasury Website
Doc. Date Sort ascending | Creator | Title |
---|---|---|
Inland Revenue | ||
Inland Revenue | ||
Inland Revenue | ||
Inland Revenue | ||
Inland Revenue | ||
Inland Revenue; The Treasury | ||
Inland Revenue; The Treasury | ||
Inland Revenue | ||
Inland Revenue | ||
Inland Revenue; The Treasury | ||
Inland Revenue; The Treasury | ||
Inland Revenue; The Treasury |
Available on the IRD Website
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 |
25 Nov 2004 | Consultative document: Future requirements for foreign trusts with New Zealand-resident trustees: amended proposal Released 29 July 2016 |
IRD Website |
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 |
Available on Non-Government Websites
Doc. Date | Title | View/Download |
---|---|---|
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 |
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 |
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 Sort ascending | Creator | Title |
---|---|---|
Inland Revenue; The Treasury; Office of the Minister of Finance; Office of the Minister of Revenue; State Services Commission; Olivershaw Limited; Crown Law Office; Department of Internal Affairs; The NZ Trustee Companies Association Limited; OECD |