Recently, the partner of the Cone Marshall firm, Geoffrey Cone made it clear that tax issues should always be bathed in transparency. New Zealand is a great example of transparency on tax issues, and has been for some time. This is due in part to the tax model agreement that was implemented in 2002, and the country of New Zealand was the first country to sign up. Cone points out there is no secretive banking industry within the country, nor do they hide accountability for foreign trusts. All accountants are required to keep all pertinent details, charts, and all tax information handy for review at all times in case it is requested.
Geoff Cone has studied tax and trust law, and he is no stranger to the idea that many believe New Zealand is a tax haven. There are numerous aspects of a tax haven that don’t align with what New Zealand practices, making it the ideal country for those who wish to have it all out on the table. Cone Marshall is the only law firm in New Zealand to specialize in the areas of international trust and tax planning, and today they are a top provider of estate managements services.
Having been in operation since the year 2000, Geoff Cone can assure you that New Zealand’s taxation principles are the most transparent. All facts are accounted for along with the efforts of accountants that work with large and small corporations, and in regards to foreign trusts, other governments should be able to acquire information they are seeking at any given time without issue. This is one of the many reasons that George Cone wrote the article regarding foreign trusts and the rules imposed upon their trustees.
There is a lot of media coverage about foreign trusts out of New Zealand, but while it seems that there are quite a few stories regarding the wealthy and how they manage their trusts, the Cone Marshall firm can assure you that they are on the up-and-up with their tax laws. Cone explains in simple terms why New Zealand is not a tax haven and why it could never be considered as such. He also takes great pains to open the window to what the model looks like for taxes and regulations imposed in New Zealand.
There is an international exchange of information on the foreign trusts mentioned above as well as the “open door policy” that New Zealand prefers to keep when other governments are searching for relevant information foreign trusts. There was a lot of consulting about taxes when in 2006, Michael Cullen made it mandatory for a tax disclosure form to be signed and filed with appropriate tax documents. This foreign trust disclosure form would assist in any and all financial records regarding the trust as well as taxes imposed. Those in a business name should have all relevant records kept together, and they must be recorded in English in case there is an issue with those records in the future. Learn more: http://whoswholegal.com/profiles/52792/0/cone/geoffrey-cone/