You won’t believe this – Key was warned 7 times he was turning NZ into a tax haven

48
11

12717980_856326544489555_5207041970972539196_n

No wonder National are getting 50% in opinion polls, when you have a media who act like junior members of the Cabinet rather than democratic watchdogs, you get a situation where Key can build a tax haven, be warned about it on 7 different occasions and manage to shrug off being labeled a tax haven.

Why aren’t the mainstream media challenging Key on this rather than let him off the hook? Key personally intervenes in 2010 to change the law in 2011 to allow this secrecy and gets no criticism for it?

CfleZIQUkAAyOg5

With media like this, no wonder most people have no idea what is going on.

It is absurd after Key had created the tax haven to now claim he hasn’t built a tax haven yet the media are allowing him to do just that.

Here are the list of warnings Key had that he was building a tax haven, just in case he missed it…

Warning 1 – Chapman Tripp announce in 2011 that NZ was now a tax haven based on the law changes Key rammed through.

Warning 2 – Simon Power (then commerce minister) raises concerns in 2011 that NZ was becoming a tax haven.

Warning 3 – EU warns us we are becoming a tax haven in 2012

Warning 4 – 60 minutes the current affairs news team warn we are becoming a tax haven in 2012

Warning 5 – IRD gave a warning in 2013

Warning 6 – The 2013 OECD report Key keeps claiming found NZ clean of being a tax haven in fact warns us that we are.

Warning 7 –  And finally in 2015, Interest.co.nz were warning we had become a tax haven.

…so we now see that Key built the tax haven, was warned on 7 different occasions he was building a tax haven and now must believe him when he says he hasn’t personally benefitted from the tax haven he has built.

TDB Recommends NewzEngine.com

New Zealanders really need to wake up now.

48 COMMENTS

  1. Well , well, well, thank you, Martyn. Another example of the MSM failing to hold truth to power and report what is really happening.

    I myself was dubious when Key claimed that he OECD gave NZ a “clean bill of health”. Why didn’t the msm check up on this patently absurd claim? Do they really continue to take Key at his word???

    If it weren’t for blogs like this and citizen journalism, I despair at the kind of society we’d have by now.

  2. Key is using NZ as a trading floor of his own empire simply put.

    NZ In’c is his company and he will stuck everything out of here before he leaves and watching us all crumble.

    What’s so amazing s that no National MP has the balls to call him to account!!!!!

  3. Heard on RNZ this morning that Key will accede to some sort of inquiry by a “neutral” Third Party.

    60,000 references to NZ in the Panama Papers and he still maintained NZ is not a tax have???

    The fact it took mounting pressure for this man to act speaks volumes about his own personal ethical standards. The man is morally bankrupt.

    • PRISS – yep he will get a fellow crony linked to Labour no doubt for a very Narrow and lengthy enquiry. Nothing to see hear people, move on.

      • As we have seen with Judith Collins’ extremely narrow inquiry that was designed to get her off, John key doesn’t even need that.

    • hi priss,
      the man picked to paint,..i mean write the report, john shewan, is an amateur in tax avoidance.
      after giving advice to banks, they got fined.

      you couldn’t script this nonsense.

  4. See on planet Key, he hasn’t really turned NZ into a tax haven for ‘residents’.

    Instead he made NZ a haven to hide money by charging his mates and fellow rich listers 0% on trusts but they must be NON resident.

    If you were a resident trust in NZ you pay 33%. Of course so many ways to pay less than that, but you need to be rich enough to take advantage of them.

    That is why we must demand to see Keys full tax affairs – but he has refused to disclose them. Aren’t the politicians supposed to declare it to be in parliament??

  5. I do believe it Martyn.

    FJK ignores any advice which is likely to put him offside with his international foreign corporate and political power movers and shakers. You can guarantee his grubby wheeling and dealing will be earning him a tidy sum!

    As David “swine porker” Cameron has only just disclosed his involvement in foreign trusts and that came about because of the release of the Panama documents exposing his links, I’d be more interested in keeping up the pressure on FJK until he discloses his foreign trust interests! Of course he’s denying any involvement now, but give him time. That’s what he does.

    Those blind trusts of his and his wife’s will be the clincher I’d say. Something foul will spill over and leak out into the public arena. Then it will be bye bye FJK. Dismissed in disgrace, minus the much anticipated knighthood!

    And let’s remember FJK always without fail, does the opposite of what he says or does. So some porkies are being spewed forth to protect himself at the moment. But he will be exposed as the issue begins to heat up and gain momentum. It’s only warming up at present!

  6. Very telling this morning on RNZ after Key had more or less said “nothing to see here/everything is above board” and then was extremely shifty and evasive about his own possible use of tax havens. If they (including so-call edGodzone) are legitimate he should have no qualms about admitting that he indulges. He can’t have it both ways.

  7. Price proceeds news. The news is NZ is a tax haven. With opinion polls at 50% that is a reflection of voters. It’s taken awhile for the masses to catch on.

    • I suspect the masses won’t catch on until there’s no food on the supermarket shelves and no fuel at the pumps. After all, this neoliberal-obscure-the-truth-and-raid-the-commons-bonanza-for-the-ultra-rich has been going on for 30 years and the masses are getting dimmer, not brighter (and getting more overweight and apathetic).

      You could say it’s all going according to plan.

      • Maybe not in NZ, yet, in Iceland the masses have Cotten on. Now England’s Cameron is under fire. It would help if we had access to the full file of leaks on a searchable data base accessible on the Internet.

        We have to grilling people in courts now. The Australian Labour Party is calling for a royal commission. We should be doing the same, we need an inquiry like yesterday.

        Just put some one in jail already

        • My guess at an “inquiry” under National.

          “Uh, Mr. Key, may I enquire? Did you do anything dodgy?”

          “No, absolutely not.”

          “Ok, thanks.”

      • Then they’ll vote National to get them out of that terrible mess with a wonderous new economic plan. I will be very surprised if the tax haven news dents National by more than 8 poll points at the very most. Unfortunately, I think Key and the grotesque-ery of the Nats is a mirror of the values and interests of a lot of the population at the moment.

  8. Some of John Key’s shite can be sorted out by future governments, even this. But the biggest concern is that he doesn’t give a toss about global warming so is contributing to the mass extinction of species, millions of death and wars.

  9. This is. Exactly why the new zealand media were not. Trusted with. Any of the Panama documents they are compromised and corrupt welcome to the key republic when nickey hager was raided. That sent a warning.

  10. WORDS, Key will never do the “Honourable” thing here or under any circumstances, as he is a simple middle man of Goldman Sachs/ Corporates who want to own NZ and he cannot leave if he is working for them as they will eat him for breakfast!;

    Yuck what a thought, – want to throw up!!!!!

  11. Scope of review for
    Ex Price Cooper Waterhouse Chairman ( 35 years)
    John Shewan

    In its combined Phase 1 and Phase 2 Peer Review Report of 2013, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes rated New Zealand “compliant” – the highest possible ranking.

    Given the release of documents known as the ‘Panama Papers’, the Ministers of Finance and Revenue would like you to review New Zealand’s existing disclosure rules and practices in the following areas as they relate to foreign trusts:
    • Record‐keeping, including records required to be provided to the Government
    • Enforcement
    • Exchange with foreign jurisdictions.

    The Ministers would like you to report on whether the existing rules, when considered alongside New Zealand’s:
    • Commitment to the OECD action plan on base erosion and profit shifting (BEPS)
    • Commitment to the Convention on Mutual Administrative Assistance in Tax Matters
    • Commitment to implementing the global standard for the automatic exchange of information (AEOI) and
    • Existing and planned bilateral tax treaty network (including tax information exchange agreements)
    • Anti‐Money Laundering framework
    • Other related regimes ‐ are sufficient to ensure our reputation is maintained. If not, the Ministers would like your report to provide options on enhancements to our disclosure rules and/or practices and any other matters.

    Report should be sent to the relevant Ministers by 30 June 2016.

    Well that should give him enough time to review the 60,000 times NZ is mentioned in the Panama Papers then shouldn’t it?
    Given those on the TPPa select committee expected and now given 5 days to review and report back on 30,000 TPPa submissions.

    Can you see where my tongue is?

    http://www.bbc.com/news/business-31147276

    ‘We believe that PricewaterhouseCoopers’s activities represent nothing short of the promotion of tax avoidance on an industrial scale,” said Margaret Hodge, chairwoman of the Public Accounts Committee (PAC).

    We consider that the evidence that PwC provided to us in January 2013 was misleading.
    Margaret Hodge, Chair, Public Accounts Committee

    She also said PwC had written more than 500 letters to the tax authorities in Luxembourg, on behalf of more than 300 international clients.
    The tax avoidance schemes, which are legal, involve companies diverting profits to tax havens like Luxembourg via a series of loans between different parts of the business.
    The profits are eventually taxed in that country, but often at tiny rates

    “No room for hubris”.. John Key.. “Or arrogance” …John Key..

    Oh dear..
    .
    http://www.stuff.co.nz/business/money/8515361/Money-trail-leads-home-to-New-Zealand

    Does he really think this will be another Fait accompli?
    My pick..
    It will NOT.

  12. Scope of review for
    Ex Price Cooper Waterhouse Chairman ( 35 years)
    John Shewan

    In its combined Phase 1 and Phase 2 Peer Review Report of 2013, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes rated New Zealand “compliant” – the highest possible ranking.

    Given the release of documents known as the ‘Panama Papers’, the Ministers of Finance and Revenue would like you to review New Zealand’s existing disclosure rules and practices in the following areas as they relate to foreign trusts:
    • Record‐keeping, including records required to be provided to the Government
    • Enforcement
    • Exchange with foreign jurisdictions.

    The Ministers would like you to report on whether the existing rules, when considered alongside New Zealand’s:
    • Commitment to the OECD action plan on base erosion and profit shifting (BEPS)
    • Commitment to the Convention on Mutual Administrative Assistance in Tax Matters
    • Commitment to implementing the global standard for the automatic exchange of information (AEOI) and
    • Existing and planned bilateral tax treaty network (including tax information exchange agreements)
    • Anti‐Money Laundering framework
    • Other related regimes ‐ are sufficient to ensure our reputation is maintained. If not, the Ministers would like your report to provide options on enhancements to our disclosure rules and/or practices and any other matters.

    Report should be sent to the relevant Ministers by 30 June 2016.

    Well that should give him enough time to review the 60,000 times NZ is mentioned in the Panama Papers then shouldn’t it?
    Given those on the TPPa select committee expected and now given 5 days to review and report back on 30,000 TPPa submissions.

    Can you see where my tongue is?

    http://www.bbc.com/news/business-31147276

    ‘We believe that PricewaterhouseCoopers’s activities represent nothing short of the promotion of tax avoidance on an industrial scale,” said Margaret Hodge, chairwoman of the Public Accounts Committee (PAC).

    We consider that the evidence that PwC provided to us in January 2013 was misleading.
    Margaret Hodge, Chair, Public Accounts Committee

    She also said PwC had written more than 500 letters to the tax authorities in Luxembourg, on behalf of more than 300 international clients.
    The tax avoidance schemes, which are legal, involve companies diverting profits to tax havens like Luxembourg via a series of loans between different parts of the business.
    The profits are eventually taxed in that country, but often at tiny rates

    “No room for hubris”.. John Key.. “Or arrogance” …John Key..

    Oh dear..
    .
    http://www.stuff.co.nz/business/money/8515361/Money-trail-leads-home-to-New-Zealand

    Does he really think this will be another Fait accompli?
    My pick..
    It will NOT.

  13. I doubt that our PM will be found to have done anything wrong. He’s much too light footed for that. He dances around criticism. He’s a masterclass in political adroitness.

    Most people neither care nor are interested in the depth, complexity or direction in which this is heading.

    So, the current government will stay for many years. And the changes they initiate are forming the new social order.

    • BLUE,

      You said;
      “So, the current government will stay for many years. And the changes they initiate are forming the new social order.”

      Take off the blinkers as we are headed into another depression shortly and your greediness your team revel in will be headhunted as all those were during the French and Bolshevik revolutions were and recently Iceland and Britain currently are today.

      Your name is marked for this coming purging event also.

    • And I look back to people’s bitching and moaning about shower heads and light bulbs and the “social engineering” of that. Where are they now that we are witnessing the biggest social changes we have ever seen, top of which is turning NZ into a nation of renters rather than home owners, with landlords receiving subsidies from the state when they cannot make enough money from the houses from the market or are renting back to the government for social housing.
      I fear you are right, and probably did not deserve all the thumbs downing.Just because we don’t like what someone has to say, does not mean what they have said may not be right, especially if we don’t get off our bums and do something about it next election. We just need to have someone to vote for who will turn it around.
      Oh for our own Jeremy Corbyn or Bernie Sanders. I like Sanders best, he seems to be achieving with a big smile on his dial.

      • If only NZ had to worry about power saving light bulbs, and water saving showers heads that a lot more people use now anyway. Seems so trivial that there were some, mostly from the right, that completely lost their heads over this, when compared to what NZers are really worried about now. Never did they think back then that the tricky American devil with a forked tongue from the shady international currency trading hub would make them feel so fearful of the present and so fearful for the future, like they do now.

    • I hate to say it, but you are probably right.
      Key will almost certainly be let off the hook by our National toadying media, he will be painted as the “honest Abe” who took action against the tax evaders. Instead of being part of the problem he will be lauded as the solution.
      The fact that it is complete b…s won’t make any difference. Henry, Hosking, Garner, Plunkett et al will still declare him to be the best thing since sliced bread.
      New Zealanders think like a pack of kids, as long as Key feeds them a few lollies at judicious intervals they will traipse along behind singing his praises. When the lollies run out or turn sour is when things will change.
      I hope it will be very soon, but experience tells me it won’t.

  14. Eight times.

    The Transparency International 2013 http://www.transparency.org.nz/docs/2013//Integrity-Plus-2013-New-Zealand-National-Integrity-System-Assessment.pdf (Page 309 paragraph 2) identifies the problem and a solution is included in the report’s recommendations. This inititiave is one of the most important, and the most disappointing since the government actually undertook to work on the TINZ recommendations through the open government partnership action plan http://www.ssc.govt.nz/open-government-partnership- but this recommendation has now fallen off the agenda.

  15. In other countries, political leaders implicated in the Panama Papers are being hounded and forced to resign.
    In New Zealand they get rewarded with higher poll ratings and manic support by the MSN.
    What does this say about New Zealand?
    It says that New Zealand is populated largely by smug, insular, self indulgent gold seekers with social attitudes akin to Dickensian Britain.
    What a sick country on so many levels.

    • Probably a dodgy poll.

      But many of the countries of migrants who are coming here have very high levels of corruption. Natz are increasing our migrant population approx 1.5% per year, most of them into Auckland which controls 1/3 of the vote.

      Between each 3 year election just by migration the Natz can increase their vote share 4.5%. Over 3 election cycles that is 13.5% increase in migrant voters.

      It’s happening in plain sight. In under 10 years National can change our population by 13.5% with new voters and then start really choosing a government to suit them and add more and more migrants in.

      I have zero problem with migrants as most Kiwis are descendants from migrants, but I am VERY concerned at how migration is being used to keep National in power, the rate of change of population, the amount of money migrants have and what they invest it in, corruption and fairness and the social values that we hold dear in this country.

      In countries like Fiji, Yugoslavia, Israel and so forth there is huge social issues that arise from a fast change of input of a different culture. Do we really want NZ to move in that direction? A direction where our history of social equality is gone and instead we have an underclass and super rich class that own most of the assets while being a small percentage of the population (who may not even reside here).

      At the same time, those who are most downtrodden in society like prisoners are not able to vote under National and refugees who probably don’t vote National are kept at embarrassing levels.

      In Iceland the population waved bananas at parliament to signify their PM was turning them into a banana republic until he resigned. I think we are already there.

    • Completely agree with you Mike. Its just another rigged poll that gets pulled out of thin air when John key and his government are in trouble. Its an attempt to hoodwink people into thinking that everything is fine when its not. You know the con has worked when you hear people say “oh but National is high in the polls, so it must be alright then.”
      This has been happening from the beginning of National’s tenure, its so predictable that you can set your clock to it. People need to bloody well wake up from their stupor.

      We really are looking like a country of idiots that condones corruption at the highest level. Its not just our country that lies with a tattered reputation, its we as a people too, with our subservient silence and lack of fight in the face of this government’s constant exposure of corruption and abuses of power. National and their crony supporters are dragging us all into the sewer with them. And we are looking like fools. How much more humiliation will it take? How much more does John key need to kick us in the guts before people en mass stand up and say enough and kick these criminals out?

      I used to be a very proud Kiwi. John Key has made us a laughing stock, and I don’t presume to know how the rest of you feel, but I am not feeling particularly proud to be a Kiwi right now. There is nothing under this Key government’s regime to be proud of.

      • Words, I can not agree more with your statement, greed is a big factor.
        I am and still are a proud kiwi, but I have to confess that greed has turned NZ into a bunch of a-seholes the silly part about it is they are next.
        These stupid people at the end of the day will be saying to themselves , where did I go wrong.

  16. Proud Icelandic people wouldnt stand for this, and ousted their crooked PM. NZ should be doing the same.

  17. Andrew Little has released his tax records. John Key said on Monday that he was “totally, 100 per cent confident” that his “tax affairs are absolutely above board and totally clean” then key should have no problem whatsoever in releasing his tax records too.

Comments are closed.