So if NZ wasn’t a tax haven, why have the Trusts fled?

ByMartyn Bradbury

Remember when the Panama Papers were released and they proved NZ was a tax haven built by John Key’s personal lawyer?

Remember how John Key declared that NZ wasn’t a tax haven?

Remember how Key’s own lawyer bullied then-revenue Minister Todd McLay into dumping an IRD review into foreign trusts?

Remember how fast those secret Trusts were built under National…

…remember when this was the quality of political journalism while Key was Prime Minister…

…remember all that?

Well, if wasn’t a Tax Haven, how come all the Trusts have fled since the law was tightened up?

Foreign trusts ‘fled’ from the sunlight – Labour

At the end of last year there were about 11,750 foreign trusts in New Zealand. Following the introduction of tough new rules, fewer than 3000 applied to register with Inland Revenue. Another 3000 told the tax department they did not want to be part of the new regime, and some 6000 are unaccounted for

…it turns out the only thing John Key could build was tax havens.

He lied to our faces, again.

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3 Comments

  1. Key’s vision was one of offering a haven for his rich mates and business associates and their overseas friends, who always look for an opportunity to hide or to “invest” their loots. Once the Panama Papers revealed what was going on here, they swiftly packed up and moved their cash somewhere else. Others simply bought more real estate, part also of gentrifying more over priced residential suburbs in Auckland, same as it happens in other places.

    We have the G20 meeting in the German city of Hamburg, where we have another city that is rich on one hand, but where the precariat and disempowered and ignored are showing the other side of the reality. Here a brief excerpt from a media report:
    http://www.telegraph.co.uk/travel/untapped-destinations/cool-hamburg/

    “Hamburg has doubled in size since the Forties, turning it into Europe’s largest non-capital city, and it is now home to the largest number of millionaires, per capita, than anywhere else on the continent.

    Many have been attracted by the cutting-edge cuisine and explosion of business opportunities, while young party-goers are still drawn to the sprawling, neon-lit Reeperbahn red-light district.

    No wonder Germany has proudly proclaimed Hamburg to be ‘the gateway to the world’.”

    Some had enough and release their anger in the streets, while the elite leaders of the most powerful nations gather behind police protection, reported live by RT’s Ruptly:
    https://www.youtube.com/watch?v=wukHBVJxa04
    https://www.youtube.com/watch?v=pzEiWvSzQ3A

    We have no protests like this here yet, but if the current social divisions continue, and most become tenants in their own land, prepare for more frustration and anger to evolve in Auckland, New Zealand, same as in other places.

  2. All those magots are deserting a sinking ship.

    Interest rates globally are on the rise now so those Nat lite speculators are in for a shock.

    https://nz.finance.yahoo.com/news/rates-eventually-rise-academics-173125100.html

    “Household debt continues to break new records, raising concerns about a possible housing crash in the major capital cities,” Dr Henckel said on Monday.
    The global central banking authority, the Bank for International Settlements, also warned last week that at 130 per cent of GDP, Australia’s household debt was among the world’s highest and a “financial cycle bust” could well trigger the next recession.

    Any wonder why JonKey left NZ????

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