The Daily Blog Open Mic – Sunday – 8th May 2016

ByThe Daily Blog

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Announce protest actions, general chit chat or give your opinion on issues we haven’t covered for the day.

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  2. Panama Papers: Key defends offshore banking comments
    Friday 6th May.

    http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11618024

    April 11th Key defends his doggy deals.

    Key must go he is a crook and on the 10th May (next Tuesday) the whole dirty deal will come out over his implication in it all. It cant come quick enough!!!!!

    Prime Minister John Key defended comments he made about turning New Zealand in to an offshore banking centre.

    Prime Minister John Key is defending his vision to model New Zealand on Jersey or Switzerland after New Zealand was caught up in a global tax haven scandal.

    The leak of documents from Panama-based law firm Mossack Fonesca, known as the “Panama Papers”, has led to increased scrutiny of New Zealand’s tax-free foreign trusts, which are reported to hold hundreds of millions of dollars.

    In response, Mr Key has rejected the “tax haven” tag, saying there is no secrecy about New Zealand’s trusts regime.

    But his past comments on tax havens have come into sharper focus as a result of the Panama leak.

    Mr Key has talked openly about the benefits of economies which are built on offshore trusts.

    https://www.tvnz.co.nz/one-news/business/tax-expert-review-nz-foreign-trusts-following-panama-papers-leak

    Source: ONE News

    The move represents a change after Prime Minister John Key last week rejected the characterisation of the country as a tax haven.

    The Washington-based International Consortium of Investigative Journalists identified New Zealand as among 21 tax havens used by Mossack Fonseca, the Panama law firm at the centre of the offshore accounts scandal.

    The review will be conducted by John Shewan, a former New Zealand chairman of accounting firm Pricewaterhouse Coopers.

    He has been asked to report back to government ministers by June 30.

    Labour leader Andrew Little hit out at the review, saying it should be done in public and with more than one “tax advisor” doing it.

    “What is needed is a full public inquiry with the power to subpoena witnesses and question them under oath,” he said in a statement.

    “Any inquiry must also be given adequate resources so it can fully examine the 60,000 times New Zealand is mentioned in the Panama Papers – and the more than 12,000 foreign trusts registered with Inland Revenue.”

    He said the Prime Minister was failing to take the issue seriously, a view shared by New Zealand First’s Winston Peters.

    Mr Peters expressed little confidence in Mr Shewan given his close association with tax in New Zealand.

    What is needed is a full public inquiry with the power to subpoena witnesses ”
    Andrew Little

    “Mr Key’s soft option won’t do to allay international criticism that New Zealand is a tax haven,” Mr Peters said.

    “This appointment means the government is not taking the issue of New Zealand’s reputation seriously.”

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