EU investigating NZ as tax haven

Newshub reported tonight that the European Union is investigating whether to include New Zealand on a tax haven black list or not.

Investigation by EU as it prepares a blacklist of global tax havens

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More details: EU considers blacklisting NZ over tax laws

New Zealand is under investigation by the European Union as it prepares a blacklist of global tax havens.

The grouping of 28 European nations has compiled a list of countries with lax tax laws, but following the release of the so-called Panama Papers it has confirmed that New Zealand is under investigation.

The EU loses around $NZ1 trillion to tax havens each year, and it intends to put a stop to the practice by threatening a raft of sanctions against countries which don’t comply to its standards.

New Zealand doesn’t comply, even when the recommendations made by tax expert John Shewan as a result of the Panama Papers are included.

What the EU wants:

  1. No anonymity – trust settlers and beneficiaries are identified and changes are recorded. New Zealand will meet this standard when Mr Shewan’s changes are introduced.
  2. Collection of information about financial assets – where the funds came from, the current assets, where they are, and the income earned in the past year. New Zealand will meet this standard when Mr Shewan’s changes are introduced.
  3. No tax exemption of foreign income. New Zealand will NOT meet this standard even when Mr Shewan’s changes are introduced.
  4. Automatic exchange of information with foreign tax authorities in the jurisdictions where the settlers and beneficiaries are resident. New Zealand will NOT meet this standard even when Mr Shewan’s changes are introduced.
  5. A public register of trust ownership and details. New Zealand will NOT meet this standard even when Mr Shewan’s changes are introduced.

Non-complying nations face:

  1. Trade sanctions
  2. Suspension of negotiations for a free-trade agreement
  3. Possible travel bans or visa restrictions.
  4. Sanctions against companies, banks, tax advisers, accountancy and law firms involved in tax deals.
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20 Comments

  1. Kitty Catkin

     /  1st August 2016

    I’ll believe it when I see it; Newshub is not always very reliable or unbiassed. It is blatantly anti-National and puts the worst interpretation on what they do.

    Reply
    • Blazer

       /  2nd August 2016

      hey NZ will pass 2 out of 5 ,of the tax haven test.Who was the man who was NZ Reserve Bank Governor for 14 YEARS,and categorically stated NZ is a tax haven?

      Reply
  2. Corky

     /  1st August 2016

    European Union investigating? That’s if they are still around. We are too important for the freedom seeker community to do none other than pay lip-service to this investigation.

    Reply
  3. Alan Wilkinson

     /  1st August 2016

    Yet another media beat up. Trade sanctions would be overturned by the WTO. NZ is a non-issue for the EU which has to worry about the UK becoming a massive tax haven on its doorstep – already threatening to slash corporate tax rates if the EU blocks free trade.

    Reply
  4. artcroft

     /  1st August 2016

    It’s a matter of negotiating in any case. One side makes demands, the other counters. Its what diplomats are paid for.

    Reply
  5. alloytoo

     /  1st August 2016

    Won’t the EU be essential bankrupt when France, Netherlands and Germany pull out?

    Reply
  6. Tell the EU to sort out Monaco, Luxembourg, Lichtenstein first and maybe they can come tell us what to do.

    I love our media and the messaging they get from Fraser House… they are aspiring to be just like the liberal news media in the US. And I am only half joking….

    Reply
    • Stiggy

       /  2nd August 2016

      You forgot London
      The largest laundering centre and tax haven in the world!
      Oh that’s right they’re leaving

      Reply
    • Blazer

       /  2nd August 2016

      ‘Monaco, Luxembourg, Lichtenstein first’…what illustrious company….dickhead quote…Dave.

      Reply
      • My one reply for the day… Go have sex with yourself you pointless little troll. truly you have weaken in your contribution to such a point its now one response to a week, if I can be bothered to type a reply. Ciao little candle of psuedo-intellect spluttering forlornly in darkness

        Reply
        • Gezza

           /  3rd August 2016

          Czech Exit. Superbly executed.

          Reply
        • Blazer

           /  3rd August 2016

          very disappointing post dave…you are reduced to puerile personal denigration.Put some substance in your game,FFS.

          Reply
  7. Gezza

     /  1st August 2016

    Shit. brb. I’ve got money to move.

    Reply
  8. Missy

     /  2nd August 2016

    Hahahahaha…. that is hilarious, considering the President of the EU Commission set up Luxembourg as a tax haven, and tax reforms & investigations within the EU were scaled back when he became President. And I would like to see them investigate the cash economy of Greece – only Public Servants in Greece pay full tax, most people dodge tax on an industrial scale.

    More attempts at bullying by the EU, this time NZ. If this is true then we should be pleased, it means that the EU see NZ as a threat to their economies, and I would guess it is instigated from France most likely.

    Reply
    • Gezza

       /  2nd August 2016

      They trifle with NZ at their own peril Missy.

      If we end up with a strong leader here like Andrew Little who to everyone’s surprise magically somehow unites the whole country behind him, & he persuades us to invade and conquer the EU in a pre-emptive strike, & to secure better access for our dairy products, they’ll be sorry then ! 😡

      Reply
      • Missy

         /  2nd August 2016

        Actually I have been thinking about this a bit more, I would not be surprised if it isn’t a form of punishment against NZ for offering to assist the UK in their post Brexit trade negotiations. The EU commission are generally considered to be a vindictive bunch against anyone who tries to go against their grand vision.

        Reply
        • Gezza

           /  2nd August 2016

          Send Juncker an email, Missy. Tell the slimy bastard we’re onto his little game & he better watch out. Say that Labour over here has a determined & charismatic leader & there’s an election coming up next year. NATO won’t be able to save them from the No 8 wire best little army in the whole world if he pushes us too far.

          Sign it:
          ‘M McCully – a well-wisher’.

          😎

          Reply
  9. Blazer

     /  2nd August 2016

    yes tell them to get lost….we must protect the handful of Keys friends making an earn out of this gravy train,who cares about NZ’s international reputation.Can see why they said they would implement MOST of the Shewan report.

    Reply

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