Many people have been speculating about the foreign trusts that have dominated the tax industry and there have been stories running on all media houses. Most of the information shared has pointed to the failures that have been noted and how many people are likely to suffer under the new tax regime. Besides these notices through media outlets, professionals with deeper grasp of the issues have issued their responses to the matter and most of the information shared has helped to unravel the main problems that have caused the stagnation in the tax regime.
Professionals who have responded to the matter include renowned lawyer Geoffrey Cone, who expressed his ideas on the challenges and helped individuals to understand how the law within the country works. Although many people believe there should be an immediate solution to the matter, the truth remains that tax is a mundane issue that cannot be left in the hands of one body. There are many processes involved before changes are made to the tax regime and this demands time and a careful review of vital issues.
The OECD has prepared a list of countries that are regarded tax havens but considering the rules and provisions that determine the position of a country, New Zealand did not get a spot in the whole process. This is attributed to failure to comply with the requirements issued which include transparency and simplicity in dealings. The laws also demands that a country should offer easy access of the process across governments so information can be shared easily.
Most importantly, the tax amount should be minimal for many processes. New Zealand has not managed to comply with the above considerations, so there is little possibility the country will in near future rank among tax havens.
More about Geoffrey Cone
A graduate of law LLB from Otago University in New Zealand, Geoffrey Cone has contributed greatly in the development of international litigation. He is an expert in tax and trust laws and has worked with firms that specialize in commercial litigation during his long career. Geoffrey Cone began working in the field of law in 1980 and has explored virtually all areas of law.
He narrows his focus to commercial litigation. In 1999, he made a bold move by establishing Cone Marshall, a law firm that would specialize in international trust and tax litigation. The firm has grown its reputation for offering quality services and they are now working with professionals from different countries.