The Government today released tax expert John Shewan’s independent Inquiry into Foreign Trust Disclosure Rules, and the steps it is taking to strengthen tax rules as part of its work with the OECD to clamp down on base erosion and profit shifting (BEPS).
Mr Shewan’s inquiry noted that foreign trusts are legitimate vehicles and that New Zealand’s tax treatment of foreign trusts is appropriate. However, it also recommends disclosure arrangements should be strengthened, including by: