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The Government is acting on all recommendations from the Shewan Inquiry into foreign trust disclosure rules, Finance Minister Bill English and Revenue Minister Michael Woodhouse announced today.

The Inquiry made a number of recommendations which propose improvements to registration and disclosure of information, anti-money laundering rules and increased information sharing between government agencies.

“The Government has always been open to making improvements to New Zealand’s already strong tax settings if that was warranted,” Mr English says.

  • Michael Woodhouse
  • Bill English
  • Revenue
  • Finance

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:

  • Michael Woodhouse
  • Bill English
  • Revenue
  • Finance

Finance Minister Bill English has today vetoed proposed changes to paid parental leave.

Mr English has exercised his powers of Financial Veto ahead of the third reading of the Parental Leave and Employment Protection (Six Months’ Paid Leave and Work Contact Hours) Amendment Bill.

“Treasury estimates the cost of this legislation amounts to $278 million over the next four years, a significant extra - unbudgeted - cost.

  • Bill English
  • Michael Woodhouse
  • Finance
  • Workplace Relations and Safety

An SME-friendly tax package announced by the Prime Minister today will reduce compliance costs and make tax simpler for small businesses, Finance Minister Bill English and Revenue Minister Michael Woodhouse say.

“The package will make paying tax easier and more certain, reduce the burden of interest and penalties, and help small businesses tailor payments to their circumstances,” Mr English says.

“We want the tax system to fit in with how businesses operate, not the other way around.”

Key measures in the proposal are that:

  • Michael Woodhouse
  • Bill English
  • Revenue
  • Finance
  • Budget 2016

Cabinet today agreed to appoint highly regarded tax expert John Shewan to conduct an independent review of disclosure rules covering foreign trusts registered in New Zealand, Ministers Bill English and Michael Woodhouse say.

“Ministers decided that in light of the ‘Panama Papers’ being released last week, it’s worth looking at whether the disclosure rules are fit for purpose and whether there are practical improvements we can make,” Mr English says.

  • Michael Woodhouse
  • Bill English
  • Revenue
  • Finance