New Zealand identified as unexpected tax haven in Mossack Fonseca document leak
( April 4, 2016, 04:39 GMT | Insight) -- New Zealand’s trust law is under scrutiny after the country was identified in a massive document leak of data at Panamanian law firm Mossack Fonseca as a tax haven exploited by overseas investors, the New Zealand Herald reports.New Zealand’s trust law is under scrutiny after the country was identified in a massive document leak of data at Panamanian law firm Mossack Fonseca as a tax haven exploited by overseas investors, the New Zealand Herald reports. The leak revealed that the law firm, which operates across 21 tax havens, was misused to facilitate money laundering, tax evasion and criminal activity on a global scale. It said New Zealand law was exploited because it did not tax foreign profits nor require non-resident beneficiaries to register with any public agency. The government is now facing pressure to seal tax loopholes for foreign trusts. Stuff reported that while Justice Minister Amy Adams had established a group to examine regulatory options, the government remained wary of the unintended consequences of being too overbearing in regulating the tax matters of New Zealand businesses and individuals. ...
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