New Zealand’s Tax Transparency
Geoffrey Cone is a graduate of the University of Otago, New Zealand. He holds a LLB honors and a post graduate diploma in tax and trust law. He commenced practice in 1980 in Auckland, New Zealand later moving to Christchurch to become a partner and Chairman of Partners in a leading law firm. After working in the British West Indies as a litigator for two years he returned to Auckland in 1997 to establish his own firm Cone Marshall Limited. He now specializes in international trust and tax planning. In 2012 he gave his thoughts on tax transparency to the New Zealand Herald.
When you think about banks and foreign governments, New Zealand is not the first place you think of. Maybe it should be. New Zealand has shown itself to be a leader when it comes to tax transparency when dealing with foreign trust. The 2002 OECD Model Agreement on Exchange of Information on Tax Matters is considered by many to be the gold standard. It supports the international exchange of information helping to enforce domestic tax laws.
After exhaustive consultations Michael Cullen brought new rules to this area in 2006. Any trustee of a foreign trust, living in New Zealand, will be required by the IRD to submit a Foreign Trust Disclosure form and keep all financial and other related records.
Now details of settlements, distributions, trust deeds, liabilities, details of the trust’s assets, and details of the money received and spent by the trustee will fall under this law. Records must be in English; heavy penalties will be levied against anyone failing to comply. New Zealand has over 20 tax information exchange agreements with foreign countries all designed to prevent tax avoidance or evasion. The respected trust lawyers in New Zealand help to keep the transparency of tax laws. Bolstering New Zealand’s reputation for honesty.
While other countries might lobby for foreign money that is obtained by questionable means, and be willing to hide funds to defraud foreign governments, New Zealand wants no part of that. They are proud to do business with places like Britain, Singapore, and the US in a transparent and above board fashion. Likewise, international taxation experts consider New Zealand to be a leader in operating foreign trusts in accordance with the OECD.
Members of the international Society of Trust and Estate Practitioners work together to keep New Zealand a place other countries respect as a honest place to do business.
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Cone Marshall is the Leading International Estate, Tax and Trust Law Firm in New Zealand
Cone Marshall Company was developed in the year1999. It is positioned at the Parnell House, Level 3, Auckland 1151, New Zealand. Geoffrey Cone and Karen Marshall are Administrators at the New Zealand law company. Karen Marshall operated for many years in the London Litigation law firm and served as the head of its Commercial Department before joining the company. She has broad experience in legal trustee advisory and general trusts management.
New Zealand is the Most Thriving International Estate Trust and Trust Law Country
Geoffrey Cone, on the other hand, provides the company with international tax and trust planning as well as trust and trustee management services. He has been recognized as a Quintessential Tax Lawyer. Mr. Cone’s experience in the Legal Fields gives him the experience to judge that his country is no tax haven and it does not have any secretive private banking industries. Earlier allegations had pointed out New Zealand as the host of a couple of companies colluding with other prominent individuals to evade tax payments. Geoffrey Cone instead points out New Zealand to be the charter member that supports to the doctrine embodied in the gold standard for transparency. He claims that New Zealand has witnessed the recent increase in the number of foreign trusts due to the country’s high quality internationally recognized and safe jurisdiction laws. He also maintains that New Zealand has strong professional and legal infrastructure as well as the well-regarded judiciary that attracts foreign law firms.
Cone Marshall Strengthens Tax and Estate Laws
Cone Marshall has gained its reputation because of its ability to offer consultancy and solutions to international problems to all tax and estate case clients. Cone Marshall’s online portfolio points towards the dedication that the Company puts while serving the different geographically located customers who have earned the company its international reputation. The company has remained as the biggest campaigner for estate and tax law transparency when dealing with the cases. Cone Marshall aims to expand its structure to professional handling and on-time delivery of all client submissions because of the recent increase in foreign trusts legal cases. The law firm seeks to broaden its customer landscape by working with other attorneys and advisors from other areas of jurisdictions to assist them to serve their clients.