The media has been covering different stories about the laws available in New Zealand and how some sections have affected the world of business. Some of the most addressed areas include commercial litigation and trust laws where sections of the litigation have affected many influential and wealthy individuals. It must be admitted that tax law is a mundane area and no definite answer may be given about the state of the laws available in the country.
In fact, more professionals have joined the bandwagon to issue their takes on the topic in general and there has been a different twist of the ideas over the past few weeks. Many have been trying to compel the system to consider including new legislation that will allow the country to be ranked among tax havens across the world.
Geoffrey Cone is among professionals who jumped in to address the issue and he has a unique approach that could help to eliminate most disparities that bar New Zealand from becoming an OECD country. One fact he shared is that the country has never, is never and is likely never to be an OECD compliant.
He describes tax havens as countries where there is free exchange of information between departments and governments, transparency and nominal taxes, all which are not present at the moment. Lack of political will is one of the issues that have contributed to this kind of scenario and he says there is likely not going to be a change soon.
However, despite all the problems, the country can be commended for the way it has been handling foreign and international tax issues. There is always transparency in the way foreign trusts are handled and most requirements placed on trustees are fair and sensible. All these provisions make it easy for governments to communicate vital information and have been especially useful when dealing with cases that involve clients from overseas.
More about Geoffrey Cone
Born and raised in New Zealand, Geoffrey Cone is an experienced lawyer who has been working on cases of commercial litigation for more than three decades. He holds LLB honors and has also pursued tax and trust law diploma. During his career, Geoffrey Cone worked with several companies and he has been offering solutions to tax and estate problems to clients from different countries. His deep understanding of commercial litigation motivated him to establish Cone Marshall, a law firm that specialized in international trust and tax litigation.