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Information release

Government Inquiry into Foreign Trust Disclosure Rules

Issue date: 
Saturday, 7 May 2016
Status: 
Superseded
Corporate author: 
View point: 

The Minister of Finance and the Minister of Revenue have appointed John Shewan to constitute the Inquiry into Foreign Trust Disclosure Rules.

The Inquiry was established on 19 April 2016 and was authorised to begin hearing evidence from 19 April 2016.  The Inquiry was due to report to the Ministers on 30 June 2016.

The Terms of Reference gazetted on 19 April 2016 are available on the New Zealand Gazette website.

Read the media statement by Hon Bill English, Minister of Finance and Hon Michael Woodhouse, Minister of Revenue on establishing the review on the Beehive website: Review of foreign trust disclosure rules (11 April 2016).

The Inquiry has reported its findings and recommendations to the Ministers

The Inquiry reported to the Minister of Finance and Minister of Revenue on 20 June 2016.  The Ministers released the report on 27 June 2016.  The report is available in the Documents Published section below.  Read the Government media statement on releasing the report at Govt releases foreign trusts inquiry and steps to strengthen international tax rules (27 June 2016)

The Treasury will make a proactive release of Inquiry documents in late July.

John Shewan, CNZM

John Shewan is a company director and an adjunct professor in the Business School at Victoria University of Wellington. Until his retirement from the position in 2012 he was chairman of PwC New Zealand. He has served on a number of tax policy committees, including the Tax Working Group which reported in 2010. He chaired the Government’s Tax Education Office from 1988 to 1998.

He was made a Companion of the New Zealand Order of Merit in 2012 for services to business.

Inquiry Process

The inquiry invited submissions from interested parties and accepted submissions made by the public through this website.  The Inquiry also interviewed government departments responsible for the policy and administration of disclosure and reporting requirements for foreign trusts.  These include Inland Revenue, the Ministry of Justice, the Department of Internal Affairs and the Police. The Inquiry also consulted with the Office of the Privacy Commissioner and the Department of the Prime Minister and Cabinet.

Documents Published by the Inquiry

Inquiry documents listed here are available in Adobe PDF format only in some cases. HTML versions can be supplied on request by Information Services at the Treasury.  Using PDF Files
Doc. Date Creator Title View/Download
9 May 2016 John Shewan Government Inquiry into Foreign Trust Disclosure Rules: Minute 1
Released 9 May 2016
minute1-giftdr-9may2016.pdf (124 KB)
13 Jun 2016 John Shewan Government Inquiry into Foreign Trust Disclosure Rules: Minute 2
Released 13 June 2016
minute2-giftdr-13jun2016.pdf (124 KB)

27 Jun 2016

John Shewan

Government Inquiry into Foreign Trust Disclosure Rules: Report
Released 27 June 2016

report-giftdr-27jun2016.pdf (2,240 KB)

Documents Released by the Treasury

Submissions made to the Inquiry

Doc. Date Title View/Download
20 May 2016 Submission: Jeremy Bowen
Released 29 July 2016
fti-3459354.pdf 198 KB

pdf
197.54 KB

18 May 2016 Submission: Simon Boyce
Released 29 July 2016
fti-3458077.pdf 197 KB

pdf
197.38 KB

28 Jun 2016 Submission: BusinessNZ
Released 29 July 2016
fti-3458893.pdf 159 KB

pdf
159.17 KB

21 May 2016 Submission: Denise Cavanaugh
Released 29 July 2016
fti-3459355.pdf 199 KB

pdf
198.63 KB

20 May 2016 Submission: Chartered Accountants Australia and New Zealand
Released 29 July 2016
fti-3458911.pdf 315 KB

pdf
315.42 KB

4 May 2016 Submission: Covisory Trust Services Limited
Released 29 July 2016
fti-3454992.pdf 792 KB

pdf
792.17 KB

30 May 2016 Submission: CPA Australia Limited
Released 29 July 2016
fti-3476824.pdf 178 KB

pdf
177.96 KB

20 May 2016 Submission: Ernst & Young Limited
Released 29 July 2016
fti-3563415.pdf 89 KB

pdf
89 KB

23 May 2016 Submission: KPMG
Released 29 July 2016
fti-3563515.pdf 2.38 MB

pdf
2.38 MB

13 May 2016 Submission: Michael Littlewood
Released 29 July 2016
fti-3455384.pdf 520 KB

pdf
520.4 KB

20 May 2016 Submission: New Zealand Council of Trade Unions
Released 29 July 2016
fti-3459413.pdf 206 KB

pdf
205.81 KB

20 May 2016 Submission: New Zealand Law Society
Released 29 July 2016
fti-3458886.pdf 493 KB

pdf
492.63 KB

20 May 2016 Submission: New Zealand Trustee Companies Association
Released 29 July 2016
fti-3459211.pdf 535 KB

pdf
534.53 KB

20 May 2016 Submission: Olivershaw Limited
Released 29 July 2016
fti-3459207.pdf 402 KB

pdf
401.58 KB

20 May 2016 Submission: PricewaterhouseCoopers
Released 29 July 2016
fti-3459140.pdf 1350 KB

pdf
1.35 MB

20 May 2016 Submission: Deborah Russell
Released 29 July 2016
fti-3459202.pdf 1400 KB

pdf
1.4 MB

20 May 2016 Submission: Society of Trust and Estate Practitioners
Released 29 July 2016
fti-3458926.pdf 109 KB

pdf
108.92 KB

27 May 2016 Submission: Southwest Trustees Limited
Released 29 July 2016
fti-3476994.pdf 637 KB

pdf
637.12 KB

20 May 2016 Submission: TGT Legal
Released 29 July 2016
fti-3459199.pdf 243 KB

pdf
243.23 KB

20 May 2016 Submission: Transparency International New Zealand Inc.
Released 29 July 2016
fti-3459217.pdf 767 KB

pdf
767.05 KB

13 May 2016 Submission: Trustee Corporations Association of New Zealand Inc.
Released 29 July 2016
fti-3529903.pdf 303 KB

pdf
303.12 KB

20 May 2016 Submission: Dale Williams and John Clarke
Released 29 July 2016
fti-3459167.pdf 143 KB

pdf
142.89 KB

Background information provided to the Inquiry by Inland Revenue

Doc. Date Title View/Download
1 Dec 1987 Consultative Document on International Taxation
Released 29 July 2016
IRD Website
1 Mar 1988 International Tax Reform Part I: Report of the Consultative Committee
Released 29 July 2016
IRD Website
1 Jul 1988 International Tax Reform Full Imputation Part II: Report of the Consultative Committee
Released 29 July 2016
IRD Website
1 Nov 1989 Explanation of taxation of trusts – Appendix to TIB Vol. 1, No. 5 Appendix
Released 29 July 2016
IRD Website
7 Apr 2016 File note: Background to 2006 foreign trust information disclosure reform
Released 29 July 2016. fti-3558568.pdf
fti-3558568.pdf 397 KB

pdf
401.79 KB

17 Jun 2004 Tax Policy Report: Foreign Trust: Record keeping and filing requirements – T2004/957; PAD2004/092
Released 29 July 2016. fti-640411.pdf
fti-640411.pdf 251 KB

pdf
251.44 KB

10 Sep 2004 Tax Policy Report: Foreign Trust: submissions on the proposal to introduce record keeping and filing requirements – T2004/1673; PAD2004/192
Released 29 July 2016. fti-669649.pdf
fti-669649.pdf 255 KB

pdf
255.49 KB

25 Nov 2004 Consultative document: Future requirements for foreign trusts with New Zealand-resident trustees: amended proposal
Released 29 July 2016
IRD Website
 7 Feb 2005 Tax Policy Report: Foreign Trusts: information and record keeping requirements – T2005/160; PAD2005/022
Released 29 July 2016. fti-707067.pdf
fti-707067.pdf 321 KB

pdf
320.88 KB

13 Apr 2005 Tax Policy Report: Foreign Trusts: proposed amendments to recommendations – PAD2005/094
Released 29 July 2016. fti-732382.pdf
fti-732382.pdf 215 KB

pdf
215.19 KB

 Mar 2006 Officials’ report on “Information and record keeping requirements for foreign trusts” in the Taxation (Depreciation, Payment Dates Alignment, FBT, and Miscellaneous Provisions) Bill
Released 29 July 2016
IRD Website
1 Jun 2016 New disclosure and record-keeping rules for foreign trusts Tax Information Bulletin: Vol 18. No 5
Released 29 July 2016
IRD Website
1 Jun 2011 GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES: Peer Review Report Combined: Phase 1 + Phase 2 NEW ZEALAND
Released 29 July 2016
OECD Website
13 Oct 2011 Tax Policy Report: Global Forum Review of New Zealand PAD2011/235
Released 29 July 2016. fti-3558569.pdf
fti-3558569.pdf 689 KB

pdf
689.5 KB

1 Oct 2012 Article: Beckham, Jeremy and Elliffe, Craig, The Inconvenient Problem with New Zealand’s Foreign Trust Regime (February 5, 2012). New Zealand Journal of Taxation Law and Policy Vol 18, No 2, 2012; Trust and Trustees, Vol 18, Issue 9
Released 29 July 2016
SSRN Website
12 Dec 2014 Tax Policy Report: Foreign Trust Rules T2014/2190, IR2014/620
Released 29 July 2016. fti-3558704.pdf
fti-3558704.pdf 1960 KB

pdf
1.91 MB

12 Dec 2014 Briefing note: Foreign Trusts Q&A BN2014/621; T2014/2213
Released 29 July 2016. fti-3086041.pdf
fti-3086041.pdf 125 KB

pdf
124.65 KB

1 Apr 2016 Note to Minister of Revenue prepared by Inland Revenue: Foreign trusts background note April 2016
Released 29 July 2016. fti-3558570.pdf
fti-3558570.pdf 165 KB

pdf
165.2 KB

1 Apr 2016 Draft note to Minister of Revenue prepared by Inland Revenue: Draft 2006 reforms
Released 29 July 2016. fti-3558571.pdf
fti-3558571.pdf 229 KB

pdf
228.85 KB

1 Apr 2016 Note to Minister of Revenue prepared by Inland Revenue: Foreign trusts background note April 2016
Released 29 July 2016. fti-3558572.pdf
fti-3558572.pdf 274 KB

pdf
273.86 KB

12 Apr 2016 Draft IRD internal memo: AEOI and foreign trusts
Released 29 July 2016. fti-3558573.pdf
fti-3558573.pdf 400 KB

pdf
400.09 KB

11 Apr 2016 Article: Littlewood, Michael Using New Zealand as a tax haven: How is it done? Could it be stopped? Should it be stopped? Working Paper No 1 of 2016
Released 29 July 2016
SSRN Website

Official Information about setting up the Inquiry

Doc. Date Title View/Download
Apr 2016 Official Information about setting up the Inquiry Official-Information-about-setting-up-the-Inquiry.pdf 5.43 MB

Last updated: 
Monday, 5 September 2016