Geoffrey Cone Explains Why New Zealand Is Not Considered As a Tax Haven

Because of the latest media coverage, you might think that New Zealand Foreign Trusts is a sexy airfield adventure movie that involves exotic lands, wealthy people, and complex financial deals. The truth about the whole issue is somehow ordinary just like many things that are associated with the tax. It is evident that New Zealand is no longer a tax haven. The OECD has a list of tax haven states, and New Zealand is not among them. The main features of tax havens include:
• They enforce nominal tax only
• Lack of transparency
• No exchange of information with other governments

2002 OECD Model Agreement was made a gold standard for transparency, and this agreement governed the exchange of information on Tax issues. It also supports the international exchange of information in admitting and enforcing domestic law tax. New Zealand was among the first nations to be listed on the white list of OECD because it had managed to implement the internationally approved tax standard. Since the country can handle foreign trusts and the needs placed on trustees in a perfect way, New Zealand has managed to demonstrate leadership in tax transparency. It also helps other nations that need relevant information about tax matters.

In many countries, an individual who wants to settle a trust is required to report the reimbursement of funds to their revenue authorities, central banks, and other authorities. It will as well offer tax authorities necessary information to ask for details concerning a particular trust or transaction. The country has 39 double tax agreements that are modified to lessen tax impairments so that they can cross-border investment and trade. It will, in turn, prevent tax avoidance and tax evasion. On top of that, New Zealand has implemented more than 20 tax info exchange contracts with other nations. The agreements are just like double tax agreements, and their work is to prevent tax evasion and tax avoidance. All these actions prove that New Zealand is not a tax haven.

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Contributions Of The SEC Whistleblower Program In Barring Securities Violations

In 2010, the U.S financial regulation witnessed the most complete change since the Great Depression when Congress ratified the Dodd-Frank Wall Street Reform. It also enacted the Consumer Protection Act. The Act created a new whistleblower program that offers employment protections to individuals that report feasible violations of the federal securities laws. Additionally, it gives financial incentives for people to report the violations to the Securities Exchange Commission.

Labatan Sucharow created a practice that focuses on advocating along with protecting SEC whistleblowers. It was the first firm to establish such a practice in response to the ground breaking legislation. Sucharow’s securities litigation platform is what the Whistleblower Representation Practice is build on. It leverages an in-house team of first-class forensic accountants, financial analysts, as well as investigators with state and federal law enforcement experience. The objective of that is to offer unprecedented representation for whistleblowers.

The Whistleblower Representation Practice is led by Jordan A. Thomas. Previously, he served the SEC’s Division of Enforcement as the assistant chief litigation counsel as well as its assistant director. He contributed to the creation of the whistleblower program by playing a leadership role in the drafting of the proposed legislation and the implementation of the rules.

The SEC is required under the program’s rules to pay 10-30% of the monetary sanctions, which are collected from a successful SEC enforcement. That is paid to eligible whistleblowers. Additionally, the rule applies to sanctions of over $1 million. When the threshold is met, whistleblowers can also qualify for more awards. That is based on the monetary sanctions, which are gathered from correlated actions by other law enforcement organizations.

Moreover, the Dodd-Frank Act makes illegal retaliation by employers against the individuals that inform the SEC as the rules dictate. Significantly, if represented by an SEC Whistleblower attorney, whistleblowers can report probable securities violations. To get more details about the SEC Whistleblower Program as well as to request a case evaluation is easy. The Whistleblower Representation can be contacted via several ways including email, telephone, or electronic submissions. The electronic submissions can be made through the SEC Whistleblower Advocate website.

Initial case evaluations as well as consultations are free and confidential. They are also protected. That is by the SEC Whistleblower lawyer client privilege. Importantly, it is not mandatory for individuals to offer personal identifying information particularly during the first consultation. Additionally, although it is highly encouraged, names of the likely securities violators are not required in the primary consultation. Upon request, translation services are provided for international whistleblowers.