Tax rules 'inadequate' - inquiry
An independent inquiry has given New Zealand's tax system a fail grade on disclosure.
Tax expert John Shewan was appointed to investigate foreign trust disclosure rules following the Panama Papers saga, and found that our rules are inadequate.
Prime Minister John Key says he will implement "most" of Mr Shewan's recommendations.
Massey University senior lecturer in taxation and former Labour Party candidate Deborah Russell says: "Overall, I think Mr Shewan has got it about right on the recommendations. He is asking for more disclosure than the foreign trusts industry wanted, and it's disclosure that is consistent with our information sharing agreements.
"It all comes into effect from April 1, 2017, so it gives people time to arrange their affairs."
Dr Russell spoke to Paul Henry this morning.