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Government response to Shewan inquiry: she’s all go!

A new tax bill in August will see the government adopting all of the key recommendations made in the Shewan Inquiry on foreign trusts. Expect to see these initiatives in the draft legislation:

  • information on foreign trusts to be maintained in a register overseen by Inland Revenue
  • foreign trusts to file an annual tax return
  • disclosure of tax information and personal information about the settlors, non-resident trustees and classes of beneficiaries
  • exemption on foreign source income removed if registration and disclosure obligations not met
  • new registration fee ($270) and annual filing fees ($50) to apply to foreign trusts.

Increased Anti-Money Laundering (AML) requirements for lawyers and accountants are also signalled with effect from 2017.

Read the full summary of the government’s response here.

Wolters Kluwer CCH New Zealand

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