Who didn’t see this coming? Andrew Little commits Labour to a “ban all foreign trusts” policy

Kate Wilkinson, Andrew Little, David Clendon, Ian McKelvie, Denis O'Rourke and Paul Foster-Bell, all getting what they deserve

Sounds so easy, doesn’t it?

The Labour Party would ban foreign trusts to protect New Zealand’s reputation as the Panama Papers saga continues.

The Government have approved an independent review of the country’s tax laws, after last month’s leak of a Panamanian law firm documents suggested New Zealand was a ‘tax haven’ for wealthy investors to hide their money.

But Opposition leader Andrew Little would go a step further and ban foreign trusts altogether.

“I see no value in them,” he said…

Well.  Andrew wouldn’t.  Having earned over a million dollars over the last 7 or 8 years, he tabled his tax return in parliament to show he still owns a modest house with a mortgage, and no other investments.  None.  At all.

Banning trusts eh?   Not even calling for an “independent industry review”?   He can’t actually be serious.  Yet there is part of me that believes he actually doesn’t understand the repercussions of such a decision, and he’d actually genuinely try to just shut the door.

Is he saying that the Labour government that introduced this legislation was wrong?   Is he saying that the Helen Clark government sat on it for 9 years and never banned it or substantially fixed its flaws?


– Stuff

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