New Zealand to enact tighter regulations for foreign trusts

By in

The Taxation (Business Tax, Exchange of Information, and Remedial Matters) Bill, which introduces trust reform measures, was passed by the New Zealand parliament on 14 February 2017 and now awaits royal assent.
The reform measures were introduced to New Zealand’s parliament in August last year and are based on the recommendations of the Shewan Inquiry. The inquiry was set up as a result of the Mossack Fonseca data leak last year, which raised concerns about disclosure rules relating to foreign trusts registered in New Zealand. According to the inquiry’s terms of reference, the government decided to start the review to ensure New Zealand’s reputation is maintained.