Saturday, 9 April 2016

Tax Havens are a big deal in NZ

Keys personal SIS man / agent / monkey caught photographing an off-shore trustee handing over millions to a Secret trust fund set up here in New Zealand by a covert wing of the [unnamed] blind trust account number two, titled ‘JKPM’

This [mythical?] behaviour is happening on a daily basis according to some overseas sources…
It would appear that Tax Havens are amongst the biggest investors in overseas companies that invest in New Zealand…Key naturally denies that we are a Tax haven…but Gerard Ryle put paid to Key’s stupid pleas of innocence and ignorance.

ICIJ director Gerard Ryle told Morning Report that New Zealand was a tax haven and a front for people who wanted to hide their money.
"We've been looking at this whole issue of tax havens for a number of years, and it's well known among people who know these things that New Zealand is a really soft touch. it's very easy to set up companies, it's a first world country, so people don't think of bad things happening in New Zealand, so it's a very nice front for criminals."

He said Mossack Fonseca was active in this country, and that claims from government ministers that New Zealand was not a tax haven were "rubbish".

"The bottom line is, it's a very easy jurisdiction to operate in, and it's very secretive. I think the only good thing about the companies register there is that it's free to search, so as a journalist you can go in and search for free, unlike Australia, for instance, where you've got to pay a lot of money to follow the trail." Listen to the interview with Gerard Ryle at: 

Why would these companies invest in NZ unless it was to make use of our lax laws regarding taxation?  Well CAFCA, the ‘Campaign against Foreign Control of Aotearoa’ has been looking at the role that tax havens are playing in the takeover of NZ companies. Their findings will shock and amaze most honest and tax-paying New Zealand citizens who believe in honesty and fair play in the market place. Why would Tax Havens invest in New Zealand if it wasn’t to protect their customers from taxation etc?

Key knows these tax haven operators after all he was once a key player in the financial market place manipulation industry, it’s how he made his millions and secretly he is proud of his manipulative role in that murky shady neoliberal takeover that is now collapsing all around the globe.

You may have noticed that Key seems to have disappeared from the earth once the Panama papers made the headlines…I suppose it was just an accident that the changes to the Child Youth and Family operation appeared in an attempt to transfer the public's thoughts from crooked money men to badly treated children…  

Chief Reporter
The Panama Papers have shone a most welcome (and long overdue) light into the murky world of tax havens, offshore trusts and shell companies. It is worth noting that two notorious tax havens – the British Virgin Island and the Cayman Islands – are among the top foreign owners of New Zealand companies. In both cases, they rank ahead of China, just to put it into perspective.
So who are the actual owners? They, of course, remain hidden or even “confidential”, because that is the purpose of tax havens. Who knows what dirty money and ill-gotten gains, and from whom and from where, might be coming into New Zealand via these tax havens. But does the Government care? Of course not, because it is “foreign investment”, which must, by definition, be a good thing.
Don’t ask, don’t tell.  

Here is the relevant extract from CAFCA’s newly updated Key Facts. Statistics NZ figures, as of March 2015, list the biggest foreign owners of New Zealand companies as being from, in decreasing order: Australia, US, Hong Kong, UK, Singapore, Japan, Canada, Netherlands, British Virgin Islands, Ireland, Cayman Islands, China, Switzerland, Norway and France.

All had over $160m in foreign direct investment in New Zealand. These accounted for 96% of foreign direct investment in New Zealand and Australia alone accounts for 52%. British Virgin Islands and Cayman Islands are tax havens, and a Statistics New Zealand study showed that in 2010, large proportions of the foreign direct investment from the Netherlands, Singapore, Hong Kong and tax havens was in fact from other countries, led by the UK, US, Germany and Canada.

In 2015, Other tax havens with investments in New Zealand companies include Vanuatu, Channel Islands, Liechtenstein, Bermuda and the Bahamas, but for all except Bermuda, the value of their holdings has been suppressed as “confidential”. [Bermuda has shown a negative investment in New Zealand companies since 2009 (negative $1.8 billion in 2015). So has Germany since 2013. Negative investment suggests that the companies may have been loaded with debt to their parents or are technically insolvent].

The full Key Facts complete with sources (meticulously researched and compiled by CAFCA’s Bill Rosenberg), can be read at
They can also be viewed there as a striking set of graphs, as both a PDF and Powerpoint.
Murray Horton Secretary/Organiser CAFCA

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