Shewan recommended the extra information about the trusts be made available to relevant authorities on a searchable register. He recommended the trusts, which don’t pay annual fees, be charged 500 New Zealand dollars ($354) each year for administration. In his report, Shewan said there was no direct evidence of illegal funds being hidden in New Zealand offshore trusts, or of tax abuse, but he thought it “reasonable to conclude” it was happening. The consortium of journalists identified New Zealand as among 21 tax havens used by the Panama firm. WELLINGTON, New Zealand — New Zealand is poised to toughen its disclosure rules for offshore trusts in the wake of the massive data leak known as the “Panama Papers.”Tax expert John Shewan on Monday released a report recommending a big increase in the amount of information disclosed when a foreign trust sets up, as well as increased annual reporting requirements and enforcement.

Source: Washington Post June 27, 2016 05:52 UTC