Cone Marshall is an established tax, estate, and trust international law firm situated in Auckland, New Zealand with its principals being Geoffrey Cone and Karen Marshall. Geoffrey Cone is renowned for providing trust management, international trust, and tax planning services for over three decades. An article this year acknowledged him as an acclaimed tax lawyer in New Zealand.
In a social media article posted on Twitter and Facebook, Mr. Cone expressed his views regarding taxation in New Zealand. In the article, he demystified the notion that his country to a tax haven consisting of the highly secretive banking industry. He claimed that New Zealand’s taxation policies adhere to the 2002 Organization for Economic Cooperation and Development (OECD) Model Agreement, which defined how information on tax matters should be exchanged. Mr. Cone also argued that New Zealand has recorded an increase in foreign trusts because most foreigners consider it as a country with a strong judicial system and safe environment.
Strategies that New Zealand employs to police the foreign trusts
Trustees of foreign trusts, who have citizenship in New Zealand, are mandated by the IRD to present a form known as the Foreign Trust Disclosure form (IR607). They are also mandated to keep all their financial and tax records properly. These records include total money received and spent by a trustee, distributions, settlements, trust deed, and information about the trust’s liabilities. Those who fail to follow this policy are liable to heavy penalties as stated by the 2011 money laundering legislation.
New Zealand comprises of tax agreements that are 39 in number. These agreements are tailor-made to minimize tax impediments on international trade and investments. They also help in punishing people who avoid paying taxes in time. Most of New Zealand’s trust service providers have studied law and accounting. These service providers also have membership in the Society of Trust and Estate Practitioners (STEP).
About Karen Marshall
Karen Marshall joined Cone Marshall in 2005 and became principal a year after she joined. She previously worked for ten years in London as a commercial litigation lawyer. Her expertise lies in managing trusts and advising statutory trustee companies. Karen and Mr. Cone strive to build New Zealand’s positive reputation through Cone Marshall Limited. The firm complies with the country’s policies on trust and tax. This factor has enabled its clients to receive quality advice on both international trust and tax law.