If National wins ...

[Daytr]

I just signed a petition to clamp down on these trusts. The headline read NZ arrests student over non repayment of loan but lets this stuff go un challenged. I see the same when I hear Paula Bennett going after people on social welfare and yet they turn a blind eye to much of the white collar crime. I'm not saying they shouldn't make examples of people who cheat the system, but after all of them & particularly those who aren't desperate, are already wealthy and just want more at the expense of others.

[fungus pudding]

I just signed a petition to clamp down on these trusts. The headline read NZ arrests student over non repayment of loan but lets this stuff go un challenged. I see the same when I hear Paula Bennett going after people on social welfare and yet they turn a blind eye to much of the white collar crime..

What crime?

[elZorro]

I just signed a petition to clamp down on these trusts. The headline read NZ arrests student over non repayment of loan but lets this stuff go un challenged. I see the same when I hear Paula Bennett going after people on social welfare and yet they turn a blind eye to much of the white collar crime. I'm not saying they shouldn't make examples of people who cheat the system, but after all of them & particularly those who aren't desperate, are already wealthy and just want more at the expense of others.

I agree Daytr, think I signed that too. If you looked at the costs to the state of estimated social welfare fraud and compared it to tax evasion through trusts by NZers, untaxed capital gains, I think one lot of figures would be a lot smaller than the other.

In a year where we are seeing the future demise of over 1,000 manufacturing jobs across various firms, another 50 this week from the Justice Dept and 500 from NZPost, surely if the govt wanted to reduce welfare dependency, then they would be trying to encourage the SME sector to innovate and create new niche manufacturing jobs. National makes polite noises about that, but it's not enough.

Not enough to discourage those with free cash to invest, away from their tax havens and easy capital gains with unproductive property, back into real enterprises that employ people. That's what makes this a very sad picture.

[Daytr]

Tax evasion. Lawyer trusts etc.
Some activity may be legal due to loopholes. So close the loopholes. Clamp down on hiding assets and offshoring to avoid paying tax.

[craic]

Why should we worry about foreigners storing thir rescources here? If the chinese or the Mongolians or whoever are storing money in Australian banks in NZ in trusts, where's the problem? The banks have a bigger lending base and the problem is for the Chinese or Mongolian taxtakers who are missing out. Flags of convenience have been around for years.

[elZorro]

Why should we worry about foreigners storing thir rescources here? If the chinese or the Mongolians or whoever are storing money in Australian banks in NZ in trusts, where's the problem? The banks have a bigger lending base and the problem is for the Chinese or Mongolian taxtakers who are missing out. Flags of convenience have been around for years.

Craic, you're now drifting to the extreme right-wing side, away from public opinion on tax havens, just like John Key earlier this week. Vernon Small suggests you start rowing back.

http://www.stuff.co.nz/national/poli...y+7+April+2016

[fungus pudding]

Why should we worry about foreigners storing thir rescources here? If the chinese or the Mongolians or whoever are storing money in Australian banks in NZ in trusts, where's the problem? The banks have a bigger lending base and the problem is for the Chinese or Mongolian taxtakers who are missing out. Flags of convenience have been around for years.

Why should we worry about foreigners storing their resources here? Easy - we shouldn't. It's not our problem, although eZ and co. will lose a few night's sleep.

[elZorro]

Why should we worry about foreigners storing their resources here? Easy - we shouldn't. It's not our problem, although eZ and co. will lose a few night's sleep.

Put aside the political point-scoring for a moment. It has been easy pickings for Labour and the Greens for a few days. It'll get better.

But anybody who knows they pay their fair share of income tax as it's due, be it with PAYE, prov tax, terminal tax, company tax, and in addition doesn't use trusts to hide their wealth as old age creeps up, is playing fair. Many of these people don't have spare property for capital gains either, so they miss out on the other big loophole for tax in NZ. It annoys the hell out of me to know that some people think it's their God-given right to heavily arrange their affairs in such a way as to dodge income tax. They are generally asset wealthy, otherwise why bother? The assets they need to use for this subterfuge are unproductive things like bullion, cash in a trust or tax haven, property, rural farm land etc.

Take the same amount of wealth and start up a new business enterprise like manufacturing, and NZ would be overloaded with job opportunities. But no, many wealthy people can't handle the idea of paying a fair bit of tax with that business model. They don't care if their wealth is tied up in unproductive assets, as long as it's safe and they don't have to pay too much tax. When applied collectively, this attitude holds NZ back hugely. National/Act voters therefore, can't possibly be interested in a brighter future for NZ. They're in it for themselves.

[Daytr]

Really! And what if that is laundered money for terrorism, drug cartels or tax evasion.
We wouldn't have a clue because we don't ask enough questions.
Of course its our problem and National should have remedied it when it has been raised on several occasions in the last few years.

Why should we worry about foreigners storing their resources here? Easy - we shouldn't. It's not our problem, although eZ and co. will lose a few night's sleep.

[elZorro]

Really! And what if that is laundered money for terrorism, drug cartels or tax evasion.
We wouldn't have a clue because we don't ask enough questions.
Of course its our problem and National should have remedied it when it has been raised on several occasions in the last few years.

Even Larry Williams on NewstalkZB agrees with you, Daytr.

http://www.nzherald.co.nz/politics/n...ectid=11617271

From wiki:

Larry Williams Drive features live crosses to reporters, political commentary and quickfire news talkback. The first hour includes interviews with newsmakers, political editor Barry Soper, financial analysts, overseas correspondents and sports journalists. The second hour includes interviews with newsmakers and experts, and a topical panel discussion with commentators like David Farrar, Tim Watkin and Cameron Slater.^{[52][53][54][55]} Business and finance experts like Cameron Fisher, Fran O'Sullivan and Rob Hosking appear in the final hour of the programme.^[56] Susan Wood, Greg Boyed and Tim Dower serve as the programme's substitute hosts.^[57] Williams has been described as "short on humour, long on suspicion" - as someone who "seethes and snarls" and feels "personally affronted" by the news stories he covers.^[58] He has remained in the drive-time position consistently since 1987, appealing directly to peak-hour commuters. The show includes 15-minute news updates, hourly news and sports bulletins, and regular editorials. It has also featured many on-air arguments - during the Blackheart campaign for Team New Zealand, for example, he often argued with fellow host Murray Deaker.^[58]