Debunking The Tax Haven Myth About New Zealand

The recent media reports about New Zealand cozying up to foreign trusts within the country and offering them a safe haven to operate has not gone down well with the legal community. There seems to be a misunderstanding regarding New Zealand’s status as a tax haven for private individuals to cash in and relax which certainly is not the case. Clearing the air on the subject, lawyer Geoffrey Cone provides factual insights to the fact that the country is a model of tax transparency.

The Organization for Economic Co-operation and Development (OECD) maintains a list of possible tax havens around the globe and New Zealand has never been a feature to the said list and is more than unlikely to be a part of it. There are certain underlying factors that are considered by the OECD before giving a status of tax haven to any country. There are certain key characteristics of tax havens which include the imposition of nominal or no tax and the laws of that country prohibit from the exchange of any information with foreign governments. New Zealand as a free state does not favor any such laws, nor does it house any private secretive banking industry. New Zealand was one of the very first countries that initiated the 2002 OECD Model Agreement on Exchange of Information on Tax Matters which supports International exchange of information to administer domestic tax laws. Under the law, a New Zealand resident trustee of a foreign trust is required to keep financial and other specific records for tax purposes by the IRD and submit a Foreign Trust Disclosure Form. This includes information like details of the trust assets and liabilities, the trust deed and descriptive details of the distributions and settlements.

In its endeavor for a transparency, the country has initiated 39 double tax agreements which have been designed to reduce tax hurdles on cross-border trades. It also has signed more than 20 tax information exchange agreements with other countries to prevent cases of tax avoidance and evasion.

Geoffrey Cone and Karen Marshall are the principals of Cone Marshall, an international tax and trusts law firm established in the year 1999. Karen Marshall has been with the firm since 2005 and serves as an adviser to statutory trustee companies. Prior to Cone Marshall, Karen was working in London as a commercial litigator for almost 10 years. Geoffrey Cone has been in the legal field since 1980 and has provided trustee and trust management services to many of its clients. Cone Marshall has been working with International families and advisers over the years and has helped assist them in establishing New Zealand Trusts and companies.

Financial Expert Brian Bonar Is Reshaping Human Resource Management And Cambridge Who’s Who Is Honoring Him

The capitalistic enterprise system is a complex network of money-making ventures. Most medium size companies that have 100 employees don’t have the knowledge or the time to manage the human resource part of their business. Even larger corporations find the new laws and regulations, as well as the tax and employee, benefit part of the human resource area too overwhelming and costly.

Dr. Brain Bonar recognized a need for human resource outsourcing more than 30 years ago, and he has been supplying companies with effective human resource groups that do all the work at a fraction of the cost. That’s why Cambridge Who’s Who picked Bonar as Executive of the Year in Finance. Bonar displays all the qualifications of an outstanding leader and executive.

Before Brian Bonar decided to get into the human resource business, he earned his undergraduate degree from the University of Strathclyde. Brian continued his education at Staffordshire University. Bonar received his MBA and doctorate from Staffordshire.

During his 30-year career, Bonar was Vice-President of Sales for the Solvis Group and Executive Director of Engineering at QMS Inc. He eventually became CEO of Warning Management Services and the Solvis Group. During those years, Bonar learned what companies needed in terms of human resource help as well as financial planning.

He realized that outsourcing human resource procedures was a big business that required qualified people. Every company has different HR needs.  Read more: Brian Bonar Trains His Employees In Exceptional Customer Service and Brian Bonar Receives Professional Networking Community’s Highest Honor

One of the reasons the Cambridge Who’s Who nominating committee picked Bonar is his versatility in the human resource sector. Bonar is the Chairman of Trucept Incorporated, and he also serves as the President, CFO & Secretary of that human resource company. Trucept Inc.

A PrNewswire.com article about the Cambridge committee’s nomination decision lists Brian as the CEO of Dalrada Financial Services, which s another human resource company. But Bonar is also the Chairman of the Amanda Corporation and President of Smart-Tek Automated Services Incorporated.

When Bonar isn’t managing his human resource companies, he is helping his hometown of San Diego become the best city in Southern California. Brian is developing a 400-acre tract outside of the city of San Diego. His plan is to turn that tract of land into a restaurant, retail shop, and entertainment mecca.

Brian Bonar also decided to open the first French restaurant in the city. Bellamy’s is a quaint French Bistro that feels like a bistro in Paris. In a city that thrives on Mexican cuisine, opening an authentic French restaurant with a top French chef was risky. But as soon as the doors opened, Bellamy’s was a hit with the locals and tourists.

After three decades in business, Bonar continues to receive honors and the recognition he deserves in the human resource industry.

Click on the links below to learn more about Brian Bonar:

http://www.modernluxury.com/riviera-san-diego/story/the-new-frontier
http://www.marketwatch.com/investing/stock/trep/insiders?pid=79746390