By Charlotte Greenfield WELLINGTON (Reuters) - New Zealand's government on Monday said it would begin a review of its foreign trust laws after leaked documents from a Panamanian law firm highlighted vulnerabilities in its legal framework that made it a possible link in international tax avoidance structures. "Ministers decided that in light of the 'Panama Papers' being released last week, it's worth looking at whether the disclosure rules are fit for purpose and whether there are practical improvements we can make," said Finance Minister Bill English in a statement. The Panama Papers showed how offshore companies often tout New Zealand trusts as a secretive way to create a non-taxed vehicle in the South Pacific nation. English said the review would focus on disclosure rules for foreign trusts, including the way information was recorded and exchanges of information with other tax jurisdictions. The Panama Papers, shared by the International Consortium of Investigative Journalists with a number of other media outlets, showed that Mexican businessman Juan Armando Hinojosa and Malta's energy minister Konrad Mizzi had been using New Zealand-based foreign trusts, though there was no evidence that either had done anything illegal. New Zealand has long been identified by lawyers and legal experts as offering a trust regime popular with the offshore trust business because its foreign trusts are not subject to tax. The country's tax department recommended in 2014 that there be a review of taxation of foreign trusts. Former PricewaterhouseCoopers chair John Shewan had been asked to conduct the review and would have to report back to the government by June 30. In the initial wake of the Panama Papers release the government initially denied New Zealand might have problems with its trust regimes. "It is ridiculous to suggest that New Zealand is a tax haven, as tax havens thrive on secrecy," said Tax Minister Michael Woodhouse in a statement on April 4. (Reporting by Charlotte Greenfield; Editing by Sam Holmes)
Pete Davidson wore a T-shirt with a cryptic message a day after announcing his split from Kim Kardashian
The former "SNL" star was photographed while filming on location in Cairns, Australia, where he appeared to make an interesting fashion statement.
- The Hill
Senate Minority Leader Mitch McConnell (R-Ky.) clinched a victory on Wednesday when the Senate — including 48 of the chamber’s 50 Republicans — voted overwhelmingly to admit Finland and Sweden to NATO. The resolution, which cleared the chamber in a bipartisan 95-1 vote, was a top priority for the Republican leader, who wanted to send a signal…
They were together for nine months.
- The Hill
Sen. Lindsey Graham (R-S.C.) received a warning early Sunday morning to follow the Senate’s decorum rules after he accused Sen. Maggie Hassan (D-N.H.) of being “deceitful” and “dishonest” and vowed “we’re going to call you out.” “This gives phony and cynical a bad name,” Graham exclaimed when Hassan introduced her amendment. Graham’s outburst at Hassan…
- KTLA - Los Angeles
Witnesses looked on with horror after a crash in the Windsor Hills Thursday that was caused by a speeding driver who ran through a red light.
11-year-old who saved up money for a lemonade stand was scammed by a man who gave him fake $100 bill and asked for exact change
Jeremy, who lives in Washington state, used his allowance to set up a lemonade stand but was stiffed by a man using a fake $100.
Queen Elizabeth II Reportedly Begged Prince William To Stop a Hobby That Could ‘Threaten the Line of Succession’
While Queen Elizabeth II is okay with many of Prince William’s hobbies, like motorcycles and sailing, there’s one that she “stays up at night” worrying about. And truthfully, we don’t blame her. It’s reported by Daily Mail that the Queen has repeatedly asked William not to fly helicopters, especially to not pilot them himself in […]
New video shows a chaotic crash of a stolen rental car involving four teens. Traffic cameras captured police trying to stop the vehicle on 35-E in Little Canada. The car crashes into the median twice and four people come running out and across the busy highway. All four were arrested.
GOP strips insulin out-of-pocket cap from bill: ‘Republicans have just gone on the record in favor of expensive insulin’
The bill retains a $35 per month for out-of-pocket insulin co-pays under Medicare even through the GOP successfully removed the cap for private insurance.
"A kind and generous person, Lynne is always first to offer help to others," neighbors wrote in a GoFundMe for Lynne Mishele, the woman who lost her home in Anne Heche's recent car crash
The fast-food chain teased its biggest fans on Twitter, but now it has actually brought back a much-requested item.
- Associated Press
The Tampa Bay Rays already have 15 players on the injured list. Now pitching coach Kyle Snyder might be on the shelf, too. Snyder injured himself walking toward the mound to visit ace Shane McClanahan during the seventh inning of a 9-1 loss to the Detroit Tigers on Saturday.
- E! News
One day after the news broke that Kim Kardashian and Pete Davidson called it quits, the former SNL star was spotted on set in Australia wearing a t-shirt with an interesting message on it.
- Argus Leader
There were also 25 drug arrests on the rally’s first day.
- Rolling Stone
"If you're going to ask me to have the federal government take over defining marriage, I'm going to say no," the Republican senator said
Teresa Giudice tied the knot with Luis "Louie" Ruelas on Saturday at East Brunswick, New Jersey, surrounded by fellow Real Housewives and other celebs
- The Hill
CORRECTION: Seven Democrats voted for the GOP amendment that would extend a cap on the SALT tax deduction. A previous version of this story included incorrect information. Maverick Sen. Kyrsten Sinema (D-Ariz.) on Sunday backed a Republican amendment to shield businesses that rely on capital investment from private equity groups from the 15 percent corporate minimum…
The 2020 election conspiracy theorist added that those criminally charged "for things they shouldn't have done" during the Capitol attack are being unfairly treated.
- The Hill
The Senate voted along party lines Saturday afternoon to advance a sweeping bill to reform the tax code, tackle climate change and lower the cost of prescription drugs, taking a big step closer to giving President Biden a major victory before the November midterm elections. The Senate voted 51-50 to proceed to the 755-page bill, after Vice President…
Britney Spears is responding to recent claims made by her ex-husband, Kevin Federline.