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Niue Trusts Act: A Potential Tax Evasion Mechanism?

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dc.contributor.author Molea, Jamie
dc.date.accessioned 2018-12-06T03:05:35Z
dc.date.accessioned 2022-07-11T23:11:22Z
dc.date.available 2018-12-06T03:05:35Z
dc.date.available 2022-07-11T23:11:22Z
dc.date.copyright 2018
dc.date.issued 2018
dc.identifier.uri https://ir.wgtn.ac.nz/handle/123456789/20873
dc.description.abstract During the 1990s, Niue worked to establish itself as an offshore financial centre. Niue introduced a series of measures including a Trusts Act that had the capability of enabling foreign settlors to evade tax in their home country. At the time, New Zealand had similar legislation regarding its offshore trust industry. By the mid-2000s, much international pressure had been applied to Niue and the offshore centre was reportedly shut-down. Having close ties and a legal framework very similar to New Zealand, Niue was demanded to adopt exchange of information agreements with other countries and disclose information regarding its financial operations. Since the 1990’s, New Zealand has produced significant legal reform regarding disclosure of offshore trust information. The most recent change came about in 2017 after it came to New Zealand’s attention that offshore trusts in New Zealand were being used as a means for foreign settlors to evade tax in their home countries. Before the legal reforms, the New Zealand offshore trust regimes regarding disclosure were similar to Niuean offshore trust regimes. Niue on the other hand, although has recently complied with certain international standards regarding information disclosure, still has the same offshore trusts legislation and has had very little legislative reform regarding trustee disclosure of information. This paper will argue that the existence of the Niuean Trusts Act will enable the country to be used as a viable tax haven for foreign settlors. There are four main parts to this paper that will try to address and analyse this theory. First, the New Zealand legal regimes surrounding offshore trusts will be analysed for comparison and analogy. Secondly, the Niuean Trusts Act and measures that enable foreign trusts to be used in such a manner will be discussed. Thirdly, analysis will also be made to see the international pressure which subsequently made Niue conform to international standards of disclosure of information and the effects of these agreements. Lastly, it will then analyse the possible legal avenues available to Niue and legislative reforms regarding disclosure of trustee information that Niue should adopt in order to decrease the potential viability of it being a tax haven for foreign trusts. en_NZ
dc.format pdf en_NZ
dc.language en_NZ
dc.language.iso en_NZ
dc.publisher Te Herenga Waka—Victoria University of Wellington en_NZ
dc.subject Niue en_NZ
dc.subject Trust law en_NZ
dc.subject Tax haven en_NZ
dc.title Niue Trusts Act: A Potential Tax Evasion Mechanism? en_NZ
dc.type Text en_NZ
vuwschema.contributor.unit Victoria Law School en_NZ
vuwschema.contributor.unit Faculty of Law / Te Kauhanganui Tātai Ture en_NZ
vuwschema.subject.anzsrcfor 180110 Criminal Law and Procedure en_NZ
vuwschema.subject.anzsrcfor 180112 Equity and Trusts Law en_NZ
vuwschema.subject.anzsrcfor 180116 International Law en_NZ
vuwschema.subject.anzsrcfor 180125 Taxation Law en_NZ
vuwschema.subject.anzsrcseo 970118 Expanding Knowledge in Law and Legal Studies en_NZ
vuwschema.type.vuw Masters Research Paper or Project en_NZ
thesis.degree.discipline Law en_NZ
vuwschema.subject.anzsrcforV2 489999 Other law and legal studies not elsewhere classified en_NZ
vuwschema.contributor.school School of Law en_NZ

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