Pearse Trust Blog

New Zealand introduced their disclosure and record-keeping rules in 2006 to comply with the minimum standards as developed by the OECD in order to improve greater transparency and exchange of information between foreign tax authorities, and to encourage international cooperation on tax matters. The legislation outlining the obligations is the Tax Administration Act 1994 and sections HH 4(3BB) and HH 4(3BC) of the Income Tax Act 2004

Risk Management is concerned with the identification and management of a company’s exposure to financial risk.

Ireland is the number one hedge fund centre in the world and the fastest growing retail (UCITS) funds centre in the world - up some 500% in the past 11 years.  At the end of May 2012, assets serviced by the Irish Funds Industry had reached an all time high of €2 trillion. The Irish funds industry has witnessed growth every single year for the last 23 years, bar a slight fall in 2008.

When Is A Receiver Appointed? 

Receivers may be appointed by secured creditors as a means by which they can enforce their security. The appointment of receivers by banks to companies in default of mortgage repayments has featured quite frequently in news reports over the last number of years.

We recently learnt that a settlor creates a trust by transferring assets to one or more trustees, to be held on trust for one or more beneficiaries. We also learnt the steps necessary to ensure that a trust is validly constituted. 

The Registrar of Companies in Ireland continues to address the level of compliance by Irish registered companies and can take measures to deal with companies who do not comply with their filing obligations, including prosecution of companies or their Directors, or striking companies off the register.

Although New Zealand comprises of two islands, it is very much a part of the ‘onshore’ world. It is in the unique position of being a reputable onshore jurisdiction, while also offering various tax efficient vehicles, which are increasingly utilised for international tax planning.

Revisiting FATCA 

In our recent blog post Does FATCA affect your business?, we provided an overview of the US FATCA legislation and the resulting obligations, when it comes into force on 1 January 2013.