I sort of like that - but it does screw me over - in a bunch of ways:
I worked overseas for 20 years and saved a lot for my retirement (and paid my taxes rigorously in both countries), when I bring that money back to NZ I don't particularly want to lose 20% of it.
Equally I run a small company, it mostly earns overseas currency, most of which comes into NZ, is paid to me and I pay tax on, however a small amount is kept in overseas funds (to avoid changing currencies twice) and is used to purchase supplies or capital equipment for the company (and show up on the balance sheet for tax purposes) - that equipment is equivalent to Key's "gift" above ... it does show up on my (corporate) taxes, but at the end of the financial year.
I manufacture in China - that essentially involves sending money overseas to a random entity, often in Hong Kong (nominally another tax haven), I'm not sure how this looks different (to say the Reserve Bank) from someone trying to hide money from the IRD.
Really I simply think that the all the countries need to get their act together, and change their laws so that money stored in a tax haven is still taxable - that means agreeing on a common, fair tax regime that applies to all - Apple gets taxed on its NZ profits in NZ, US profits in the US, etc exporting profits to avoid tax is simply made illegal.
Another factor is that the children of Boomers are quite happy for it to perpetuate because who do you think benefits when their parents eventually pop their clogs?
Our kids have been tolds not to depend on it in their live's plans, we're planning on spending it all, anything that's left when we go will be gravy
This property bubble won’t burst until interest rates go up.
Yes this - what's really scary is that there are people buying into this bubble who don't have any experience of paying 10% interest rates .... and don't have a plan for what they'll do when they come back
Yes #notallboomers (somehow I qualify even though I always think of them as being the hippy generation rather than the punks) - I own my house free and clear, have owned it for 13 years now - but I'll be quite happy if we sell it for what we bought it for +inflation - after all free rent for 13 years is a great return on investment
But the I'm all for a capital gains tax, I like the US way of doing this - all income, incuding capital gains, are taxed as income - the govt makes some exemptions - the family home, long term investment in companies (no pump and dump).
so to sum it up, if you really want to vote you simply need to escape from prison and head down to your polling place (maybe you can get a day release).
Does one get automatically removed from the rolls when you are imprisoned? (and automatically reenrolled when released?)
You think that if used correctly fracking technology could encourage Rangitoto Island to fill in one of them, allowing it to be used for housing?
Moz:: just the other day we were talking about faking a Rangitoto eruption to do something about the housing bubble - building a large city on top of a geologically recent volcano seems to be asking for trouble .... that's a pretty bubble you have there, it would be a pity if somewone broke it ....
DPF's point is, I think, very valid. We should find a big area of flat land and build a city in the centre to replace Auckland. That way the new city can expand out in all directions as required. For a city of 2M you probably want plains at least 100km across, which means building it.... in Australia :)
I don't konw, Auckland's only really using one of those harbours ....
You know there's a simple solution to the Auckland housing crisis ... house buyers just need to get some solidarity, go on strike, refuse to buy any houses .... the bubble will burst, house prices will drop, all will be right with the world
As I understand ity there are essentially three ways you can tax a trust, essentially you can tax the people who put money in, or you can tax the people who take it out, or you tax the trust's income itself directly
Part of why we are a tax haven is that we don't tax the person who puts the money in, nor do we tax any non-resident's beneficiary income the trust has that occurs outside NZ.
Other countries tax trusts and the people who access them differently, by moving your money around carefully you can avoid paying tax anywhere. If we taxed our trusts the same way other western countries do this sort of wriggle room would not be available to those who can afford it