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20 January 2012
Foreign crooks exploit weak New Zealand laws
Jared Savage for the New Zealand Herald about loopholes in New Zealand company laws exploited by international syndicates to set up shell companies linked to criminal offending overseas.
"The Government is now moving to tighten company laws as one of the key areas for battling organised crime in New Zealand."
New Zealand Herald (Auckland, New Zealand)
17 January 2012
05 December 2011
Once again, due to some unscrupulous New Zealand incorporatiors who failed to conduct proper dure diligence of their clients, New Zealand Companies Register tightens its rules for foreign directors and shareholders closer. "More than 1000 New Zealand companies or limited partnership arrangements have been "implicated in serious offending overseas over the past five years" including "trafficking of illegal drugs, people and illegal arms, money laundering and large-scale frauds".
The Ministry of Justice warned that this damaged New Zealand's reputation".
Organised crime exploiting NZ company law,
04 December 2011
23 September 2011
Changes to financial reporting requirements for small and medium companies
The government has recently announced proposed changes to the financial reporting obligations for small and medium-sized companies. Non-issuer companies who do not meet the definition of large (the definition of large is: either annual revenue of more than $30 million, or assets of more than $60 million) will no longer be required to prepare general purpose financial reports under the Companies Act. Instead they will need to prepare special purpose financial reports for tax and other purposes.
The changes will reduce the number of companies required to prepare general purpose financial reporting (GPFR) from 460,000 to less than 10,000, and is expected to cut business compliance costs by $90 million a year.
See the Ministry of Economic Development website for details of this and other changes to the financial reporting framework.
A Financial Reporting Amendment Bill outlining these changes will be introduced into Parliament in 2012, with a view to enactment in mid-2013.
08 September 2011
New rules to stop foreigners abuse of lax company law.
"The Companies Office has deregistered 1,800 shell firms and the government will tighten up the rules to prevent foreigners from using locally-registered companies as vehicles for international fraud."
The United, Thursday, September 8th, 2011
15 May 2011
Legislation passed in December 2010 creates a new tax entity known as the look-through company or LTC. LTC's coming into existence is very recent, just on or after 1 April 2011.
Tax changes - Budget 2010
24 February 2011
New Zealand Companies Office Tightens Compliance Rules
"The New Zealand Companies Office has recently tightened compliance controls on the formation and registration of New Zealand companies with overseas directors and shareholders, or companies suspected of being nominee companies for overseas entities."
find more on New Zealand Taxation
21 September 2010
"The Government is to tighten requirements around company directors and company registration, Commerce Minister Simon Power has announced. "
more information on official website of the New Zealand Government
9 September 2010