Because of Geoffrey Cone’s vast knowledge of the New Zealand taxation system, the attorney has often been asked for advice about responses to the new taxation measures that are being proposed by foreign legislators. Cone addressed this issue in his New Zealand Law Journal article by stating that the criticism of New Zealand’s foreign trust system has been greatly simplified and largely undue. Cone stated the fact that New Zealand is not now, nor has it ever been, a tax haven. The attorney believes that the accusations are unfounded and have been disproved. Furthermore, the development of additional tax transparency laws is expected to cause hardship for the owners of domestic trusts in addition to the targeted foreign trust holders.
Cone argued that those who propose the development of new taxation measures are merely seeking to eliminate a problem that doesn’t exist. The attorney stated the fact that foreign trusts are established at a much more prominent rate in countries that are truly classified as tax havens. Cone believes that these proposed new measures will influence a negative disruption in New Zealand’s current economic system by introducing new rates of return on financial investments. The Cone Marshall legal partner also discussed the negative effects of new taxation measures on the the international economic association in New Zealand.
Cone stated that his most prevalent concern regarding the introduction of unwarranted taxation measures was the impact these measures would have on the average tax payer in New Zealand. Cone expressed his dismay that measures that were supposedly developed as a way to target the foreign trust industry in New Zealand would also impose standards on tax payers who earned less than 100,000 dollars in a fiscal year. According to Cone, these proposed measures will not only fail at their intended purpose, but they will have a draining effect on the average New Zealand citizen.
According to his latest published work, Geoffrey Cone is in opposition to the proposed measures to end a lack of transparency in taxation laws in New Zealand. The attorney states these measures are an unwarranted attempt by foreign governments to dictate the taxation standards in New Zealand. Cone has been actively working with investors and the owners of trusts to prepare them for any changes that may affect the standing of previously opened accounts. In the meantime, the attorney is continuing his effort to oppose additional taxation measures.