More Dodgy Shit From John Key

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the croc
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More Dodgy Shit From John Key

Postby the croc » Mon May 14, 2012 1:46 pm

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TLDR John Key has been gallivanting around the world meeting with major international banks in an effort to entice them to New Zealand as a tax haven, similar to the Cayman Islands. When Treasury and MED were critical over the plan because it would bring little to no economic benefit to New Zealand Key told an International Business Forum their concerns were 'absolute rubbish' and continued on.

John Key's plan for a financial services hub in New Zealand would require years of taxpayer support and risks transferring wealth offshore, Treasury has warned the Government.

The Government's lead economic and financial policy agency advised that plans to pay international banks to move here represent "a wealth transfer from New Zealand taxpayers to overseas financial institutions".

Further, the touted benefits were highly uncertain.

Following queries from the Sunday Star-Times last week, Key distanced the government from the controversial aspects of the plan.

"The more costly aspects of the [hub] plan were not seen as an effective use of taxpayer money," a spokesman said.

The financial services hub proposal emerged after banker Craig Stobo told the Government's 2009 Jobs Summit an economic boost would result if the Government created a zero tax rating for foreign investors who invested in international funds based here.

In March 2010, Stobo was appointed chairman of an advisory group whose tasks specifically included determining what incentives were required by financial firms to implement the financial hub proposal by then Economic Development Minister Gerry Brownlee.

Cabinet papers from the time note $500,000 was allocated to fund Stobo's group. Brownlee awarded group members fees he characterised as "top of the range" of up to $655 a day.

Stobo's appointment came after the Government's Capital Markets Taskforce expanded the initial zero-tax idea into an ambitious plan to compete directly with tax havens Luxembourg, the Cayman Islands and Ireland to host international funds investing in the Asia-Pacific region.

However, Treasury comment on a draft version of Stobo's report in July 2010 said it did "not present a convincing case that the funds domicile industry could be effectively developed in New Zealand and that it would provide net economic benefits to New Zealand".

Confidential research by Oliver Wynam, conducted for the Capital Markets Taskforce which was charged with reviving New Zealand's capital markets after the finance company crash and recession, were withheld from the Sunday Star-Times.

However, summaries of the research seen by this paper estimate New Zealand could secure 17 per cent of the Asia-Pacific market for fund domiciles, generating annual revenues of $1 billion by 2015 and providing up to 5000 high-quality jobs.

Official advice later poured cold water on these numbers. A February 2010 Treasury report noted: "The benefits appear overstated, including the estimate of the number of sustainable jobs."

But the Wyman report went global, and plans were drawn up for Key to discuss the proposal with senior international bankers when he visited New York in September 2009.

That was the trip when the prime minister made headlines with a turn on The Late Show with David Letterman, but Treasury documents show during this visit he was briefed for proposed meetings with the chief executives of Goldman Sachs and Citibank where the hub was to be discussed.

In December 2010 Key said that a major international bank offered to shift business to New Zealand if tax policy changes were forthcoming.

The prime minister told the New Zealand Herald the CEO of a global bank had said if NZ zero-rated foreign funds that are not invested in New Zealand, he would move $2.5b in funds here as NZ would be 50 per cent cheaper than Australia.

Workings by the Stobo report suggest the back-office and administration work in New Zealand for hosting a fund of this size could amount to a dozen new jobs.

Meanwhile, concerns within Inland Revenue and Treasury were crystallising over several aspects of the financial hubs proposal. Officials advised the PIE zero tax proposal be deferred indefinitely soon after the Jobs Summit as it concluded it would cost $10m a year in lost revenue for negligible benefits, possibly breach international tax treaties and open up tax-dodging loopholes.

By November 2010, Treasury had dropped their objection to the PIE changes but were calling for the wider hub proposal to be taken off the agenda. "It has considerable appeal as an idea. However, the practical aspects of putting it into place and the outline of the business case indicate considerable upfront costs with any potential benefits coming on-stream only after a long period of taxpayer support," a Treasury report said.

Key's frustration with officials who recommended the proposal be canned boiled over the following month when he reportedly told the audience at the International Business Forum that official advice criticising the hub was "absolute rubbish".

Criticism from Treasury and the MED over the hub proposal centred on the controversial plans to provide incentives to financial firms.

Stobo's group's blueprint for the hub, tabled in Cabinet, said these deals should be contractually locked in to prevent a change of government torpedoing the deals, and the details of payments should be made "commercial in confidence" and not be available for public scrutiny.

"Assistance of this type is standard practice elsewhere in the world and is a reality if New Zealand expects to attract first movers of global scale," the report said.

Stobo told the Sunday Star-Times such payments were common elsewhere in the world, but conceded the contractual and "commercial in confidence" nature of the proposals were a novelty for New Zealand.

"That's an issue for public finances and whether the Government's got the appetite for that. [Offering subsidies] is not unfamiliar at all, just the way we're describing it may be relatively new for the public," he said.

Treasury analysts also noted potential hub competitors Ireland and Luxembourg were being forced to change their financial hub regimes after an OECD crackdown on tax havens.


http://www.stuff.co.nz/sunday-star-time ... ks-off-hub
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Re: More Dodgy Shit From John Key

Postby Cosmo Kramer » Mon May 14, 2012 4:18 pm

so...NZ will be reffered to like the cayman islands are?

like in movies they will be like "wire me 10 million dollars to my bank account in NZ"

that sounds pretty cool?

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Re: More Dodgy Shit From John Key

Postby Dead Kid » Mon May 14, 2012 4:52 pm

So we're expected to believe rich people are begging to move their money into a country owned by Time Warner and the FBI? :baton:
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Re: More Dodgy Shit From John Key

Postby aerozol » Mon May 14, 2012 6:53 pm

Sweet, so if this goes ahead and we make 1 billion a year, can we stop cutting public services?
I fucking doubt it :fist:

Anyway, sounds like this douchey move would make other countries pissed off at us.
Cayman Islands can do it, because nobody gives a shit about them, Switzerland can do it because they own everyone's asses, not too sure how we'll get away with taking tax money out of countries we rely on for import/export... Not that I'm an expert or anything, but that's the thing that would bother me about this.

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Re: More Dodgy Shit From John Key

Postby General Mutante » Mon May 14, 2012 11:18 pm

Can we do Key for treason yet?
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Re: More Dodgy Shit From John Key

Postby dustbinflowers » Tue May 15, 2012 11:03 am

Cosmo Kramer wrote:so...NZ will be reffered to like the cayman islands are?

like in movies they will be like "wire me 10 million dollars to my bank account in NZ"

that sounds pretty cool?

:baton:



Nah, it will be more like the Cook Islands version- "wire me 100 dollars to my bank account in NZ"
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Re: More Dodgy Shit From John Key

Postby Cosmo Kramer » Tue May 15, 2012 11:20 am

dustbinflowers wrote:
Cosmo Kramer wrote:so...NZ will be reffered to like the cayman islands are?

like in movies they will be like "wire me 10 million dollars to my bank account in NZ"

that sounds pretty cool?

:baton:



Nah, it will be more like the Cook Islands version- "wire me 100 dollars to my bank account in NZ"


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Re: More Dodgy Shit From John Key

Postby akaxo » Tue May 15, 2012 1:32 pm

um sum of the amounts being shuffled about in the cooks to avoid tax here and in japan and hong kong etc were a touch bigger than that.
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Re: More Dodgy Shit From John Key

Postby Cosmo Kramer » Tue May 15, 2012 1:36 pm

oh please go on Akaxo

and where are you getting this info from ?
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Re: More Dodgy Shit From John Key

Postby akaxo » Tue May 15, 2012 1:40 pm

a lot of what went on there was made public when this happened: http://en.wikipedia.org/wiki/Winebox_Inquiry
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Re: More Dodgy Shit From John Key

Postby dustbinflowers » Tue May 15, 2012 1:58 pm

yeah, I was being a bit silly
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Re: More Dodgy Shit From John Key

Postby Cosmo Kramer » Tue May 15, 2012 2:03 pm

akaxo wrote:a lot of what went on there was made public when this happened: http://en.wikipedia.org/wiki/Winebox_Inquiry



can you copy and paste the facts in this courtroom please?
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Re: More Dodgy Shit From John Key

Postby Dead Kid » Tue May 15, 2012 2:14 pm

Cosmo Kramer wrote:can you copy and paste the facts in this courtroom please?

I can imagine the article now.

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Re: More Dodgy Shit From John Key

Postby Cosmo Kramer » Tue May 15, 2012 2:18 pm

dustbinflowers wrote:yeah, I was being a bit silly


lol well no because of your actions we got a full on court case going down
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Re: More Dodgy Shit From John Key

Postby Fiction & Falsehood » Thu May 24, 2012 10:41 pm

the winebox enquiry was about money being laundered thru vinyards in marlborough, but the government looked into it and winston peters was to blame, end of story.

i dont see the problem with key, he is a good bloke doing a bloody difficult job, some of you guys need to go and work for 5 minutes before you criticise your betters.
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Re: More Dodgy Shit From John Key

Postby FC » Thu May 24, 2012 10:43 pm

Here they have had a "winebox" scandal with a Czech politician. They did a police sting and found 500K NZ (7 million CZK) in a winebox, and when they found it (after he had tried to ask if he could just keep the wine, but they could go through all his other belongings) he claimed that he didn't know it was stuffed with cash. Then they found over a couple of million dollars underneath his floorboards, which he didn't know anything about either. You couldn't write the stuff that goes on over here, it's so fucking ridiculous.
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Re: More Dodgy Shit From John Key

Postby Fiction & Falsehood » Thu May 24, 2012 11:21 pm

youve found your home adian
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Re: More Dodgy Shit From John Key

Postby cracker jack » Fri May 25, 2012 7:00 am

General Mutante wrote:Can we do Key for treason yet?



No we cant because that law was repealed (at least the death sentance part of it) by the Lange government just before they started preparing government assets to be sold off back in the 80's.
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Re: More Dodgy Shit From John Key

Postby General Mutante » Fri May 25, 2012 9:56 am

In 1989, which was well after they had flogged off lots of assets, and the law is still there, they just removed the death penalty to get capital punishment off the books altogether. I wasn't suggesting stringing him up, I'm not a barbarian (unless you want me to wear a loin cloth for some reason). What I would like to see is him and several other guilty parties put on trial for their treacherous activities and the have their citizenship revoked. Key can fuck off back to Hawaii.
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Re: More Dodgy Shit From John Key

Postby Fiction & Falsehood » Fri May 25, 2012 10:13 am

i am a barbarian, no loincloth or speedos tho, id pretty much disembowel these fuckers alive and boil their still attached guts so the steam rushes back thru the intestines and into the body, killing them slowly and in excruciating pain.

also curious about impaling, id like to feast while watching the national party squirm on poles made from pine saplings they cut down our forests to grow.

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incidentally, aparently vlad had the blunt stakes go up their ass, so they slowly slipped down the pole, in great suffering, while he watched and ate, when a servant complained of the smell vlad had him stuck up on a pole too.

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Re: More Dodgy Shit From John Key

Postby cracker jack » Fri May 25, 2012 10:47 am

Maybe it was about the time Rogernomics kicked in?
It would be a pretty long que if you had to line them all up.
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Re: More Dodgy Shit From John Key

Postby Fiction & Falsehood » Fri May 25, 2012 10:53 am

i want to plant a forest of impaled politicians, cops and bureaucrats
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Re: More Dodgy Shit From John Key

Postby undercover » Sat May 26, 2012 7:28 am

Fiction & Falsehood wrote:i want to plant a forest of impaled politicians, cops and bureaucrats

Can we add the rest of the publik sektor?

:baton: :baton: :baton:

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Re: More Dodgy Shit From John Key

Postby Fiction & Falsehood » Sat May 26, 2012 12:57 pm

theres plenty of spikes
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Re: More Dodgy Shit From John Key

Postby dustbinflowers » Mon May 28, 2012 9:30 am

The public sector is already being reamed up the arse by John Key and friends, go on, have a go as well.
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Re: More Dodgy Shit From John Key

Postby nazi scum » Tue May 29, 2012 6:19 pm

The public sector is the sector that is reaming the public on behalf of our governing overlords
i say all islamic people are welcome, just leave your fuckin shitty religion at the door.

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Re: More Dodgy Shit From John Key

Postby dustbinflowers » Wed May 30, 2012 8:55 am

really? I haven't got to do any reaming for the longest time- I must be in the wrong department...
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Re: More Dodgy Shit From John Key

Postby nazi scum » Wed May 30, 2012 12:12 pm

Abit less time spent on punkas on the public salary, and more time reaming for JK please.
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Re: More Dodgy Shit From John Key

Postby ghetto ninja » Wed May 30, 2012 1:10 pm

Aren't you supposed to be looking for a job? Or are you on the sickness bene?
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Re: More Dodgy Shit From John Key

Postby dustbinflowers » Wed May 30, 2012 1:41 pm

nazi scum wrote:Abit less time spent on punkas on the public salary, and more time reaming for JK please.


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