Lawyer Geoffrey Cone Responds to the Feature of Foreign Trusts

The latest media coverage over the foreign trusts in New Zealand makes the news seem more as if it is about exotic lands and wealthy people. Nevertheless, anything associated with taxes is much aligned to the mundane, and New Zealand is not recognized as a tax haven. Regions that are tax havens impose only a little or no taxes and have some degree of tax transparency. New Zealand does not adhere to such procedures.

However, the nation does not also have a secretive and big private bank sector.
Among the strategies through which New Zealand has established itself as a leader in transparency in tax, matters are in the manner it handles its foreign trusts as well as the way through which they are up to the requirements that are placed on the trustees.

All of these proceeds to the assistance of other various governments, which may lead to relevant information. As per the new rules on the same, any trustee in New Zealand of a foreign trust will be required, as per the requirements of the IRD, to submit a form of disclosure. Additionally, they will also have to maintain clean financial records for the purposes of tax. These may comprise of details of settlements and distributions, the trust deed, details of the assets and liabilities of the trust as well as any funds that the trust spends or receives. Failure to keep such accounts could result in hefty fines and penalties.

In many nations, any person settling a trust has to report the fund settlement to their own relevant revenue authorities. New Zealand boasts 39 separate double tax agreements. These agreements are in place to aid in the reduction of tax hindrances for cross-border trade and investment. They are additionally used to help in preventing tax avoidance and tax evasion. Adding to the double tax agreements, there are more than 20 exchange agreements in New Zealand for tax information with other jurisdictions. This helps by assisting in the prevention of tax evasion and tax avoidance. None of these strategies is distinctive of a tax haven.

New Zealand does not engage in competitions with tax havens. Alternatively, it interacts with other jurisdictions including the US, Singapore, and Britain whose governments all have a transparent program of the tax system. Additionally, these governments similarly employ taxation principles concerning their foreign trusts. Any matters regarding the usage of foreign trusts may be efficiently directed towards regulating our firms to ensure that they are all coherent to the same high-level standards.

Lawyer Geoffrey Cone is one of the distinguished partners at the Cone Marshall law company. The law firm works directly and closely with international advisers and families. Geoffrey Cone has successfully practiced and qualified in commercial litigation law as well as tax and trust advisory works. He has made significant appearances as a leading counsel in all levels of courts. Geoffrey Cone’s law firm is the only one in the entire New Zealand that has an exclusive specialty in the sector of international tax and trust planning. Additionally, the law company offers their wide range of clientele with trustee services as well as trust management through its other branch-affiliated companies.

Learn more:

Labaton Sucharow Whistleblower Client Awarded the Second Largest Grant Ever by the SEC

The SEC recently awarded a whopping $17 million award to a Labaton Sucharow whistleblower who helped expose a significant wrongdoing in the financial services industry. Labaton Sucharow was representing the whistleblower client and acting on its behalf. The firm since its inception has been dedicated to representing whistleblowers and was extremely pleased to announce the news. The client did not wish to be named for the fear of backlash and the SEC maintains confidentiality in such cases. In the particular case, the amount of sensitive high-quality information provided by the whistleblower led to the imposing of strict sanctions against a major player in the financial market.

The chair of Labaton Sucharow’s whistleblower Representation Practice and lawyer for the SEC whistleblower program, Jordan A Thomas said in a separate statement that the client had chosen to act and blow the lid on the perpetrators rather than being silent on the subject. Mr. Thomas says he expects many more individuals to come forward and that more cases significant and larger cases would be the result of courageous whistleblowers.

Enacting of the Whistleblower program

The congress was instrumental in enacting the Dodd- Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act immediately established a new whistleblower program after coming to power. The program provides for employment protection and financial incentives for individuals who report violations of the federal securities laws to the Securities and Exchange Commission (SEC). The Dodd-Frank act also prohibits retaliation by employers against whistleblowers who report to the SEC under the whistleblower program. The whistleblowers are also allowed a chance to report anonymously if they are represented by their respective attorneys.

The passing of the new legislation saw Labaton Sucharow to become the first law firm ever to establish its practice which revolved around the advocating and protection of SEC whistleblowers. The SEC whistleblower program which is now entering its 6th year has seen a surge in such cases after the introduction of the program. The program allows for eligible whistleblowers to receive a 10 to 30% monetary sanctions collected in a successful suit which exceeds $1 million or above. Based on the meeting of this particular threshold, there are additional benefits involved based upon the monetary sanctions.

The SEC whistleblower program can be contacted via phone, email or an electronic submission through its website to request a case evaluation. This is handled by the Whistleblower Representation Team and all these communications are protected by attorney-client privilege.

Solving Math Becomes Easier With Solvy

Does your child not bode well with the idea of doing math and shies away from it?

Is Math a difficult subject for your kid in school?

Does your kid not respond to any form of teaching the subject?

If your answer is a yes to all the above questions then welcome aboard. You are just one of the many parents who is suffering from the same dilemma of teaching their kid the basic skills of math. This article will tell you about a program that has been customized for teaching your kid the subject in a conventional manner.

Solvy, a unique adaptive learning program is the answer to the problem. Solvy involves teaching mathematics to students by providing them a menu of relevant subjects and tracking their progress while they are solving them.

It is a user-friendly interface designed for kids as well as teachers where kids have the option to learn by themselves, through their teacher or their classmates. This platform enables teacher and students to have an out of the bounds teaching and learning experience.

The online system is a go-getting collaborative tool wherein several students can work and collaborate on a project together. Solvy has been made as such that students do not have problems inputting complicated math formulas on the computer. Teachers can put up assignments and various exercises for students to complete based on their interests and needs and evaluate them accordingly.

Teachers can assign specific assignments for students to complete and students can keep a track of the same via a virtual calendar and get notifications about any upcoming deadlines related to it. These assignments can be submitted online by the students. There is also an active forum for teachers and students to interact.

About the founder

Alexei Beltyukov is the founder and CEO of Solvy. Alexei Beltyukov is a philanthropist and a Russian entrepreneur involved with many businesses and start-ups. He formed Endemic Capital with an aim to provide funding to many Russian start-up companies and is currently its managing partner.

 Alexei started his career in medicine and later switched his gears towards doing business with which he pursued an MBA. After doing his MBA, he became proactive in doing business and was instrumental in the founding of many business ventures like New gas technologies, A-Ventures and Mechanicus.

Beltyukov is also a committed philanthropist devoting his time in several organizations and also collaborating with the Russian government through his Skolkovo Foundation to providing grants and opportunities for tech start-ups in Russia.