Deloitte Dunedin partner Peter Truman says a lot of consultation takes place in setting New Zealand legislation.
The legislation was refined through interested parties making their cases on parts of the proposed law which affected them the most.
"Most of the time, we end up with better legislation after the debate. It is better to have the debate before it becomes law. Our process is held up as being more successful when compared to a lot of other countries."
Green Party co-leader James Shaw said less than a day after the Government was forced to accept most of the Shewan Inquiry recommendations, the foreign trust industry started a concerted campaign to weaken its response.
Information released to the Greens under the Official Information Act showed a foreign trust lobby group wrote to Revenue Minister Michael Woodhouse the day after the Government adopted the inquiry’s recommendations, seeking to weaken disclosure requirements and penalties for foreign trusts.
"Foreign trust reporting requirements must stay robust given the ease with which New Zealand foreign trusts can be used to avoid paying tax and launder money.
"If we lose the automatic sharing of foreign trust information between IRD and foreign tax administrations, we’ll effectively be no better off."
It would be business as usual for the foreign trust industry.
New Zealand’s international reputation would continue to be at risk of being seen as a haven for shady operators, Mr Shaw, said in Dunedin yesterday.
Mr Truman said although it appeared New Zealand was susceptible to people promoting their own interests, the Government relied on officials aware of the policy framework to deal with the lobby groups.
Proposals would be declined or incorporated, if it made sense to do so.
"People lobbying the Government is not unusual. New Zealand politics is very open. Anyone can talk to a politician, any time they like."
