Cone Marshall is a New Zealand-based law firm that was established in 1999. The law firm assists private banks, families, advisors, and attorneys in the development and creation of partnerships. Besides, Cone Marshall advises companies and individual investors regarding global wealth and tax planning. Cone Marshall is a well-established brand that has maintained transparency and tax principles. As such, it delivers confidential and high standards tax and trust advice. Currently, Cone Marshall has two Principals namely Geoffrey Cone and Karen Marshall.
Cone Marshall’s Principles
Karen Marshall is a graduate of the University of Otago. She holds a bachelor’s degree in Tax and Trust Law. Karen Marshall serves as Cone Marshal’s Principle since 2005. Before joining Cone Marshall, Karen worked in London’s Litigation Department for over a decade. While working at the London’s law firm, Karen Marshall gained in-depth experience in management, which has propelled her to the position of a senior advisor to two statutory trustee companies.
Geoffrey Cone contributes significantly to the growth of Cone Marshall. Cone has over thirty years of experience in foreign trust, tax planning, and management of trust and trustee services. In 2012, an article alleged that New Zealand’s private banking system lacks transparency and that its taxes do not conform to the international standards. Responding to the article, Mr. Cone discredited the claims stating that New Zealand adheres to the 2002 gold standards of transparency. These tax principles were approved by OECD (Organization for Economic Co-operation and Development) on tax matters and information exchange in 2002. OECD is responsible for naming countries that operate as tax havens.Interestingly, New Zealand has never featured on OECD’s list of tax havens. Instead, New Zealand featured on OECD’s list of countries that implemented the internationally agreed tax standards.
Michael Millen introduced the new rules to ensure that foreigners’ tax records are well maintained and updated. In 2006, Michael Millen unveiled Trust Disclosure Form (IR607) as a way of improving New Zealand’s tax transparency. Residents of New Zealand who are trustees to foreigners must submit the IR607 form in the case of a foreign trust. The law requires the IR607 form to be written in English and kept in New Zealand, failure to which it attracts hefty penalties. Anyone who does not comply with the internationally agreed tax standards in New Zealand draws substantial penalties. Notably, trustees should submit information regarding foreign trusts to the relevant government authority.