Little Andrew: Oral Questions — Questions to MinistersText is incorporated into the Bound VolumeLittle Andrew: Oral Questions — Questions to Ministers[Sitting date: 12 April 2016. Volume:713;Page:10363. Text is incorporated into the Bound Volume.]1.ANDREW LITTLE (Leader of the Opposition) to the Prime Minister: Does he stand by all of his statements in relation to the Panama Papers?Rt Hon JOHN KEY (Prime Minister): Yes.Andrew Little: Does he accept that the Panama Papers show that New Zealand-based foreign trusts are being used at the very least for tax avoidance?Rt Hon JOHN KEY: No I have not seen the Panama Papers so I cannot comment on whether that is the case or not.Andrew Little: Why did he limit the tax dodging review to only the operation of the law in respect of foreign trusts in New Zealand and not for example the law around portfolio investment entity funds and tax paid by multinationals?Rt Hon JOHN KEY: I think the review being undertaken by John Shewan will be quite comprehensive when it comes to disclosure and the issues around tax. Where that will ultimately go is a matter of us working with the OECD and our officials are going to Paris on Wednesday to be part of a global meeting on that.Andrew Little: Why did he push through a law in 2011 which Labour opposed that cut the tax rate for foreign funds to zero a move that PricewaterhouseCoopers said put New Zealand on a par with renowned tax havens like Ireland Luxembourg and the Caymans?Rt Hon JOHN KEY: That member would need to direct that question to the Minister of Revenue. I donot have those facts.Andrew Little: Can he confirm that New Zealand was kicked off the EU’s white list following his law change because New Zealand no longer had equivalent “legal requirements of money-laundering and terrorist-financing prevention”?Rt Hon JOHN KEY: No I do not have that data but I can confirm that New Zealand is ranked in the top 20 in the world when it came to disclosure matters according to the OECD.Andrew Little: Why does he defend tax-avoiding multinational corporations and owners of foreign trusts who are just using New Zealand to avoid paying tax?Rt Hon JOHN KEY: There are a variety of reasons why people use foreign trusts including ones that may be registered in New Zealand. I am sure many of them are legitimate.Andrew Little: Does he think he has achieved his goal of making New Zealand the Jersey of the South Pacific? And do not pull the wool over our eyes.Rt Hon JOHN KEY: I do think there is a role for New Zealand in the provision of financial services as part of a diversified economy. I think we can do that quite successfully. My other goal has been to lead National to 50 percent in the polls not 28 percent. [Interruption]Mr SPEAKER: Order! I do not mind a certain amount of interjection but when it is getting to that level I am going to have to start mentioning people by name.Andrew Little: Has he ever been involved personally or professionally in a foreign trust or other vehicle used to reduce tax?Rt Hon JOHN KEY: I have no ministerial responsibility for that but I am quite happy for the member to look at the answers I gave in my post-Cabinet press conference yesterday.Andrew Little: Will he join me and release his tax records to dispel rumours that he has benefited from the use of tax havens?Rt Hon JOHN KEY: Firstly there are no such rumours. Secondly I do not think the member actually should table his tax return. I think he should table his CV because he will be out looking for a new job soon.Andrew Little: I raise a point of order Mr Speaker. [Interruption]Mr SPEAKER: Order! The Leader of the Opposition wants to raise a point of order. Point of order Andrew Little.Andrew Little: I seek—[Interruption]Mr SPEAKER: Order! This is a point of order. It will be heard in silence.Andrew Little: I seek leave to table my income tax records from the year ended 31 March 2010 to the year ended 31 March 2016.Mr SPEAKER: Leave is sought to table those particular records. Is there any objection? There is none. They can be tabled. [Interruption] Order! Mr Robertson when I stand to my feet it is at that time—Grant Robertson: I was distracted over here.Mr SPEAKER: I accept that he may have been distracted but he needs to look in this direction a bit more often.Documents by leave laid on the Table of the House.