Tabuteau FletcherFLETCHER TABUTEAU (NZ First): I rise on behalf of New Zealand First to speak to the Taxation (Business Tax Exchange of Information and Remedial Matters) Bill. I intend to take a short call because I note despite the variation of the theme that all of us in this House actually support the legislation. My first observation is that when the Minister of Revenue came into the House to speak to the third reading she genuinely looked quite sad. She looked sad. She spoke in a very sad way. One can only assume that she chose this portfolio. It was quite disheartening. For example Mr Bishop and Mr Bayly are quite exuberant when they speak about tax legislation on behalf of the National Government. For once the National Government has a lot to be proud of with regard to new legislation.I do want to touch on what is wrong what has been missed out and the opportunity that was not taken. I speak specifically—and I use the very important example—of the Chinese Premier who came to New Zealand several years ago. He spoke specifically to the ruling party here the National Government and said: We need your help." What he was referring to in reference to that assistance was specifically around—in his case—Chinese criminals who had stolen funds and appropriated assets illegally. Those criminals were bringing those assets to New Zealand because New Zealand was—and I posit is still—a place to hide assets.According to China's own numbers at the time New Zealand—this was only a few years ago—harboured 11 percent of China's top most wanted criminals in this space. That is 11 percent in New Zealand all by itself. The assistance was about closing up these loopholes. Too many people from overseas were coming to New Zealand and using the foreign trust laws—the trust laws around accountants lawyers and real estate agents—literally to hide money. At the time they were using other methods as well. New Zealand First agreed completely. We posited and put it to the National Government that it needed to act quickly and promptly to close these loopholes. It knew what to do. We gave it our suggestions. It took nothing on board.I do have to say actually with some genuine surprise that three-quarters of the Shewan report was taken up by the Government in this legislation. I have to say that I was genuinely surprised at the vigorous nature with which it was written into the bill. I say that because the Prime Minister at that time stood in front of the country and not only said "There is no problem here; look away." but also suggested and insinuated that an attack on international companies using New Zealand as a way to hide illicit funds was an unpatriotic act because we were compromising a $24 million legal industry. It was appalling. It was absolutely appalling and hence my genuine surprise when in my participation in the Finance and Expenditure Committee I saw genuine efforts being made to take on the recommendations from the Shewan report.It is with that particular reference in mind that I do congratulate the Government on being vigorous and thorough in doing so but it has not gone far enough. It has been spoken about several times tonight. There is still a gaping hole literally in our legislation that allows the same individuals the same international corporates and the same criminals to use New Zealand as a way to hide money—to launder money even. So we still have that problem and New Zealand First will do something about it if we are in a position to do so later in the year.I did claim I would give a short contribution so I move to what has been positive in this legislation. It has been mentioned by the speakers from the National side of the House and it has to do with the accounting income method (AIM) component of the legislation. It is kind of like "Who said it first?" but we have quite a strong history of watching Labour take verbatim our policy and this is no exception. Then we have a strong history of watching National members claim to not take anything of ours and then kind of corrupt it and degrade its potential impact in the process of hiding the fact that they took it from our policy books. I speak of course with reference to something that we have been trying to lobby this Government for a long time and that has been around the new AIM legislation ensuring that that pay-as-you-go as it were component of this legislation was there so that small business can carry on in a much more pragmatic and straightforward way. There will be a few issues on uptake but again in the legislation we do have some good aspects around some of the big accounting houses with the cloud software being able to act as intermediaries and support agencies in that process. I genuinely believe small business will be better for it. I genuinely believe that because it was a New Zealand First policy. I chide the Government for taking so long in bringing it to the House but here we are now nearly 9 years later. I am sure small business is applauding this decision.In conclusion in the main this is a good piece of legislation with full support from the House. We have got a few more steps to go but here we are and I congratulate the Government on this legislation."