Geoffrey Cone Addresses the Issue of Tax by New Zealand Trusts

Geoffrey Cone pursued an undergraduate degree in law at the University of Otago, New Zealand. In the same year, he was awarded a post-graduate diploma in tax and trust law from the same University. Shortly after, his career commenced in 1980. He landed an opportunity in Auckland as a lawyer. Later on, he moved to Christchurch and held a position as the chairman and partner on one of the leading law firms. In this Law Firm, he majored on commercial litigation. Nevertheless, he took part in several cases as the leading council at all levels. In multiple cases, he gave advice on tax and trust work.

 

In 1997, he returned to Auckland to continue his practice. He had worked for the British West Indies Firm for two years as a litigator. His return to Auckland was the beginning of a prosperous future for him. In 1999, he founded Cone Marshall Limited. Unlike other Law firms, Cone Marshall Limited specializes in foreign trust and tax planning. The firm has several affiliated companies. To date, the company still has its headquarters at Auckland, New Zealand.

 

On 9th November 2012, Cone responded to a feature done regarding foreign Trusts. First, he ascertained that New Zealand was not a tax exemption country. He also pointed out that the country does not tolerate a banking industry that privately deals in fraud. New Zealand has been whitelisted for their exemplary laws in regards to tax. The state exercises transparency with other countries regarding tax. In 2006, IRD stipulated that New Zealand submits foreign tax Disclosure Forms. IRD allowed them to only keep the financial and other records for the sake of their tax evaluation purposes. All these other forms were to be held and translated into English.

 

These agreements were put in place to reduce tax impediments to inter-border trade. They also help to curb fraud cases. He proceeded to highlight that most foreign Trusts are used for the protection of Assets and not as a method of tax evasion. Consequently, New Zealand has registered growth in the number of foreign Trusts.

 

While the growth rate can be attributed to the regulatory environment from the governments, Geoffrey Cone says that it is equally as a result of Trust lawyers and accountants who are committed to their clients.

Seattle Genetics under the Leadership of Clay Siegall

The 21st century has seen great advances in biotechnology and other fields. But some things still remain elusive, such as getting a cure for cancer. There are many research centers and clinics that are trying to find a cure for the menace. Hearing that one of the local research centers has already found a treatment for lymphomas is excellent news. The man behind the achievement is none other than Clay Siegall and his company Seattle Genetics.

Clay Siegall started this company in 1998 after working in several biotechnology firms. When he started the company, it was a small outfit with a handful of workers. However, close to two decades later, he has a drug that has already been approved by the FDA, a great team and more than 12 other drugs that are in testing.

Siegall has managed to create a drug that has so far been successful in treating more than 20 types of myelomas. The sales of the company were great in the first year after the FDA approved the drug. The company netted $250 million. In addition to the drug being sold locally, it has also been approved for sale in 60 other countries. In Canada, the sale of the drug is assisted by Takeda pharmaceuticals. According to the latest projections, the drug will make sales of $320 million in the coming financial year.

In the wake of these developments, the company has found it necessary to change the way things work. The first step they have taken is to hire more workers to meet their growing demands. They are looking for 100 more workers that will help with the research connected to the other 12 drugs. One of the drugs that are in testing has already been found to be quite effective in treating lymphomas.

The company has also been listed on NASDAQ, which means that people who invest in shares can now own a piece of this great biotech company. These and other positive changes are probably the reason why even the vice president himself, Joe Bidden gave a visit to the company. One can only expect bigger and better things from them.

Learn more about Clay Siegall:

https://pink.pharmamedtechbi.com/PS067278/Seattle-Genetics-CEO-Clay-Siegall-An-Interview-With-The-Pink-Sheet-DAILY-Part-1-Of-2

http://seekingalpha.com/article/3969434-seattle-genetics-sgen-clay-b-siegall-q1-2016-results-earnings-call-transcript