Prime Minister John Key says if foreigners are wanting "secrecy" with their trusts "New Zealand is entirely the wrong place to come".
Key responded to questions about claims New Zealand was a tax haven following a joint investigation into New Zealand's link with the Panama Papers from TVNZ, RNZ and investigative journalist Nicky Hager.
"New Zealand continues to have a strong reputation with tax transparency," the prime minister told reporters this afternoon.
He said allegations that the country was a tax haven for foreign businesses and individuals was "utterly incorrect", adding New Zealand does not meet any of the OECD's criteria to be listed a tax haven.
"In fact if you're looking for secrecy, New Zealand is entirely the wrong place to come.
"Some politicians, journalists, and people like Nicky Hager are wanting to invent some tag that New Zealand is a tax haven."
When Key was asked why he believed Hager was a "conspiracy theorist" he replied: "Because I think he is ... you can draw your own conclusions."
He said New Zealand remained "very high" on the transparency index and the government has always complied with foreign governments when information on trusts was requested.
A small group will continue to review the papers to ensure New Zealanders are meeting their tax obligations, he said.
"It's my clear expectation that all New Zealanders will pay tax.
"If there is any need for change in this area the Government will look at it."