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gregory999
Joined: 29 Jul 2015 Posts: 372 Location: 999
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Posted: Tue Apr 05, 2016 6:10 pm Post subject: The Panama Papers: how to hide a billion dollars |
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If you are using offshore structures, then check if your name is listed in the Panama papers?
The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.
What do they reveal?
The documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.
An offshore investment fund run by the father of British prime minister David Cameron avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents to sign its paperwork. The fund has been registered with HM Revenue and Customs since its inception and has filed detailed tax returns every year.
http://www.theguardian.com/news/2016/apr/03/what-you-need-to-know-about-the-panama-papers |
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fluffyhamster
Joined: 13 Mar 2005 Posts: 3292 Location: UK > China > Japan > UK again
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Posted: Wed Apr 06, 2016 4:33 am Post subject: |
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I liked the Daily Mail front page headline yesterday: "CAMERON DRAGGED INTO TAX HAVENS STORM".
Part and parcel of, more like!
Or how about, "Camoron dragged kicking and screaming into havens storm"?
Last edited by fluffyhamster on Wed Apr 06, 2016 7:10 am; edited 1 time in total |
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HLJHLJ
Joined: 06 Oct 2009 Posts: 1218 Location: Ecuador
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Posted: Wed Apr 06, 2016 6:02 am Post subject: |
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Better than the Daily Express headline " Walnuts Prevent Heart Disease".
Tax scandal? What tax scandal? |
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fluffyhamster
Joined: 13 Mar 2005 Posts: 3292 Location: UK > China > Japan > UK again
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Posted: Wed Apr 06, 2016 6:20 am Post subject: |
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"Reading" newspapers like the Express depresses me. I bought one once, just for the TV guide published at the weekend, but threw away the paper itself. Not even fit for loo paper. |
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Knedliki
Joined: 08 May 2015 Posts: 160
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Posted: Wed Apr 06, 2016 6:44 am Post subject: |
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Point scoring between the Mail and the Express. Like trying to decide which is your favourite kind of torture.
I bet there's a lot of people desperately hiding paper trails right now, including Cameron. |
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HLJHLJ
Joined: 06 Oct 2009 Posts: 1218 Location: Ecuador
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Posted: Wed Apr 06, 2016 6:48 am Post subject: |
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In my defence, I don't actually read either!
I will be pretty surprised, and somewhat amused, if it turns out that Corbyn has millions stashed off-shore though. |
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Knedliki
Joined: 08 May 2015 Posts: 160
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Posted: Wed Apr 06, 2016 6:54 am Post subject: |
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I think Corbyn keeps his money in an old shoebox under the bed. |
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HLJHLJ
Joined: 06 Oct 2009 Posts: 1218 Location: Ecuador
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Posted: Wed Apr 06, 2016 6:57 am Post subject: |
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Along with a receipt for the shoe box. |
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scot47
Joined: 10 Jan 2003 Posts: 15343
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Posted: Wed Apr 06, 2016 2:51 pm Post subject: |
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BBC Radio did not want to ignore the story so they ran some pieces on how those villains in Pyongyang used tax havens to organise the nuclear trade. |
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Dedicated
Joined: 18 May 2007 Posts: 972 Location: UK
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Posted: Wed Apr 06, 2016 5:49 pm Post subject: |
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To be sure, the Panama Papers (which add up to 11m files covering 40 years of commercial and financial activity) almost certainly include evidence of international corruption and criminality. Indeed, one trail appears to lead to the door of Vladimir Putin's office and the scandal-hit governing body of world cup, FIFA, crops up more than a few times.
However, among the parade of despots and crooks (against many of whom investigations have already been launched) there will be plenty of companies and individuals who have chosen to manage their money offshore for legitimate reasons - and they will be well within their legal rights to do so.
The publication of the files was coordinated by the International Consortium of Investigative Journalists who concede in their own disclaimer "there are legitimate uses for offshore companies, foundations and trusts' adding that those identified may not have' broken the law or otherwise acted improperly'.
Try telling that to the Twitter mob, for whom the distinction between illegal tax evasion and legitimate financial planning is seemingly non-existent. The fallout from the leak of the Panama Papers has barely even begun. Tax authorities around the world have requested access to the files. Doors will be kicked in. Meanwhile, lawful offshore operations - often vital to international commerce - should not be thrown out with the bath water. |
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fluffyhamster
Joined: 13 Mar 2005 Posts: 3292 Location: UK > China > Japan > UK again
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Posted: Wed Apr 06, 2016 8:27 pm Post subject: |
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Given the state of most nations' finances nowadays, I wonder if there are that many legitimate (actual tax-paying, not only wealth-creating but also somewhat wealth-spreading) businesses left. The main entrepreneurial activity left in the UK for example seems to be endless spivvy unmandated wheezes to funnel national assets and taxpayer subsidy into private hands, and to bend over ever further and keep taking it hard from the biggest lobbyists. I read an interesting comment in the Guardian the other day that said that taken to its logical extreme, all this neoliberal~rightwing thinking will eventually result in failed states and the rule of private armies. But that's hardly an illogical extreme for mindsets apparently fixated on ever more unbridled robbery. |
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johnslat
Joined: 21 Jan 2003 Posts: 13859 Location: Santa Fe, New Mexico, USA
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Posted: Wed Apr 06, 2016 10:38 pm Post subject: |
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Eloquently put, fluffy.
Regards,
John |
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Phil_K
Joined: 25 Jan 2007 Posts: 2041 Location: A World of my Own
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Posted: Thu Apr 07, 2016 3:48 am Post subject: |
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I don't think other people's financial affairs are our business. Some people just love to stir the brown-stuff, the rest of us are getting on with something useful in our lives, just wasting a bit of it having arguments with strangers on the Internet. |
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Knedliki
Joined: 08 May 2015 Posts: 160
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Posted: Thu Apr 07, 2016 9:13 am Post subject: |
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When I see British society going down the toilet and then read about billions of pounds worth of tax evasion , I also think other people's finances are none of my business |
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Phil_K
Joined: 25 Jan 2007 Posts: 2041 Location: A World of my Own
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Posted: Thu Apr 07, 2016 12:40 pm Post subject: |
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Knedliki wrote: |
When I see British society going down the toilet and then read about billions of pounds worth of tax evasion , I also think other people's finances are none of my business |
What do you mean by "going down the toilet"? Tabloid quotes don't make for useful material for conversation. Be more specific.
Also, as I said, I don't pay too much detailed attention to these sensationalist reports - because I have a life - but I think you'll find a lot of what you call tax "evasion" is in fact tax "avoidance", which is a perfectly legitimate activity. |
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