Job Discussion Forums

[gregory999]

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

[fluffyhamster]

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"?

[HLJHLJ]

Better than the Daily Express headline " Walnuts Prevent Heart Disease".

Tax scandal? What tax scandal?

[fluffyhamster]

"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.

[Knedliki]

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.

[HLJHLJ]

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.

[Knedliki]

I think Corbyn keeps his money in an old shoebox under the bed.

[HLJHLJ]

Along with a receipt for the shoe box.

[scot47]

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.

[Dedicated]

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.

[fluffyhamster]

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.

[johnslat]

Eloquently put, fluffy.

Regards,
John

[Phil_K]

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.

[Knedliki]

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

[Phil_K]