The Paradise Papers

[Ponyutd]

Quite right.
Although it's rarely known fact that Charles Dickens was an early exponent of dodging tax. He would have his earnings sent to Kent and then on to France. Soon to be exposed in the Pickwick Papers.

 

[jusali]

Tired of hearing this same old story. The rich getting richer the poor getting poorer. "Isn't it outrageous?" and wahat do we do about it.........errrrrr?

 

[DotCommunist]

that planes scam is such a rich cunts scam, who among us pays any attention to the rules on what tax you pay when buying a plane? I for one cannot say its a subject that I was ever interested in. Until now.

 

[editor]

that planes scam is such a rich cunts scam, who among us pays any attention to the rules on what tax you pay when buying a plane? I for one cannot say its a subject that I was ever interested in. Until now.

Yep. And there's plenty of people in the system only too happy to help, whilst they publicly name and shame those on the bottom of the heap skimming a few quid while struggling to make ends meet. It makes me so fucking angry.

 

[Tropi]

And some people think that with just 'adapting their business model' small business stand a chance.
That's pure meritocracy in action! The merit of belonging to the right family aha!
Dukes of Westminster pumped millions into secretive offshore firms

 

[redcogs]

It's the absence of any meaningful response on the streets to this outrage that is most concerning.

The NHS is on its knees, young people cant get homes and are massively burdened with mountains of debt, our elderly and disabled are being neglected and persecuted in a deliberately organised way by these scum tory politicians (who are each as corrupt as the odious spiv 'Lord' Corleone Ashcroft ) and workers wages are suppressed to such a low level that there is no meaningful demand in the economy. These fuckers are waging relentless class war against our side, yet we appear to be incapable of confronting them.

It aint good.

 

[planetgeli]

Eat the rich.

 

[Borp]

My dad is calling it the parasite papers, which I like.

 

[elbows]

Charles!

Prince Charles campaigned to alter climate-change agreements without disclosing his private estate had an offshore financial interest in what he was promoting, BBC Panorama has found.

The Paradise Papers show the Duchy of Cornwall in 2007 secretly bought shares worth $113,500 in a Bermuda company that would benefit from a rule change.

The prince was a friend of a director of Sustainable Forestry Management Ltd.

Charles lobbied on policy after shares buy

 

[not-bono-ever]

Dirty fucking cunt

 

[not-bono-ever]

Sorry for language but that sorta just slipped out

 

[teqniq]

 

[elbows]

From the BBC article:

SFM is no longer in existence.

Thats not very sustainable now is it? What sort of message does this send to our children?

Seriously though, the article is chock full of 'amusing' language and concepts.

certainly never chosen to speak out on a topic simply because of a company that it may have invested in.

Yes its never that simple, he needs to believe in the cause too, then its ok!

 

[elbows]

More comedy.

Panorama has been unable to find evidence of any speeches the prince made before 2008 about changing Kyoto and EU ETS to include carbon credits for rainforests. The programme asked the prince's office for any such speeches but they did not respond.

 

[elbows]

I hope the stick that Camilla was poked with was sustainably sourced.

 

[elbows]

Oops, the wording in this doc is not very subtle.

Owner avoided taxes on shopping centre

Private equity firm Blackstone avoided tens of millions of pounds in UK taxes on property deals in Glasgow and London, the Paradise Papers show.

The documents reveal it used offshore companies to purchase and operate the St Enoch Shopping Centre in Glasgow and Chiswick Business Park in London.

 

[elbows]

Ha.

One argument put forward by the IFC was that increased transparency would expose offshore territories to “endless media stories” by investigative journalists, as well as unwelcome scrutiny by tax campaigners and NGOs.

Appleby was a founding partner of the IFC, set up in 2009 to “counter dated stereotypes and inaccurate assumptions” about the offshore sector.

Ha.

“Our point about possible loss of leverage with the US was repeated by PM Cameron as his reason for not proceeding with public registers, almost certainly stimulated by our representations.”

Ha.

“The forum had superb penetration of UK policymakers in the lead-up to the G8 through cabinet, Treasury, the FCO and HMRC,” an agenda for the call said.

Ha.

The following year, with reforms once again being mooted, Appleby asked its partners to contribute reasons for pushing back against more transparency.

It suggested “incidences of kidnapping, extortion or blackmail in G8 countries that were motivated by access to publically available data about an individual” would be useful to make the argument.

Tax haven lobby boasted of 'superb penetration' at top of UK government

 

[MikeMcc]

Hands up all those who have a pension fund administered via a third-party company? In my case my company pension was transferred to Blackrock (boo hiss, etc.). Guess where some of my money is invested in (despite choosing an ethical investment strategy). I suspect a fair bit of it will be in offshore investment companies. Sorry, I don't have time to look at all of the tiny details, the reports don't show what companies it goes to because it all disappears into various top-level 'pots'. Anybody that thinks they understand where all of their investments are going without being fully employed to do so are delusional.

 

[hipipol]

From what I have seen and read so far it looks like most were in schemes that mirrored the old Dewhurst Scam - despite the acres of newsprint at the time, there is little freely available on the internet, this is the only tangential reference I could find -https://www.theguardian.com/theguardian/1999/aug/11/features11.g2
The basis of the scam is to have all income paid into an offshore trust, then you borrow against it herein the UK, this does not count as "income" for tax purposes, based as it is on the notion that loans get paid back. Only the Dewhursts didn't pay it back - exactly the method being used by the Appleby clients
If this loophole was closed in 1991 wtf are HMRC doing NOT policing it?
On another level, we are all involved because where ever you may have any savings, you have participated in this scam because of the global stock and bond lending market. Billions of bucks of securities are moved ( lent or repo'ed to legal entity tax haven) out of their official domicile for a month or so during the dividend payment time - divi paid in BVI, no tax - cool, pocket that, return the securities, get a cut of the cash saved with the spurious "legal entity" ( known as an SPV - special purpose vehicle - ...) It goes without saying that very few admit what they do but Markit reports that currently 2 Trillion $( out of an available pool of 16T$, ie 12%) are currently out on loan, ie getting an income and rarely declaring it, That's just the equity market, bonds, fixed income securities is an even bigger market, BUT, there is no need to report bond lending, repo, buy backs of all kinds, peer to peer private deals
For all the furore about individuals the corporates are miles ahead in the theft game

 

[Bahnhof Strasse]

If this loophole was closed in 1991 wtf are HMRC doing NOT policing it?

All the loopholes could be closed quite easily if the will was there. But of course those that do this shit are the ones making the rules, so holding your breath may not be the healthy choice.

In the US the system is better, all US citizens pay US tax wherever they earn it, be it income, capital gains, anything. They deduct the local tax you have paid and you pay any balance to the US treasury. It's a good system which mostly works and means that any off-shoring business is tax evasion and not avoidance. Hence why no Americans bother living in Monaco.

A few years ago the US treasury went after the Swiss banks, who in spite of all their bullshit about numbered accounts coughed at the very first suggestion that their directors could be hauled off the States for some money laundering trials. But they stopped there and didn't go after all the other places which exist pretty much exclusively as tax havens, maybe they will now these papers are out there, or maybe that's where those who run things in the US stash their loot?

 

[DotCommunist]

so if you as a US citizen worked in suadi arabia where there is no tax you'd still have to pay tax to uncle sam? well.

have noticed that american state does jail even 'big' people for tax rip offs.

 

[Bahnhof Strasse]

so if you as a US citizen worked in suadi arabia where there is no tax you'd still have to pay tax to uncle sam? well.

have noticed that american state does jail even 'big' people for tax rip offs.

Yes, if for example the US tax rate is 30% and the Saudi one is 10%, you pay the 10% to Saudi and 20% to the US. Of course salaries in Saudi can be massive compared to the US and perks like housing, flights etc. can be untaxable, so Americans do still go and work there.

And yeah, they do go after the big boys occasionally and due to the scale that these people operate, once they are convicted they tend to get sentences in the 100's of years. Which is why the Swiss rolled over so easily.

 

[hipipol]

All the loopholes could be closed quite easily if the will was there. But of course those that do this shit are the ones making the rules, so holding your breath may not be the healthy choice.

In the US the system is better, all US citizens pay US tax wherever they earn it, be it income, capital gains, anything. They deduct the local tax you have paid and you pay any balance to the US treasury. It's a good system which mostly works and means that any off-shoring business is tax evasion and not avoidance. Hence why no Americans bother living in Monaco.

A few years ago the US treasury went after the Swiss banks, who in spite of all their bullshit about numbered accounts coughed at the very first suggestion that their directors could be hauled off the States for some money laundering trials. But they stopped there and didn't go after all the other places which exist pretty much exclusively as tax havens, maybe they will now these papers are out there, or maybe that's where those who run things in the US stash their loot?

Really?
Trump and Clinton share Delaware tax 'loophole' address with 285,000 firms
https://www.theguardian.com/us-news/2016/apr/06/panama-papers-us-tax-havens-Delaware

You may find the reason Yanks use fewer UK flagged benevolent jurisdictions is that they don't really need to

How easy is that?
Here, build one yourself...
LegalZoom
DelawareInc
MyUSACorporation

Horses dripping chops...
"We hope that this step by step process will assist you in forming your new business entity with the Delaware Division of Corporations."
How To Form A New Business Entity :- Department of State >>Division of Corporations
State of Delaware - Division of Corporations -
No names, no pack drill
Yep, the Fed, full to the brim with Saints....
Please take the rosy tinted Yankee specs off

 

[hipipol]

Yes, if for example the US tax rate is 30% and the Saudi one is 10%, you pay the 10% to Saudi and 20% to the US. Of course salaries in Saudi can be massive compared to the US and perks like housing, flights etc. can be untaxable, so Americans do still go and work there.

And yeah, they do go after the big boys occasionally and due to the scale that these people operate, once they are convicted they tend to get sentences in the 100's of years. Which is why the Swiss rolled over so easily.

Exactly
100 years for extradited Swiss employees, slap on the wrist for Yankee Punters
Empires were ever thus

 

[Bahnhof Strasse]

Delaware is a corporate tax haven, whilst some rich people funnel all their wedge through a faux or real business, it does make it hard for them to live their lives openly in the way that Philip Green manages...

 

[not-bono-ever]

Delaware - half a million companies registered in a shithole with a population of a million.

 

[Bahnhof Strasse]

Exactly
100 years for extradited Swiss employees, slap on the wrist for Yankee Punters
Empires were ever thus

IIRC correctly they offered the yankee punters the chance to come forward and pay or be hunted down and die in prison. Whilst the sap caught stealing a pizza from the back of the delivery moped a third time dies in prison.

 

[Bahnhof Strasse]

Delaware - half a million companies registered in a shithole with a population of a million.

Be fair, it had to get known for something.

 

[hipipol]

In the US the system is better, all US citizens pay US tax wherever they earn it, be it income, capital gains, anything. They deduct the local tax you have paid and you pay any balance to the US treasury. It's a good system which mostly works and means that any off-shoring business is tax evasion and not avoidance. Hence why no Americans bother living in Monaco.

You were making sense but your need to bow to US views ( Trans:- suck yankee cock vigrus loik) has deluded you;-
Warren Buffet asks why he pays less tax than his cleaner
Buffett says he's still paying lower tax rate than his secretary
Warren Buffett has a simple explanation for why rich Americans should pay higher taxes
Still on about this a few weeks back..
Warren Buffett and Larry Fink criticize Trump's tax plan
The US system is patently NOT BETTER, if Buffet calls it wrong, given he has more wedge than Croesus, the man who had to invent coinage in order to transport the stuff?

 

[hipipol]

Be fair, it had to get known for something.

I assume you support Piracy as the way forward for small Dorset and Devon seaports "had to get known for something" to launch their Sons to "Galleon Seek" at the Queens Pleasure?