#offshore tax havens

[eaglesnick]

101 Things You Should Know About the UK Tory Government

Thing 73

Financial Times: 01/03/10

”David Cameron was accused of allowing the Tories to be “bought like a banana republic” after Lord Ashcroft, his biggest donor and the deputy party chairman, revealed on Monday that he did not pay UK tax on earnings outside Britain.”

13 years on and nothing seems to have changed:

“Nadhim Zahawi to pay millions in tax after dispute over family finances. Questions were raised over Tory chair’s use of offshore company to hold shares in polling firm YouGov."  (Guardian:15/01/23)

[nicolekidman-lies]

“The actor Nicole Kidman and her country musician husband, Keith Urban, registered their joint US-based limited liability company as a foreign entity in the Bahamas in March 2015. Leaked documents show their aim was to secure “ownership of interests in real property” in the tax haven using a portion of their wealth.

If the celebrity couple were to buy and later sell a property on the island, they would be subject to taxation on any increase in its value. Were they to do so as a Bahamian entity, they would face individual levels of US tax on the rise – anything up to 39.6%.

By contrast, setting up a US-based limited liability company and registering it in the Bahamas as they did would allow them to treat the increase in price as capital gains. That way, they would only pay an effective rate of 23.8%.

A spokesman for Kidman and Urban said tax was irrelevant to the way they structured their affairs. The registering of the US company in the Bahamas was solely to comply with local laws and “to hold Bahamian property and protect their family’s privacy. The company is taxed under US law and no special tax advantages accrue to them or the company. They are taxed as if they owned the property directly.””

[canadianabroadvery]

Same story the world over the more money they have the more they keep while they leach on the society they live in.

[pumabydesign001]

Obama Foundation’s newest director a tax haven hiding fat cat

Obama Foundation’s newest director a tax haven hiding fat cat

  Barack Obama exempted himself and his family from every rule he imposed on Americans while in the White House.

Obama’s redistribution of wealth meant his administration taking yours and my taxpayer dollars and giving it to others, not necessarily the poor but ideological organizations that supported his agenda.

Not much has changed since Obama has been out of the White House as the…

[allthecanadianpolitics]

Some of Canada’s wealthiest and most powerful individuals seem to have a problem pitching in and paying for schools, hospitals and first-responders like the rest of us.

A new trove of leaked data from an offshore law firm based in the Caribbean include explosive details about a number of prominent Canadian political figures, including Justin Trudeau’s close adviser and chief fundraiser, billionaire Stephen Bronfman.

Continue Reading.

[eaglesnick]

101 Things You Should Know About the UK Tory Government

Thing 22  

It is well known that multi-millionaire Sunak’s wife was registered as a non-dom and therefore did not have to pay tax on her considerable over-seas income. When it became clear this was politically damaging to Mr Sunak career she agreed to pay tax in Britain 

“It has become clear that many do not feel it is compatible with my husband’s role as Chancellor. I understand and appreciate the British sense of fairness and I do not wish my tax status to be a distraction for my husband or to affect my family.” (Akshata Murty)

So, she is now paying tax in this country not because it is the RIGHT thing to do but because she was found out and didn’t want to damage her husband’s political career.

What is less transparent is why money was given to Rishi Sunak by wealthy businessmen connected to offshore tax havens.

“Donors with links to offshore tax havens helped Rishi Sunak’s Tory leadership campaign. He accepted at least £60,000 from seven companies and individuals with links to the Cayman Islands, Luxemburg, Jersey, Bermuda and the British Virgin Islands.” (Mirror. 05/11/22)

[canadianabroadvery]

“ ... When opposition parties and organizations such as Canadians for Tax Fairness first brought up the issue -- pointing out that other countries, such as Denmark, decided from the outset that firms that avoid paying taxes would not receive taxpayers' money -- the Canadian government dissimulated and retreated behind generalities about its good intentions to end tax evasion.

Then, on Tuesday, April 28, the prime minister, speaking during the first-ever electronic session of the House said, in French: "We will continue to assure that those who need help get it, but those who practice tax avoidance or evasion will not receive aid" [italics added].

That sounded clear enough.

However, when Bloc Québécois and New Democratic MPs tried to get details, the Liberals refused to offer any. Instead, they went back into a defensive shell, repeating platitudes about how much the government has invested in investigating the use of tax havens. ...”

[saynaija]

Niger State Governor, Abubakar Bello's Hidden Assets Uncovered In Offshore Tax Havens

Niger State Governor, Abubakar Bello’s Hidden Assets Uncovered In Offshore Tax Havens

Niger State Governor, Abubakar Bello’s Hidden Assets Uncovered In Offshore Tax Havens

Niger State Governor, Abubakar Bello’s Hidden Assets Uncovered In Offshore Tax Havens

Secret assets belonging to the current governor of Niger State, Abubakar Bello, have been uncovered in offshore tax havens, including the notorious British Virgin Islands.

At least two offshore companies were traced to the…

[justinspoliticalcorner]

David Smith at The Guardian:

Bernie Sanders has warned that the world is rapidly becoming an “international oligarchy” controlled by a tiny number of billionaires, highlighted by the revelations in the Paradise Papers.

In a statement to the Guardian in the wake of the massive leak of documents exposing the secrets of offshore investors, Sanders said that the enrichment of wealthy individuals and companies in tax havens was “the major issue of our time”.

He said the Paradise Papers opened the door on a “major problem not just for the US but for governments throughout the world”.

“The major issue of our time is the rapid movement toward international oligarchy in which a handful of billionaires own and control a significant part of the global economy. The Paradise Papers shows how these billionaires and multinational corporations get richer by hiding their wealth and profits and avoid paying their fair share of taxes,” the US senator from Vermont said.

Sanders, who came in a close second to Hillary Clinton in the race for the Democratic presidential nomination last year, pointed the finger of blame for the flourishing of offshore holdings on both Congress and the Trump administration. He told the Guardian that Republicans in Congress were responsible for providing “even more tax breaks to profitable corporations like Apple and Nike”.

The same tax breaks, he said, were being seized upon by super-wealthy members of Trump’s cabinet “who avoid billions in US taxes by shifting American jobs and profits to offshore tax havens. We need to close these loopholes and demand a fair and progressive tax system.”

Sanders’ intervention in the debate sparked by the Paradise Papers marks the most prominent political response to the leak in their opening 24 hours. The investigation stems from the leak of some 13m files obtained by Süddeutsche Zeitung in Germany and shared with almost 100 news organisations around the world including the Guardian by the International Consortium of Investigative Journalists.

[offshorelion-blog]

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[ricos1161]

Panama Papers Whistleblower Breaks Silence

Panama Papers Whistleblower Breaks Silence

View of a sign outside the building where Panama-based Mossack Fonseca law firm offices are placed in Panama City on April 3, 2016. (AFP/Getty Images)

(Q24N) The whistleblower behind the massive Panama Papers data leak has broken their silence to explain how injustice drove them to release the information.

The leaker – whose identity remains a secret – wrote a column for German newspaper…

[qmediaworld]

Panama Papers Whistleblower Breaks Silence

Panama Papers Whistleblower Breaks Silence

View of a sign outside the building where Panama-based Mossack Fonseca law firm offices are placed in Panama City on April 3, 2016. (AFP/Getty Images)

(Q24N) The whistleblower behind the massive Panama Papers data leak has broken their silence to explain how injustice drove them to release the information.

The leaker – whose identity remains a secret – wrote a column for German newspaper…

[dailyqueernews]

US corporations hide $1.4 TRILLION in tax havens

US corporations hide $1.4 TRILLION in tax havens

  RT America | April 25, 2016

Anti-poverty charity Oxfam released a new report entitled, Broken at the Top, which asserts that the US’s top 50 corporations have stashed $1.4 trillion in offshore tax havens to avoid paying taxes. Worse, the report asserts that, in the same time period, those same corporations actually received $11…