In an event that is the largest of its kind following the leaking of Panama's documents, a new investigation into a group of foreign companies has revealed secret tax havens that conceal the wealth of a number of well-known figures in politics, economics, sports and entertainment.
Investigators drew their information from 13 million leaked documents exposing the global community where tax violations flourish and revealed the complex ways in which wealthy companies protect their wealth legally. The source of these documents was two companies in the field of providing foreign services, as well as a set of records related to nine Ten tax haven. The German newspaper "Süddeutsche Zeitung" obtained these documents, and participated with the International Federation of Investigative Journalists (IFJ), as well as some world-renowned media outlets such as the Guardian, the BBC and the New York Times.
These documents were called "Paradise Papers" and have shown a huge number of data, including:
- Investing millions of pounds from Queen Elizabeth's personal wealth in the Cayman Islands Fund and investing part of her money in a number of retail companies accused of exploiting poor families.
- Excessive foreign trade transactions conducted by some members of the administration of President Trump, a number of advisers and funders of his campaign, including large amounts of money traded between a company owned by the smelter of Russian President Vladimir Putin, and the group of shipping companies of US Commerce Secretary Wilbur Ross.
- Detecting the receipt of my Facebook and Twitter financial investments worth hundreds of millions of dollars, can be attributed to the official financial institutions in Russia.
- The discovery of an external fund of $ 450 million was used to hide money belonging to billionaire Lord Ashcroft.
- The existence of tax evasion operations at a number of large multinational companies such as: Apple and Nike.
- A number of famous personalities in the fields of television and cinema to protect their wealth and hide it through a series of foreign projects imaginary.
- Glencore multinationals resort to a secret loan to secure lucrative mining rights in the Democratic Republic of the Congo.
Predictably, these scandals would create enormous pressure from a number of world leaders such as Trump and British Prime Minister Teresa Mae, especially since they had previously pledged to take decisive action to combat massive tax evasion.
More than 380 journalists have spent more than a year analyzing documents dating back more than 70 years, and while the world is witnessing increased income disparities, multinational corporations are making increasing profits through foreign trade operations . In this regard, economist Gabriel Zuckman emphasizes that tax havens are one of the main factors behind the high level of inequality in income worldwide.
Appleby Law Firm is the focus of this infusion. It has branches and centers in several locations around the world, including the Bermuda Islands, Cayman Islands, British Virgin Islands, etc. The company is proud to be a key member of the "Magic Circle" of the largest companies in the field of providing external services, "We are a law firm whose only task is to advise our clients on the legal means to conduct their business activities," she said. "We have been investigating all these allegations but have found no evidence of violations by the company or its clients. Thus we are A never turn a blind eye to any illegal practices. "
In conclusion, the leak of "safe haven documents" is expected to be just the tip of the iceberg, and its implications are almost certain to overshadow the issue of tax havens, especially as inequality in income levels continues to persist globally.
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I spent a fow hours writing in this, I hope that this post you like it, I'm sorry about the grammatical errors
Taxation is theft, we should all pay for goods and services that we need without a central authority collecting part of the revenue, it is a Ponzi scheme.
Ahah ponzi is a very funny word, I partially agree if we don’t consider a human being as a collective part of one force
true words ^^
A very informative post. Enjoyed reading it. Thanks for sharing
thank you ^^
Of course, when you're the elite, you're going to want to do everything you can to prevent others from taking your money. Hence tax evasion and money laundering. It's terrible but happens so often, especially by people who have more money than they know what to do with.
Being rich isn’t a crime, people like rich and humanitarian people or individuals who build and create. But there is always another class of parasites who want more and more without doing anything, just consuming, that is a crime
I just reread what I wrote. I should rewrite it. I didn't mean it to sound like every person that's rich is a criminal. Definitely not. I agree that many are philanthropists and do lots of great work. But like you said, @anforo, there are also people that are literal parasites.
I didn’t mean you sounded like it, just shared my point on it. Thank you for understanding)
Of course, stashing money in off-shore tax havens is nothing new. The wealthy have been doing it for decades. An estimated 8% of the world’s wealth is tucked away in tax havens, securely and anonymously from prying eyes and money hungry governments. The estimated loss in global tax revenues are at approximately $200 billion a year. Roughly $35 billion of that is in the US. According to a 2017 report by the Institute on Taxation and Economic Policy, at least 366 of the Fortune 500 companies operate one or more subsidiaries in tax haven countries.
For those who are not aware what the 'Panama Papers' are (that the author mentioned in the beginning), it was an investigation into the Panamanian law firm Mossack Fonseca. The investigation into the firm and its ties to offshore companies was headed by the International Consortium of Investigative Journalists. The founders of the firm were featured in the Fusion investigative documentary “Dirty Little Secrets”. The founders Ramon Fonseca and Jürgen Mossack were arrested on money laundering charges in February after the company’s Panama City headquarters were raided. The charges are connected to Brazil’s biggest bribery scandal, but also appear to be based in part from last year’s global Panama Papers.
Get the scoop on the Panama Papers
Mossack Fonseca is well-known in the offshore world. It is well established for its talent to create for it's clients shell companies (that are often tucked away inside more shell companies), which can conceal the true identities of the individuals and multi-national corporations who controls the money and other assets.
Some favorite tax havens include Cayman Islands, Luxembourg, Isle of Man, Jersey, Bermuda, Mauritius, Monaco, the Bahamas, and of course Switzerland, though it's not as popular as it once was or as the average person may think. Even Ireland, though it isn't exactly a tax haven. But over a quarter of Fortune 500 companies, including Google and Apple (previously mentioned by the writer) had subsidiaries in Ireland in 2014 in order to save billions in taxes.
Though not tax havens, nor illegal, in the United States, the smart ones who incorporate there, like to do so in Nevada or Wyoming to save tons of money in profits. In Nevada, there are no capital gains, personal income tax, gift tax, and inheritance tax. In Wyoming, there are no corporate tax, inventory tax, estate tax, personal income tax, unitary tax, gift tax, franchise tax, and inheritance tax.
The Paradise Papers are a massive trove of 13.4 million records. Many of which were leaked from the offshore law firm Appleby. More about the Paradise Papers
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wow! you are famous man!
upvote me plz
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The elites never broke any law, because they wrote the laws.
yes it is
My hope is that this is not just swept under the rug. Stories like this get buried if they are even covered at all. Explosive news just like the Panama Papers
Well the cats out of the bag meow! Glad this is only the beginning, the elites should be made accountable for their actions.
Why don’t want to pay bills if you have billions?
Trust in government or trust in Bitcoin?
bitcoin of sure
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interessant ,,,,,,,,,,,,,,,,
that was great to read thanks for sharing
you welcome ^^
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