Panama Papers
Apr 8th 2016 | 8:44 am
#16
Lost in BE Cyberspace
Joined: May 2012
Posts: 5,396
From: Cayman Islands
Re: Panama Papers
As somebody has probably said before, the difference between tax-avoidance and tax-evasion is the price of a good lawyer. This chat-room is not the place to go into detail about that, but the point is worth making anyway.
I have been a tax-haven professional in three offshore havens over the years, and can absolutely vouch for the truth of that epigram. Careful practitioners will always refuse any tax-dodging hopeful who arrives without an experienced tax-lawyer; we call such people "cowboys", and they are always trouble.
Re these particular disclosures from Panama, it seems to be a curiously selective list of clients. If half of the list had been the names of politicians from Western nations - it might have been worth taking seriously. Otherwise, not. I wonder who the leaker was, and how much his original list was redacted - and by whom.
I have been a tax-haven professional in three offshore havens over the years, and can absolutely vouch for the truth of that epigram. Careful practitioners will always refuse any tax-dodging hopeful who arrives without an experienced tax-lawyer; we call such people "cowboys", and they are always trouble.
Re these particular disclosures from Panama, it seems to be a curiously selective list of clients. If half of the list had been the names of politicians from Western nations - it might have been worth taking seriously. Otherwise, not. I wonder who the leaker was, and how much his original list was redacted - and by whom.
Apr 8th 2016 | 9:11 am
#17
Banned
Joined: Mar 2016
Posts: 110
Re: Panama Papers
It should be pointed out that having an offshore account in itself, isn't ILLEGAL by any stretch
Why are so few Americans named in the Panama Papers?
Why are so few Americans named in the Panama Papers?
One reason for the dearth of American clients may be because such companies can be easily created in U.S. states such as Wyoming, Delaware and Nevada, attracting less attention than they might in Panama, a country with a reputation for shady financial deals and money laundering.
Europe is also home to countries that provide banking secrecy that could provide haven from taxes, such as Luxembourg, Switzerland and Andorra.
Many Panamanians point to those activities in wealthy countries and say they are angry over what they consider a double standard behind criticism of Panama.
On Thursday, a European Union official threatened sanctions on Panama and other nations if they don't co-operate fully to fight money laundering and tax evasion.
"People are fed up with these outrages," said Pierre Moscovici, who heads financial affairs for the 28-nation EU. "The amounts of money, the jurisdictions and the names associated with this affair are frankly shocking."
Panama is listed by the EU as a country that is not co-operative on tax issues, and Moscovici urged the country to "rethink its position in this regard."
Panamanian President Juan Carlos Varela has said his government will co-operate more and announced plans for an international committee of experts to recommend ways to boost transparency. But he also vows to defend his country against what he says are media attacks that unfairly stigmatize Panama.
In Britain, the prime minister could become the next European politician to find himself under attack. After four days fending off headlines about his family's finances, he acknowledged Thursday that he and his wife, Samantha, sold shares worth 31,500 pounds (currently $44,300) in an offshore fund named Blairmore Holdings in January 2010 -- five months before Cameron became prime minister. They had paid 12,497 pounds for the shares in 1997.
Europe is also home to countries that provide banking secrecy that could provide haven from taxes, such as Luxembourg, Switzerland and Andorra.
Many Panamanians point to those activities in wealthy countries and say they are angry over what they consider a double standard behind criticism of Panama.
On Thursday, a European Union official threatened sanctions on Panama and other nations if they don't co-operate fully to fight money laundering and tax evasion.
"People are fed up with these outrages," said Pierre Moscovici, who heads financial affairs for the 28-nation EU. "The amounts of money, the jurisdictions and the names associated with this affair are frankly shocking."
Panama is listed by the EU as a country that is not co-operative on tax issues, and Moscovici urged the country to "rethink its position in this regard."
Panamanian President Juan Carlos Varela has said his government will co-operate more and announced plans for an international committee of experts to recommend ways to boost transparency. But he also vows to defend his country against what he says are media attacks that unfairly stigmatize Panama.
In Britain, the prime minister could become the next European politician to find himself under attack. After four days fending off headlines about his family's finances, he acknowledged Thursday that he and his wife, Samantha, sold shares worth 31,500 pounds (currently $44,300) in an offshore fund named Blairmore Holdings in January 2010 -- five months before Cameron became prime minister. They had paid 12,497 pounds for the shares in 1997.
Last edited by veggies; Apr 8th 2016 at 9:29 am.
