Tax Haven



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the Panama Papers - ICIJ: LINK ¤ I C I J

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  • "the Panama Papers were a global investigation - into the secretive industry of offshore !"

 

 

 

 

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  • "tried to hide assets and skirt rules - by setting up front companies in far-flung jurisdictions !"

 

 

 

 

 

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  • "based on a trove of more than - 11 million leaked files !"

 

 

 

 

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  • "the investigation exposed a cast of characters who used offshore companies - to facilitate bribery - tax evasion - and financial fraud !"

 

 

 

 

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  • "millions of documents showed heads of state, criminals, and celebrities - used secret hideaways in tax havens !"

 

 

 

 

 

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  • "the leaked data covered nearly 40 years - from 1977 through the end of 2015 !"

 

 

 

 

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  • "it allowed a never-before-seen view inside the offshore world - a day-to-day, decade-by-decade look !"

 

 

 

 

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  • "at how dark money - flowed through the financial system !"

 

 

 

 

 

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  • "banks had driven the creation - of hard-to-trace companies in offshore havens !"

 

 

 

 

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  • "the documents show that banks, law firms, and other offshore players - have often failed to follow legal requirements !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the release of the leaked documents can prompt governments - to seek "concrete sanctions"  !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 


 

 

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  • "against jurisdictions and institutions - that peddled offshore secrecy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Disney and Koch Brothers - ICIJ: LINK ¤ I C I J

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  • ""Lux Leaks" files obtained by ICIJ - international consortium of investigative journalists !"

 

 

 

 

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  • "disclosed secret tax structures - sought by "Big 4" accounting firms - for international companies !"

 

 

 

 

 

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  • "exposed maneuvers by the politically one-sided - and very controversial "Koch Industries Inc"  !"

 

 

 

 

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  • "and the a little bit smaller "the Walt Disney Co" - other companies included Hong Kong-based "Hutchison Whampoa"  !"

 

 

 

 

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  • "private equity firm "Warburg Pincus" - and Internet phone firm "Skype"  !"

 


 

 

 

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  • "the tax structures were being brokered not only by PwC - pricewaterhousecoopers !"

 

 

 

 

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  • "but also by the other accounting firms - Ernst & Young - Deloitte - and KPMG !"

 


 

 

 

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  • "the Disney and Koch files showed that both companies - advised by Ernst & Young - engineered complex restructurings !"

 

 

 

 

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  • "that reordered the ownership of many subsidiaries - and centralized them under Luxembourg companies - to a company’s own bank !"

 

 

 

 

 

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  • "these internal lenders received interest from affiliated companies - the goal was to pay little tax !"

 

 

 

 

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  • "the two parent companies’ Luxembourg subsidiaries enjoyed tax rates - of less than 1 percent !"

 

 

 

 

 

 

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  • "the Disney tax scheme was laid out in a 34-step tax agreement - in 2009 by Ernst & Young !"

 

 

 

 

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  • "showed the corporate parent of Mickey Mouse - moved money in circles !"

 

 

 

 

 

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  • "while transforming it from cash to debt - to equity and back !"

 

 

 

 

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  • "Disney’s Rube Goldberg-like series of equity transfers gathered ownership - of at least 24 of its subsidiaries !"

 

 

 

 

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  • "at the center of the new structure was a third company - a finance arm called Wedco Participations SCA !"

 

 

 

 

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  • "the bank made loans to many of the subsidiaries - at high interest rates !"

 

 

 

 

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  • "drained profits from other companies back to Luxembourg - in the form of interest payments !"

 

 

 

 

 

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  • "the Luxembourg internal lender paid € 2.8 million - in income tax in Luxembourg !"

 

 

 

 

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  • "that worked out to a tax rate of just over - a quarter of 1 percent !"

 

 

 

 

 

 

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  • "the Koch documents, also prepared by Ernst & Young - described "Project Snow," a 26-step restructuring !"

 

 

 

 

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  • "showed that in the restructuring, which took place starting in 2008 - the subsidiaries of Invista !"

 

 

 

 

 

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  • "passed money back and forth - converting shares to debt - and occasionally dissolving firms !"

 

 

 

 

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  • "until a subsidiary became - both the debtor - and creditor of the same debt !"

 

 

 

 

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  • "and the debt - was canceled !"

 

 

 

 

 

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  • "central to Koch’s restructuring deal was an internal company bank - Arteva Europe Sàrl !"

 

 

 

 

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  • "which managed the cash flows - of the company’s European operations through Luxembourg !"

 

 

 

 

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  • "Arteva reported no staff costs - in its financial reports filed in Luxembourg !"

 

 

 

 

 

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  • "accounting and tax advisory firms - like Ernst & Young !"

 

 

 

 

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  • "were the architects of the inventive - profit-shifting strategies !"

 

 

 

 

 

 

 

 

 

 

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Luxembourg Leaks - ICIJ: LINK ¤ I C I J

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  • "the investigation was based on a confidential cache - of secret tax agreements !"

 

 

 

 

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  • "approved by Luxembourg authorities - for more than 340 companies !"

 

 

 

 

 

 

 

 

 

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Offshore Leaks Database - ICIJ: LINK ¤ I C I J

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  • "the Offshore Leaks Database allowed to search through more than - 100,000 secret companies - trusts - and funds !"

 

 

 

 

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  • "created in offshore locales such as the British Virgin Islands - Cayman Islands - Cook Islands - and Singapore !"

 

 


 

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  • "their goal was secrecy - minimal taxes - and legal insulation !"

 

 

 

 

 

 

 

 

 

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leaked financial Documents - Washington Post: LINK ¤ WASHINGTON POST

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  • "a long-term analysis of more than 2.5 million leaked e-mails - and financial documents !"

 

 

 

 

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  • "had shed some light on the secretive network - of tax havens and offshore accounts !"

 

 

 

 

 

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  • "and the behaviour - of the upper crust !"

 

 


 

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  • "provided facts and figures - cash transfers - incorporation dates - links between companies and individuals !"

 

 

 




 

 

 

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secret Offshore Files - International Consortium of Investigative Journalists: LINK ¤ I C I J

 

 

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G7: Action needed against Tax Evasion - the Guardian: LINK ¤ the GUARDIAN

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  • "the G7 group of nations agrees - collective action !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "needs to be taken to target - tax avoidance and evasion !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the UK George Osborne says it is incredibly important - that companies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "and individuals pay the tax - that is due !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "to show global leadership - by taking concrete action on tax evasion !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "and making clear that everyone - must pay their fair share of taxes !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 



 

 

 

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British Virgin Islands - the Guardian: LINK ¤ the GUARDIAN

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  • "the Caribbean micro-state, the UK-controlled BVI - had incorporated more than a million offshore entities !"

 

 

 

 

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  • "three pieces of paper were vital - in setting up ready-made companies !"

 

 

 

 

 

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  • "1. a promise by a "nominee director" only to do - what the real owner told them !"

 

 

 

 

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  • "that was called - nominee director declaration !"

 

 

 

 

 

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  • "2. a general power of attorney - where the nominee secretly handed back all control - to that real owner !"

 

 

 

 

 

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  • "3. a signed - but undated - director's resignation letter:  !"

 

 

 

 

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  • "that enabled a nominee to duck liability - in the event of any trouble !"

 

 

 

 

 

 

 

 

 

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Offshore Scandal: Britain - the Guardian: LINK ¤ the GUARDIAN

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  • "Britain's relationship with its overseas territories meant it can - if it wanted !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "easily tackle - offshore secrecy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the British Virgin Islands - the islands were a British Overseas Territory !"

 

 

 

 

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  • "legally under the jurisdiction of the UK - and with a British governor !"

 

 

 

 

 

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  • "other such havens included the Cayman islands - Gibraltar - and the Turks and Caicos Islands !"

 

 



 

 

 

 

 

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Financial Flows - the Guardian: LINK ¤ the GUARDIAN

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  • "developing countries had lost - US$ 859bn in 2010 !"

 

 

 

 

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  • "to illicit - financial outflows !"

 

 

 

 

 

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  • "more than they had received - in aid !"

 

 

 

 

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  • "and more than the FAO - the Food and Agriculture Organisation of the UN - estimates !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "is required to end hunger - globally !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "the G8 should end financial secrecy - by agreeing to publish a registry of who owns companies - foundations - and trusts !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "automatically share tax information with other countries - and push tax havens to do the same !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "this helps governments North and South - to recover billions of dollars !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "which transforms - the lives of millions of people !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Tax Haven Structures - Tax Justice Network - PDF: LINK ¤ TAX JUSTICE NETWORK

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  • "US$ 21 trillion - had been in tax havens !"

 

 

 

 

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  • "there had been 80 "offshore" secrecy jurisdictions - so called black holes !"

 

 

 

 

 

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  • "with often illegal assistance - from private banks !"

 

 

 

 

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  • "a disproportionate share of these assets - were managed !"

 

 

 

 

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  • "by banks that were well known - for their role in the financial crisis !"

 

 

 

 

 

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  • "half - of the international bank lending !"

 

 

 

 

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  • "and one-third - of foreign direct investment !"

 

 

 

 

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  • "had been routed - via tax havens !"

 

 

 

 

 

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  • "50 percent - of trade !"

 

 

 

 

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  • "had been routed on paper - via tax havens !"

 

 

 

 

 

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  • "less than 100,000 people - 0.001% of the population !"

 

 

 

 

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  • "had had a share - of 30 percent of that !"

 

 



 

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  • "and had evaded taxes - of over US$ 250 billion !"

 

 

 

 

 

 

 

 

 

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Reforms of the Financial and Fiscal Systems - Tax Justice Network - PDF: LINK ¤ TAX JUSTICE NETWORK

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  • "comprehensive disclosure - of ownership data !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "adoption of country-by-country reporting standards - for multinational companies !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "abolition of the use of "off-balance" sheet - accounting vehicles !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "effective steps to tackle - trade mispricing !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "taxation of hedge fund profits - as income - rather than capital gains !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "a multilateral tax information exchange treaty - based on automatic exchange !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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TAX HAVEN - Wikipedia EN: LINK ¤ TAX HAVEN

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  • "Delaware, US - United States Virgin Islands - Bahamas - Panama - British Virgin Islands"

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  • "Bermuda - Guernsey - Jersey - Isle of Man - Switzerland - Liechtenstein - Monaco"

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tax haven - 1519TH
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