Panama papers source releases manifesto
There is something wrong with a system that allows politicians, liberal or conservative, to make tax decisions based on their political views. McCormick said, “All these companies who tried to blackmail us for this thing, when they come for their corporate welfare checks next year, we need to have a list out and keep an eye on them.” Unfortunately, the tax incentive system allows politicians to do just that.
Video on Panama Papers from the Offshore Alert Conference at the Ritz-Carlton, South Beach, 2016. The video is here. The conference details are here. The speakers are here
The speakers in the video are:
• ANTIPODEAN GERARD RYLE, Director, International Consortium of Investigative Journalists (Washington, D.C.)Panama papers Communist Chinese rich listers were top Australian clients
• AMERIKAN ARTHUR VANDESANDE, Founder, Concorde Associates & Retired Senior Special Agent, IRS Criminal Investigation, Offshore Coordinator (Miami).
By ANT-IPODEAN NEIL CHENOWETH of AFR fame, as always, is in the Know: See also behind the paywall expose ...
SENATE COMMITTEE TAX AVOIDANCE REPORT PART 2 TABLED: HIGHLY CRITICAL OF MNES
The Senate Economics References Committee on 22 April 2016 tabled Part 2 of its tax avoidance Report - Part 2: Gaming the system [Click here to open this document] . The Committee's inquiry into corporate tax avoidance began in October 2014
INQUIRY EXTENDED DUE TO PANAMA PAPERS
In light of information coming out of the Panama Papers and the ATO's investigations, the Committee said it will defer further consideration on the use of tax havens as a means of avoiding and, in some cases, evading tax in Australia, until there has been sufficient time to evaluate the data. It noted however, that at first glance, the papers seemed predominantly to involve individuals not multinationals. The Committee's one recommendation was that its inquiry be extended until 30 September 2016 to explore the implications arising from the Panama Papers
GOVT TO ALLOCATE EXTRA FUNDING TO AFP TO FIGHT TAX EVASION AND OTHER SERIOUS CRIME
The Prime Minister announced on 23 April 2016 that the Government would allocate a further $15 million over 3 years to strengthen the capacity of the Australian Federal Police (AFP) and specialist agencies to trace corrupt money flows, seize tainted proceeds and to "engage the best lawyers to prosecute perpetrators".
“John Doe’s Manifesto”: Panama Papers Source Blasts Lack of Media Interest, Calls for Prosecutions, Whistleblower Protection
Panama Papers: US launches crackdown on international tax evasion Guardian Angels
Blogging genius Jack Townsend articles on ICIJ Panama papers
The use of shell companies to hide assets and avoid taxes is in the spotlight following a massive leak of data from the Panama-based law firm Mossack Fonseca, which embarrassed several world leaders and sparked government investigations around the globe into possible financial wrongdoing by the wealthy elite. The International Consortium of Investigative Journalists said it will release a searchable database of more than 200,000 offshore entities next week U S issues The Customer Due Diligence (CDD) rule requiring banks to identify shell company owners
Scott Shane and Eric Lipton, Panama Papers Source Offers to Aid Inquiries if Exempt From Punishment (New York Times 5/6/16), here
Jersey Finance firms could be sued over Panama links
Charles (Chuck) Rettig, US Launches Criminal Inquiry Into 200 US Citizens Named In The Panama Papers (Forbes 4/23/16), here
MPs demand government action on UK tax havens
Canadians put $40 billion in tax havens last year
Panama Papers: Mossack Fonseca raids seize 'large amount of evidence' (ABC News 4/22/16), here
Panamanian investigators have raided a property used by Mossack Fonseca, the law firm at the centre of a massive leak of offshore financial data, removing bags full of shredded documents as evidence, a local prosecutor said Articles on ICIJ Panama PapersCompanies put $221 billion into low-tax jurisdictions in 2015: UN
Offshore onshore and Luxembourg, the black heart of Europe Sigrún Davíðsdóttir’s Icelog
Luxleaks whistleblowers trial revealing tax avoidance schemes
Political roundup: Insights into Government processes and wealth protection New Zealand Herald
New Zealand: How the foreign trusts operated in the shade away from Inland Revenue's gaze
Google restructures to avoid hefty penalties in Australia, as tax bill hits $16 million
Two former Sprint Executives who participated in a bullshit tax shelter are suing the IRS for aiding and abetting EY's breach of conflict of interest with respect to their investment in the shelters and the fallout from their investment in the shelters. The complaint is here
News from the Profession. Ex-PwC Employee Was Looking for Training Documents When He Found LuxLeaks Files (Caleb Newquist, Going Concern)
Infamous for exposing the multi-billion dollar tax avoidance scandal known as the Luxembourg Leaks, or LuxLeaks, two whistleblowers and a journalist began trial on Tuesday for allegedly violating trade secrets and other theft charges. Although Transparency International has called for a dismissal of their case, Luxembourg does not consider the defendants to be whistleblowers.
In November 2014, the International Consortium of Investigative Journalists (ICIJ) revealed hundreds of major corporations had secured secret deals from Luxembourg, allowing them to hide billions of dollars in taxes. Pepsi, IKEA, Burberry, AIG, Heinz, Coach, Procter & Gamble, JP Morgan, FedEx, Deutsche Bank, Abbott Laboratories and nearly 340 other companies were caught channeling hundreds of billions of dollars through Luxembourg in order to evade paying billions in taxes between 2002 and 2010.
LuxLeaks Whistleblowers on Trial For Revealing Tax Avoidance Schemes
Simon Bowers, Former PwC employees face trial over role in LuxLeaks scandal(Guardian 4/24/16), here
Frederik Obermaier, Bastian Obermayer, Vanessa Wormer and Wolfgang Jaschensky, About the Panama Papers(Süddeutsche Zeitung), here. A great report (with links) from the newspaper and reporters that originally obtained the data Articles on ICIJ's Panama Papers 1 May
Coming Soon: ICIJ to Release Panama Papers Offshore Companies Data (ICIJ 4/26/16), here.
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European citizens are picking up the bill for tax avoidance
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