Panama papers?

[Dave2000]

OK, fess up! How many on here have money stashed away that you have not paid tax on?

Not me, I have got more chance of burning my arse on a snowball of having that kind of wedge lying around.

regards

Dave

 

[chadr]

Sorry Dave for the brevity but I haven't got time right now to give you a fuller answer; been so busy the last couple of days creating new companies and moving funds around the globe.

Bloody Panamanians.......

I only drive a 20 year old beaten up Toyota Landcruiser as a ruse to keep HMRC off my back.

 

[Chas]

I'm saying nothing!

 

[clivehorridge]

Me neither, now where did I register all those companies last week, oh yes, British Virgin Islands IIRC or was it the Caymen Islands?

On on a more serious note, what amazes me is that people are actually surprised that this goes on. WTF? It's been going on since time began and nobody has done anything about it. In most instances, it is legal. Legalized evasion. That's the main crux of this issue IMO and I doubt that much will substantively change as a consequence, when the dust dies down.

Some heads will roll (such as the Iceland situation) but in essence, it will become a storm in a teacup. I'm not suggesting that would be right, just MO on what the outcome will be.

Putin's having a laugh at it for the moment, can anyone seriously think he'll be resigning over this? No way, he'll just find a way to get richer by it, somehow

 

[TonyP]

Just looking in setting up a company in Panama....

 

[Shayne]

Nope not me , the dog did it on his own , honestly i didn't even know about it until today

 

[Dave2000]

Nope not me , the dog did it on his own , honestly i didn't even know about it until today

Yep thought so, I have heard about those computers with 'bark recognition' software.

regards

Dave

 

[Rodger]

Have you noticed that it only the senior members making comments re the Panama Papers that's maybe because the junior members are too busy moving funds around between tax havens and forming companies in off-shore countries!

 

[Dave2000]

Have you noticed that it only the senior members making comments re the Panama Papers that's maybe because the junior members are too busy moving funds around between tax havens and forming companies in off-shore countries!

Oh to be a fly on the wall.......

regards

Dave

 

[Shayne]

Nah the junior members are all counting their blessing because they haven't yet bought and sold enough council houses to get into the big game .

 

[Dave2000]

Or they have been promised a nice 'sweetener' if they keep their mouth shut, does this come under the unofficial secrets act?

regards

Dave

 

[chadr]

Just looking in setting up a company in Panama....

You've missed the boat, Panama is so yesterday!

 

[Shayne]

Fear not just send it all to me Tony and i will guarantee nobody will ever associate it with you again

 

[TonyP]

You've missed the boat, Panama is so yesterday!

Yeah that's just a smoke screen, have a much better offer from Shane below...

Fear not just send it all to me Tony and i will guarantee nobody will ever associate it with you again

As long as you cleverly invest in a nice shiny 90 SWB, then we should be good to go... account and sort code?

 

[GeekOKent]

Note.... this is one law firm in one country. Imagine what the real scale of this is.

What ticks me off is that folks who need it the least are the ones who get away with it and the ones who also are the biggest tax resource users.

 

[clivehorridge]

Note.... this is one law firm in one country. Imagine what the real scale of this is.

What ticks me off is that folks who need it the least are the ones who get away with it and the ones who also are the biggest tax resource users.

Yep, those with the money are those that can invest heavily in legal evasion tactics, involving high cost lawyers and accounting companies. The main core business of the likes of Ernst Young and KPMG will be in evasion techniques, yet they are also the investigators for audit of the bigger corporations.

It's not surprising that when something goes tits-up, the whole world economy crashes, everyone's fingers are in the same pie.

 

[Pat]

They are all a bunch of burglars.Our marvellous prime minister doesn't mind,He has said that we could become the Switzerland of the South Pacific.He has made several appearances on John Oliver's comic shows especially about our flag and was a source of great amusement all over the world.

 

[chadr]

Yep, those with the money are those that can invest heavily in legal evasion tactics, involving high cost lawyers and accounting companies. The main core business of the likes of Ernst Young and KPMG will be in evasion techniques, yet they are also the investigators for audit of the bigger corporations.

It's not surprising that when something goes tits-up, the whole world economy crashes, everyone's fingers are in the same pie.

I think you mean avoidance in both cases above. Tax avoidance is perfectly legal - though the morality of it, certainly at the Mossack Fonseca scale, is dubious at best. A large part of companies such as EY, KPMG etc business is to exploit tax loopholes for their (wealthy) clients in perfectly legal ways. It's just that the law is so complex and convoluted in this area, that you need an army of lawyers and accountants just to understand it.

Now we can debate the morality of these avoidance schemes till the cows come home, however as long as it is legal, then people will continue to use them. In principle it is no different to me or you stashing a few £ks away in an ISA.

It is the government(s) responsibility to change the tax rules and close down these loopholes, until such time people will continue to exploit them.

Tax evasion is illegal and a completely different argument.

 

[Dave2000]

Tax avoidance is not legal when someone is paid to 'back date' documents, that is completely illegal period! Bring on the revolution, burn them at the stake, cut off their heads.......sorry lost it for a moment

regards

Dave

 

[Shayne]

One does wonder at the timing of the discovery (i don't think anyone is genuinely shocked to learn of it) , with euro skepticism spreading at a phenomenal rate throughout Europe i wonder if our dictators have moved to plan B .