Tag: Panama Papers

corruption

Pandora Papers expose offshore systems exploited by the rich and famous

Vladimir Putin is just one world leader whose financial ties have been revealed in the Pandora Papers.

If nothing was done 5 years ago what makes one think something will be done now. The scandal lasted the blink of an eye on the front pages of the Mainstream news back then it didn’t make the front pages this time and its bigger now.

The trove, dubbed the Pandora Papers, exceeds the dimensions of the leak that was at the centre of the Panama Papers investigation five years ago. That data was drawn from a single law firm, but the new material encompasses records from 14 separate financial-services entities operating in countries and territories including Switzerland, Singapore, Cyprus, Belize and the British Virgin Islands. The files detail more than 29,000 offshore accounts, more than double the number identified in the Panama Papers. Among the account owners are more than 130 people listed as billionaires by Forbes magazine and more than 330 public officials in more than 90 countries and territories, twice the number found in the Panama documents.

Source: Pandora Papers expose offshore systems exploited by the rich and famous

Informed Comment

From the Northern Beaches of Sydney to the Northern Beaches of George Town, Cayman Islands – Michael West

Barack Obama once described it as “either this is the largest building in the world or the largest tax scam in the world”. That was in 2009. The building was Ugland House in George Town on the Caribbean island of Gran Cayman.

Ugland House was then home to 18,857 corporations. And Ugland House is soon to be home to another one, along with the profits of 43 Australian hospitals, unless Treasurer Josh Frydenberg blocks the deal on grounds of national interest.

No sooner had the Northern Beaches Hospital in Sydney been built at a cost of $2 billion to taxpayers, its operator Healthscope opted to sell it, along with another 42 Australian hospitals also subsidised by taxpayers, to a shadowy group which has a large presence in tax havens.

via From the Northern Beaches of Sydney to the Northern Beaches of George Town, Cayman Islands – Michael West

Australia

Are The Panama Papers Just The Tip Of Australia’s Tax Avoidance Iceberg? | Andrew Leigh

At least 800 Australians have been linked with the Panamanian firm Mossack Fonseca, and there could be many more. And this firm is just one of a multitude of similar firms operating similar tax secrecy networks in similar jurisdictions to Panama.

Source: Are The Panama Papers Just The Tip Of Australia’s Tax Avoidance Iceberg? | Andrew Leigh

Humour

Panama Papers: New Investigation Uncovers List Of Suckers Still Paying Tax By The Shovel on April 10, 2016
panama papers

Journalists sifting through thousands of documents from the leaked Panama Papers have uncovered a list of dumb idiots still paying income tax.

The list – which includes Australians – is said to be several pages long. It could be the most explosive find yet in what is believed to be the biggest data leak in history.

“We’ve learnt some pretty amazing stuff this past week, but even we were taken aback by the idea that some dumbasses were filling in tax returns and paying tax at the proper rate,” Investigative journalists Jenny McGuire said.

The tax – which is funnelled directly to central tax offices in countries across the globe – is believed to be used to fund hospitals, schools and roads.

“Some chumps are paying literally thousands of dollars in tax, every single year. That’s money that could be used to fund extra houses and yachts,” McGuire said.

More to come.

Corporate Tax Evasion, TAX

Wilson Parking’s tax numbers appear to defy economic reality

Wilson Parking seems to be burdened by uncannily high costs.

Source: Wilson Parking’s tax numbers appear to defy economic reality

LNP

The Panama Papers couldn’t come at a worse time for the Coalition – The Drum (Australian Broadcasting Corporation)

The avoidance of tax by corporate executives and the very rich is the last thing the Turnbull Government needs as it prepares for a federal budget that is likely to be anchored by a cut in the company tax rate.

Source: The Panama Papers couldn’t come at a worse time for the Coalition – The Drum (Australian Broadcasting Corporation)

Bernie Sanders

Why the Panama Papers Could Catapult Bernie Sanders to the White House

The Panama Papers may be the defining story of the 2016 Democratic Primary. And Bernie Sanders is on the right side of history.

Source: Why the Panama Papers Could Catapult Bernie Sanders to the White House