- published: 04 Mar 2017
- views: 68636
A story of money, secrecy and greed: a tax dodge for the wealthy dreamed up by one of the biggest accounting giants in the world KPMG Canada devised what it called an “Offshore Company Structure” for a select group of rich clients: they would claim to give away millions of dollars to a shell company supposedly out of their control and therefore wouldn’t have to pay taxes on it. In the U.S., top KPMG officials were convicted of tax evasion schemes concocted there. But in Canada, a different scheme led to a secret amnesty deal with the Canada Revenue Agency. A federal government inquiry vowing to get to the bottom of it went nowhere What was the accounting firm trying to hide? With revelations from industry insiders, internal KPMG documents and corporate records from the Isle of Man of...
Tax havens and offshore accounts and trusts, detailed in the Paradise Papers, are used by the world's wealthiest to legally avoid paying taxes. Here's how they work and why they are a problem. To read more: http://www.cbc.ca/paradisepapers SOURCE LIST: CBC News | Paradise Papers investigation http://www.cbc.ca/paradisepapers International Consortium of Investigative Journalists | Paradise Papers investigation https://www.icij.org/investigations/paradise-papers/ CBC News | Tax havens: How the rich hide money http://www.cbc.ca/news2/interactives/offshore-tax-havens/index.html ICIJ | Tax havens 101: The high cost of going offshore https://www.youtube.com/watch?v=gy2RgjIIZyA CBC News | Huge offshore data leak reveals financial secrets of global elite — from the Queen to former PMs h...
The world of offshore accounts, shell companies and tax havens extends far beyond the fictional legal thrillers you see on the silver screen. Offshore tax havens — countries or territories where taxes are assessed at a low or nonexistent rate — are very much a reality, and U.S.-based multinational corporations play a starring role in the real-life drama. According to a 2016 report by Citizens for Tax Justice, 367 companies in the Fortune 500 operate subsidiaries in tax-haven nations around the globe. Just like major corporations, individuals can take advantage of the web of financial loopholes and legislation that foreign countries offer. Click through to discover 12 of these tax havens, which might help you pay less on your tax bill this year or at some point in the future. BERMUDA Ber...
James S. Henry introduces a hot topic: offshore banking. The G8 and G20 are planning meetings to discuss it. Even the Netherlands is a tax haven for certain types of companies. The huge amount of numbers and graphs tells us that we are confronted with nothing less than a global tax haven industry. For example, Apple makes 100 billion dollars a year of tax free profits because of the games private bankers know how to play. In medieval times people couldn't hide their wealth when tax collectors came to inventory it. Nowadays they can. It is said that 64 percent of the global profits are parked offshore, for an important part by multinationals from the first world. The third world is the victim of this practise. An example from the banana industry: exporting a banana from the Cayman Islands...
How a corporation can set up a tax haven and use it through transfer pricing. Created by Sal Khan. Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/corporate-taxation/v/is-limited-liability-or-double-taxation-fair?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: In exchange for being treated as a person-like-legal entity (and the limited liability this gives for its owners), most corporations pay taxes. This tutorial focuses on what corporations are, "double taxation" and a few ways that multinationals might try to get out of paying taxes. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboa...
A peek inside the world of shadowy tax havens. The full story here: http://bit.ly/QFuqkX
A former client of the accounting giant KPMG says a tax dodge that involved wealthy people gifting their money to an offshore jurisdiction was a 'facade' designed to hide money from the taxman Click here for the full story: http://www.cbc.ca/1.4006469 »»» Subscribe to The National to watch more videos here: https://www.youtube.com/user/CBCTheNational?sub_confirmation=1 Voice Your Opinion & Connect With Us Online: The National Updates on Facebook: https://www.facebook.com/thenational The National Updates on Twitter: https://twitter.com/CBCTheNational The National Updates on Google+: https://plus.google.com/+CBCTheNational »»» »»» »»» »»» »»» The National is CBC Television's flagship news program. Airing seven days a week, the show delivers news, feature documentaries and analysis ...
"By funneling nearly $10 billion in revenue into a Bermuda shell company last year, Google dodged about $2 billion in income taxes worldwide, Bloomberg News reports, citing financial records. The off-shore tax shelter — legal in the United States and elsewhere — cut Google's tax rate nearly in half, Bloomberg says. Bermuda has no corporate income tax. Bloomberg says the amount saved was about 80% of the company's pre-tax profit."* Google has employed some pretty impressive tricks in avoiding paying their taxes, keeping $2 billion they should have paid in taxes worldwide. But don't worry, someone else will pay the bill. Us. Will the U.S. government crack down on Google? Cenk Uygur knows the answer. *Read more from Michael Winter/ USA Today: http://www.usatoday.com/story/tech/2012/12/10/...
SUBSCRIBE to ELITE NWO AGENDA for Latest on USD COLLAPSE / GOLD / SILVER / BITCOIN / NEW WORLD ORDER / ILLUMINATI / TAX HAVEN http://www.youtube.com/EliteNWOAgenda LEGAL WAYS TO AVOID PAYING TAX - The Super Rich Elite are Doing It, So Why Dont You? Don't take an income Selling assets and realising capital gains could give you a source of cash if you needed it, and careful planning so losses in previous years offset any gains could help reduce your capital gains tax bill. Give to charity This is one of the strategies the government is planning to crack down on, although its plans have attracted controversy and could be watered down as a result. Currently, if you give assets to charity you can claim income tax relief up to their entire value. The government's own Directgov website gives ...
Tax havens play an important role in the globalization of capital markets, but also threaten their stability and structure. What are the properties of tax havens? How profit private persons, companies and the organized crime from tax havens? Video transcript and images: http://explainedwithmaps.com/tax-havens/
https://www.varaluae.com/company-formation-in-dubai/freezone-company-in-uae/ras-al-khaimah-company-formation Ras Al Khaimah company formation: RAKIA free zone start-up cost, documents required, employee visa RAKIA free zone companies are absolutely tax free. No income, wealth, capital gains or sales taxes are levied. Ras Al Khaimah company formation in Ras Al Khaimah Investment Authority (RAKIA) free zone starts at AED 21,000 [US$ 5,753], not including minimal office space for a commercial trading license. This financial fee goes up for different license types and company types and other license setup costs are more. Ras Al Khaimah company formation register renewal fee starts at AED 15,000 [US$ 4110]. Documents required are: Your passport Utility bill from your residence as proof of...
http://www.thepanamalawyer.com Detailed explanation of who has already moved to Offshore Business Model.What are the benefits of an Off shore company in Panama and why consider Panama as one of the Worlds best Tax Havens
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Register for the upcoming webinar here: http://borderlesssociety.com/webinar/ See the post for this podcast here: http://www.borderlessblog.com/is-the-us-todays-tax-haven-offshore-discussion-with-strategist-michael-menzies/ While the US government has been cracking down on governments and banks throughout the world, forcing them to submit to onerous regulations that divulge your private information, why have they refused to do the same? Is the US the world's new favorite tax haven? Michael Menzies of Pembroke Tax Advisors is Jonathan's new tax strategist, and in this week's episode we discuss this--along with offshore structures, and why challenging assumptions is a must today. Show Notes: Michael's Bio (3:20) So You Want an Offshore Strategy? (4:10) Bloomberg Article on Tax Havens (4...
Tax officials allege the accounting giant crafted an offshore scheme to let rich Canadians avoid tax. We investigate how it works and why it's being kept under wraps. Click here for the full story: http://www.cbc.ca/1.3234876 »»» Subscribe to The National to watch more videos here: https://www.youtube.com/user/CBCTheNational?sub_confirmation=1 Voice Your Opinion & Connect With Us Online: The National Updates on Facebook: https://www.facebook.com/thenational The National Updates on Twitter: https://twitter.com/CBCTheNational The National Updates on Google+: https://plus.google.com/+CBCTheNational »»» »»» »»» »»» »»» The National is CBC Television's flagship news program. Airing seven days a week, the show delivers news, feature documentaries and analysis from some of Canada's leadin...
The so-called "Paradise Papers," a leak of 13.4 million files, have named people and companies from around the globe who shelter their wealth in tax havens ‒ a practice blamed for draining billions of dollars from national coffers. RT America’s Alex Mihailovich names the names listed in the leak. Find RT America in your area: http://rt.com/where-to-watch/ Or watch us online: http://rt.com/on-air/rt-america-air/ Like us on Facebook http://www.facebook.com/RTAmerica Follow us on Twitter http://twitter.com/RT_America
This presentation will provide examples of how tax havens work including references to the Panama Leaks. The presentation is about solutions including involvement of all countries around the world as part of stronger banking regulations as well as tax treaties. The presentation will talk about the UN and its needs to provide more oversight and audits when it comes to foreign aid.
Apple rejects ‘Paradise Papers’ allegations that it abused offshore tax shelters. Apple, the world’s most valuable company, finds itself once again at the center of an international controversy about the ways U.S. corporations use international tax havens to dodge their tax bills. In a detailed response to allegations published yesterday as part of the “Paradise Papers” project, Apple insisted that it pays its fair share and follows the law. “Apple believes every company has a responsibility to pay its taxes, and as the largest taxpayer in the world, Apple pays every dollar it owes in every country around the world,” the company wrote. “We’re proud of the economic contributions we make to the countries and communities where we do business.” As Apple has experienced astonishing success ov...
A tax haven is a jurisdiction where particular taxes, such as an inheritance tax or income tax, are levied at a low rate or not at all. It may also refer to a state, country, or territory which maintains a system of financial secrecy, which enables foreign individuals to hide assets or income to avoid or reduce taxes in the home jurisdiction. Earnings from income generated from real estate (i.e. by renting property owned in an offshore jurisdiction) can also be eliminated in this way. If taxes (if any) are paid in the tax haven jurisdiction, companies can avoid taxes in their home jurisdiction because the tax had already been paid in the lower tax rate jurisdiction. Some taxes (such as inheritance tax on the real estate, VAT on the initial purchase price of the real estate, or transfer tax...
Congressman Lloyd Doggett, a senior member of the House Ways and Means Committee, today questioned U.S Treasury officials and tax law experts about banking secrecy practices that allow wealthy Americans to conceal more than $1.5 trillion in offshore tax havens, costing taxpayers up to $50 billion a year in lost revenue. Rep. Doggett also revealed the number of tax shelters being used by corporations receiving money under the Troubled Assets Relief Program.
Another vacant building is a tax shelter and nothing more
Cemented doors and windows keeping out the poor
What purpose does it serve to keep these buildings emply
Destroying our community to protect abandoned property
Functioning as financial loopholes instead of the housing they could make
Because those owning empty buildings claim a generous government tax break
So is housing just a luxury to b enjoyed by the upper class
Another right you don't deserve if you haven't got the cash
The trouble with ruling class financial tactics
Is that it's the people who need shelter not their taxes
Destruciton described as progress evicting people from their shelter
Renovating and rebuilding under the guise of making cities better
But who does this progress better by putting people in the street
Has it benefitted the community when construction is complete
Housing is not a privledge, not a luxury but a right
communities don't function any better with their problems out of sight
Our communities consise of more than concrete, brick and steel
It's made up of people including the homeless they conceal
The trouble with ruling class financial tactics
Is that it's the people who need the shelter not their taxes
Every inch of established land got that way by means of force
And by paying rent were forced to contribute to that source
With our communities our people suffer under this establishment
It's not about housing these are human rights they make us rent
Only the landlords profit as our lives are sold and bought
And those who fight this process get evicted from their squat
So while our leaders carry out these unjust squat evictions
They prove that freedom can't exist under capitalist conditions
The trouble with ruling class financial tactics