how was the panama papers leaked? wikileaks? what did the panama papers hope to achieve? can anyone give me feedback? rsvp
panama papers
- Thread starter donald bathe
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Yes sure,
All the leaks came from either IT consultants or Interns. In case of Panama papers, It is former employee or interns from Mossack Fonseka who just passed the list of customers and other information to a German journalist. Wiki leaks is out of scope, you must talk about Swiss leaks and Lux leaks.
Note that none of the leaks are originated from tax authorities or Intelligence agencies.
There is nothing to achieve. In fact, from a legal point of view, many files may be legit. I guess the people who transmitted this information wanted to show that some people or companies tried to︀ lower their tax by doing tax planning with Panama.
For instance, you have a company︁ in the UK and you create a company in Panama that owns your licenses, trademarks︂ and copyrights. The Panama company then bill the UK company and you pay 10% of︃ tax rather than 20% of tax. The idea of the whistleblowers was to expose people︄ who do that.
Did it change anything? no.
Panama papers is not a problem, FATCA,︅ EU FATCA (2011/16 directive), CRS from OECD will hit 1000 times harder than panama papers︆ for those who are unprepared.
All the leaks came from either IT consultants or Interns. In case of Panama papers, It is former employee or interns from Mossack Fonseka who just passed the list of customers and other information to a German journalist. Wiki leaks is out of scope, you must talk about Swiss leaks and Lux leaks.
Note that none of the leaks are originated from tax authorities or Intelligence agencies.
There is nothing to achieve. In fact, from a legal point of view, many files may be legit. I guess the people who transmitted this information wanted to show that some people or companies tried to︀ lower their tax by doing tax planning with Panama.
For instance, you have a company︁ in the UK and you create a company in Panama that owns your licenses, trademarks︂ and copyrights. The Panama company then bill the UK company and you pay 10% of︃ tax rather than 20% of tax. The idea of the whistleblowers was to expose people︄ who do that.
Did it change anything? no.
Panama papers is not a problem, FATCA,︅ EU FATCA (2011/16 directive), CRS from OECD will hit 1000 times harder than panama papers︆ for those who are unprepared.
Third world:
http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/MCAA-Signatories.pdf
Foreign Account Tax Compliance Act (FATCA)
Please share your impression
http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/MCAA-Signatories.pdf
Foreign Account Tax Compliance Act (FATCA)
Please share your impression
I forgot to talk about one very interesting story that happened in France back in 2011, There were a company called France Offshore that created Latvian company for French people. The tax authority directly sued France Offshore for Tax evasion. I don't know exactly the trigger but what i know is that the tax authority didn't know anything about the customers first. They found all the Tax planning and setup thanks to the Investigation. Further legal proceedings in this story was because the agent has done something really nasty in France. Consequently, the French policemen went to the Office of France offshore and seized all︀ the documents. That's how they discovered all the tax planning and the tax setup. Then,︁ they decided to sue many customers and also the Latvian bank Rietumu.
That 's how︂ they discover that one of the customer of France offshore had a company in France︃ and in Latvia. His Latvian company used to invoice his French company with fake invoices.︄ The idea was to send money to Latvia this way.
Some customers of France offshore︅ sued France Offshore because they found the tax planning and company formation were expensive. Their︆ compay creation and maintenance cost Ten of thousands of euros.
That 's how︂ they discover that one of the customer of France offshore had a company in France︃ and in Latvia. His Latvian company used to invoice his French company with fake invoices.︄ The idea was to send money to Latvia this way.
Some customers of France offshore︅ sued France Offshore because they found the tax planning and company formation were expensive. Their︆ compay creation and maintenance cost Ten of thousands of euros.
Agents are the problem. That's why i love jurisdictions where there is the minimum of administration with local agents, for instance Belize. That's also why i added a post about Estonia & E-residency. In fact, with the E government online portals you are not dependent on unreliable, arrogant, sluggish agents. With Estonia, there is only a need for mail forwarder which is the simplest service to do!
I think that the POOR quality service of agents could deserve a thread.
One agent is being trialled right now in France, it is︀ called France Offshore. It seems they also did lots of tax evasion consulting and this︁ attracted the French Financial police. Everything was fine first for the customers of this company︂ but since the financial police went to the France Offshore police, they seized all the︃ Customer files and discovered the unlawful company setups when there were one. If the agent︄ did not go crazy, this would have had never happened.
Because of the customer files︅ from the agent, they had all the evidences against the customers.
It is quite funny︆ that until now 100% of the cases aren't related to tax authority monitoring.
I think that the POOR quality service of agents could deserve a thread.
One agent is being trialled right now in France, it is︀ called France Offshore. It seems they also did lots of tax evasion consulting and this︁ attracted the French Financial police. Everything was fine first for the customers of this company︂ but since the financial police went to the France Offshore police, they seized all the︃ Customer files and discovered the unlawful company setups when there were one. If the agent︄ did not go crazy, this would have had never happened.
Because of the customer files︅ from the agent, they had all the evidences against the customers.
It is quite funny︆ that until now 100% of the cases aren't related to tax authority monitoring.
There is a huge difference between agents service quality & it is not a question of price:
The good agents:
Some are really involved, they follow what you ask, they don't ask crazy due diligence. They are fast. They know which bank you need. They describe what they do & what they want from you.
The bad agents:
Other don't know anything about banks, offshore, customer problems, they ask for crazy due diligence, they hide fees, they are slow to answer, they don't want to help. If you explain your problem, they aren't clear.
The good agents:
Some are really involved, they follow what you ask, they don't ask crazy due diligence. They are fast. They know which bank you need. They describe what they do & what they want from you.
The bad agents:
Other don't know anything about banks, offshore, customer problems, they ask for crazy due diligence, they hide fees, they are slow to answer, they don't want to help. If you explain your problem, they aren't clear.
if i was born and live in el salvador and have an offshore bank account, how is this the united states concern or business then if you dont mind me asking? in plain and simple english please. rsvp
what about other financial systems like bitcoin or other cryptocurrency to your knowledge????????? rsvp
Bitcoins are out of scope but at some point you have to convert bitcoins to your currency. Otherwise, it is useless. At this point you have to justify the money. You have to be ready to justify the deposited money & have an invoice and something for this deposited money. It is possible. It is just important to think about it to be OK from bookkeeping point of view and in case of TAx audit by local authorities.
what advantages of cryptocurrency over offshore banking then? if someone like a hacker has like 50 million dollars or more, would they︀ use cryptocurrency or offshore bank accounts? what did the panama papers do if any to︁ the offshore banking industry around the world????????????????? rsvp
oh my I see lots of advantage to use crypto currencies over real money or money in the bank. If anonymity is your first priority then crypt currency is to pay for whatever you do on the Internet to stay anonymous.
So many banned members in this thread! I wonder if the Panama papers have still effect on decission makers when they consider Panama as a offshore jurisdiction for their next business located offshore?
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