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One percent

All in it together: the paradise papers

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Just breaking. On the So-Called BBC of all places. 

http://www.bbc.co.uk/news/uk-41876942

A huge new leak of financial documents has revealed how the powerful and ultra-wealthy, including the Queen's private estate, secretly invest vast amounts of cash in offshore tax havens.

Donald Trump's commerce secretary is shown to have a stake in a firm dealing with Russians sanctioned by the US.

The leak, dubbed the Paradise Papers, contains 13.4m documents, mostly from one leading firm in offshore finance.

BBC Panorama is part of nearly 100 media groups investigating the papers.

As with last year's Panama Papers leak, the documents were obtained by the German newspaper Süddeutsche Zeitung, which called in the International Consortium of Investigative Journalists (ICIJ) to oversee the investigation.

Sunday's revelations form only a small part of a week of disclosures that will expose the tax and financial affairs of some of the hundreds of people and companies named in the data, some with strong UK connections.

Many of the stories focus on how politicians, multinationals, celebrities and high-net-worth individuals use complex structures of trusts, foundations and shell companies to protect their cash from tax officials or hide their dealings behind a veil of secrecy.

The vast majority of the transactions involve no legal wrongdoing.

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3 minutes ago, spunko2010 said:

No. Neither did the Vault 7 CIA leaks. Snowdens leaks disclosed to the wider media amounted to 1% of the total he took. 

These leaks are always just for political gain and nothing to do with the claimed openness of information and transparency. 

Look at the ICIJ website's headline right now if you aren't convinced.

I'd have a lot more faith in them if they just published the lot in one go. Not to do so only leads to questions about what they're trying to hide. 

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This talk of tax havens is quite nonsensical really. All it means is that the investments are not subject to tax in the tax jurisdiction. However when an investor takes the income and receives it in the country in which he is a resident then it is taxed in that country. 

I have some unit trusts that have investments in offshore tax havens, as do many others, are we all secretive millionaire tax evaders?

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58 minutes ago, spunko2010 said:

No. Neither did the Vault 7 CIA leaks. Snowdens leaks disclosed to the wider media amounted to 1% of the total he took. 

These leaks are always just for political gain and nothing to do with the claimed openness of information and transparency. 

Look at the ICIJ website's headline right now if you aren't convinced.

 

49 minutes ago, spunko2010 said:

Self appointed Leftwing journalists have to scan through them first and vet them for your safety. :Old:

Although this time there's some juicy stuff about Trudeau going to be released, I've read. 

Quite. 

Why do they need to be sifted by journalists? I thought the idea that we need special intermediaries to stand between and interpret any revelation for the masses went out with the Reformation.

In the age of big data the information could just be dumped on the web so the rest of us can do the analysis.

Edited by Virgil Caine

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44 minutes ago, Virgil Caine said:

 

Quite. 

Why do they need to be sifted by journalists? I thought the idea that we need special intermediaries to stand between and interpret any revelation for the masses went out with the Reformation.

In the age of big data the information could just be dumped on the web so the rest of us can do the analysis.

The person doing the leaking gets paid a huge amount by the newspaper. Therefore the newspaper will try to maximise the exposure they can get from it. 

If they were truly noble they'd leak it to wikileaks for free like Chelsea Manning. 

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I see the So-Called BBC have this as the main item on tonights news

So instead of reporting real events in the world like in Saudi Arabia they are using the News to run an extended advert for one of their own programs .

 

 

 

Edited by Virgil Caine

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2 hours ago, Happy Renting said:

From the So-Called BBC Wanksite:

Offshore? That is the Cayman Islands. That is to say, the British Cayman Islands.

And the Head of State of the Cayman Islands is...er, .... Mrs H M Queen.

Shock Horror. Queen actually holds some of her wealth in a country she rules.

BBC wankers.

 

Queenie doesn't pay tax, so it is all a pointless discussion.

Now, the other people on the list...

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1 hour ago, Cunning Plan said:

Actually she does. Voluntarily.

I am not a great fan of inherited wealth and privilege such as represented by the monarchy but I did not really think this element of the Paradise Papers was that revealing particularly as it appeared the Queen had been  paying more tax personally in the UK than Amazon and some other multi national Corporations

Edited by Virgil Caine

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1 hour ago, Virgil Caine said:

I am not a great fan of inherited wealth and privilege such as represented by the monarchy but I did not really think this element of the Paradise Papers was that revealing particularly as it appeared the Queen had been  paying more tax personally in the UK than Amazon and some other multi national Corporations

Anyway, in these days of decreasing job security, it makes sense for a head-of-state to keep a little part of their fortune offshore, you know, just in case...

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Maggy Hodge just been on the radio, talking about this.

It was OK for her father to do this as he escaping Hitler.

http://www.telegraph.co.uk/finance/businesslatestnews/9668396/Margaret-Hodges-family-company-pays-just-0.01pc-tax-on-2.1bn-of-business-generated-in-the-UK.html

'Analysis of Stemcor’s latest accounts show that the business paid tax of just £163,000 on revenues of more than £2.1bn in 2011. However. it is not known whether the company – which made profits of £65m – used similar controversial tax avoidance measures criticised in the past by Mrs Hodge. '

I dont know whats more shocking - the level of tax paid, or the fact that Adolf is still alive in 2011.

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