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Offshore Banking Passports and ID
Offshore Banking Passports and ID.

By: George Soros

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Offshore Banking Passports and ID – Video

A portrait of Inspector-General of Taxation Ali Noroozi. Photo: Nic Walker

A senior Macquarie Group executive sought to ”engage the assistance” of Inspector-General of Taxation Ali Noroozi in the financial services group’s fight with the Australian Taxation Office, court documents show.

Mr Noroozi’s senior staff agreed to use the financial services group as a ”case study” in a review of ATO policy ”U-turns”, according to the Federal Court documents.

A member of Mr Noroozi’s staff allegedly also told Macquarie the Inspector-General’s office would question ATO officers and require the agency to search its records for information that Macquarie lawyer Peter Speed hoped would ”assist Macquarie’s cause”.

Mr Noroozi told BusinessDay he always acted independently and impartially when investigating complaints about the tax system.

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”We are doing a U-turn review; we are looking at the Macquarie decision because it has a real impact Our interest in Macquarie is, because we do not at the moment handle single complaints, not about the rights or wrongs as far as Macquarie is concerned, but is more about the fundamental issue of principle.”

A policy ”U-turn” is when the Tax Office changes its mind about how the law should be applied. While U-turns are allowed, under Tax Office policy they should apply only to new cases.

At present the Inspector-General of Taxation is able to investigate only systematic tax problems, but as part of this month’s budget, Treasurer Joe Hockey said he would give Mr Noroozi the power to investigate individual complaints. How and when the transfer of power will happen is yet to be determined.

The Federal Court fight between Macquarie and the ATO arose out of a long-running audit, after which the ATO alleged Macquarie had not paid enough tax because it was counting expenses against the domestic bank that should have been expenses of the offshore banking unit (OBU).

More here:
Macquarie sought help in U-turn policy

A portrait of Inspector-General of Taxation Ali Noroozi. Photo: Nic Walker

A senior Macquarie Group executive sought to ”engage the assistance” of Inspector-General of Taxation Ali Noroozi in the financial services group’s fight with the Australian Taxation Office, court documents show.

Mr Noroozi’s senior staff agreed to use the financial services group as a ”case study” in a review of ATO policy ”U-turns”, according to the Federal Court documents.

A member of Mr Noroozi’s staff allegedly also told Macquarie the Inspector-General’s office would question ATO officers and require the agency to search its records for information that Macquarie lawyer Peter Speed hoped would ”assist Macquarie’s cause”.

Mr Noroozi told BusinessDay he always acted independently and impartially when investigating complaints about the tax system.

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”We are doing a U-turn review; we are looking at the Macquarie decision because it has a real impact Our interest in Macquarie is, because we do not at the moment handle single complaints, not about the rights or wrongs as far as Macquarie is concerned, but is more about the fundamental issue of principle.”

A policy ”U-turn” is when the Tax Office changes its mind about how the law should be applied. While U-turns are allowed, under Tax Office policy they should apply only to new cases.

At present the Inspector-General of Taxation is able to investigate only systematic tax problems, but as part of this month’s budget, Treasurer Joe Hockey said he would give Mr Noroozi the power to investigate individual complaints. How and when the transfer of power will happen is yet to be determined.

The Federal Court fight between Macquarie and the ATO arose out of a long-running audit, after which the ATO alleged Macquarie had not paid enough tax because it was counting expenses against the domestic bank that should have been expenses of the offshore banking unit (OBU).

Read more here:
Macquarie Group sought Inspector-General of Taxation's help in U-turn policy

Macquarie’s rush of FOI requests covered more than 1500 documents. Photo: Ian Waldie

Macquarie Group made eight freedom-of-information requests in one day as part of a legal battle with the Tax Office over a large-scale audit, court documents show.

The blizzard of FOI requests, which covered more than 1500 documents dating back more than 15 years, were filed in an attempt to show efforts by the ATO to levy millions of dollars in tax and penalties on Macquarie should not be allowed because they represented a policy ”U-turn”.

Responding to a BusinessDay report on Tuesday revealing that the tax bill was price-sensitive information that had not been disclosed to the stock exchange, Macquarie told the ASX that the ”matter has been substantially resolved”.

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The ATO bill relates to Macquarie’s treatment of its offshore banking unit, which is taxed at a concessional rate, in 2006, 2007 and 2008. But the financial services group confirmed it still had outstanding issues with the ATO, on which it held ”appropriate provisions”.

Separately, analysts have raised concerns the ATO might also pursue Macquarie over the 2009, 2010 and 2011 years, when it paid tax at well below the company rate of 30 per cent. In a March 17 note to clients, BBY analyst Brett Le Mesurier said ”the worst-case scenario is a tax bill for 2009 to 2011 of $570 million”.

A Macquarie spokeswoman declined to comment.

ATO auditors have been investigating whether expenses that Macquarie should have been allocated to the offshore banking unit were instead counted against the ordinary domestic bank, where they attract a higher tax deduction.

Federal Court documents show Macquarie’s FOI requests were lodged with the ATO as part of a flurry of activity by the group and its teams of lawyers on January 17, 2013.

The rest is here:
Macquarie hit ATO with FOI blizzard

Macquarie’s rush of FOI requests covered more than 1500 documents. Photo: Ian Waldie

Macquarie Group made eight freedom-of-information requests in one day as part of a legal battle with the Tax Office over a large-scale audit, court documents show.

The blizzard of FOI requests, which covered more than 1500 documents dating back more than 15 years, were filed in an attempt to show efforts by the ATO to levy millions of dollars in tax and penalties on Macquarie should not be allowed because they represented a policy ”U-turn”.

Responding to a BusinessDay report on Tuesday revealing that the tax bill was price-sensitive information that had not been disclosed to the stock exchange, Macquarie told the ASX that the ”matter has been substantially resolved”.

Advertisement

The ATO bill relates to Macquarie’s treatment of its offshore banking unit, which is taxed at a concessional rate, in 2006, 2007 and 2008. But the financial services group confirmed it still had outstanding issues with the ATO, on which it held ”appropriate provisions”.

Separately, analysts have raised concerns the ATO might also pursue Macquarie over the 2009, 2010 and 2011 years, when it paid tax at well below the company rate of 30 per cent. In a March 17 note to clients, BBY analyst Brett Le Mesurier said ”the worst-case scenario is a tax bill for 2009 to 2011 of $570 million”.

A Macquarie spokeswoman declined to comment.

ATO auditors have been investigating whether expenses that Macquarie should have been allocated to the offshore banking unit were instead counted against the ordinary domestic bank, where they attract a higher tax deduction.

Federal Court documents show Macquarie’s FOI requests were lodged with the ATO as part of a flurry of activity by the group and its teams of lawyers on January 17, 2013.

Originally posted here:
Macquarie Group hit Tax Office with FOI blizzard

Dispute: The ATO has calculated that Macquarie owes millions of dollars in tax and penalties.

Macquarie Group has acknowledged that a revised tax bill following a full-scale audit by Tax Office investigators may be market sensitive and could move its share price.

The information, which relates to three years of additional tax, has never been disclosed by the homegrown investment bank to the sharemarket.

Macquarie’s admission of the scale of its tax problem is contained in an affidavit sworn by the financial services group’s external lawyer, Peter Speed, based on information given to him by company executive Kathryn Burgess.

The affidavit is among documents, obtained by Fairfax Media, that were filed by Macquarie during its recent Federal Court dispute with the Tax Office over treatment of its offshore banking unit between 2006 and 2008.

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Offshore banking units, which are bank divisions that mostly used to do business with overseas clients, are taxed at a concessional rate of 10 per cent, compared with the corporate rate of 30 per cent.

In September, the Federal Court ruled against Macquarie’s bid to stop the ATO retrospectively levying the additional tax, which court documents show is at minimum in the millions of dollars.

During the legal case, Mr Speed, a partner at Sydney law firm Speed and Stracey, asked the Federal Court to keep confidential 14 pages of documents filed by Macquarie.

”I am informed by Kathryn Burgess and verily believe that the information concerned is information disclosing or revealing, broadly, amounts of tax which might be at stake between the applicants [Macquarie] and the commissioner [of taxation],” Mr Speed said in the April 2, 2013 affidavit, which has only now been released to Fairfax Media.

Continued here:
Tax issues may be 'market sensitive'

Dispute: The ATO has calculated that Macquarie owes millions of dollars in tax and penalties.

Macquarie Group has acknowledged that a revised tax bill following a full-scale audit by Tax Office investigators may be market sensitive and could move its share price.

The information, which relates to three years of additional tax, has never been disclosed by the homegrown investment bank to the sharemarket.

Macquarie’s admission of the scale of its tax problem is contained in an affidavit sworn by the financial services group’s external lawyer, Peter Speed, based on information given to him by company executive Kathryn Burgess.

The affidavit is among documents, obtained by Fairfax Media, that were filed by Macquarie during its recent Federal Court dispute with the Tax Office over treatment of its offshore banking unit between 2006 and 2008.

Advertisement

Offshore banking units, which are bank divisions that mostly used to do business with overseas clients, are taxed at a concessional rate of 10 per cent, compared with the corporate rate of 30 per cent.

In September, the Federal Court ruled against Macquarie’s bid to stop the ATO retrospectively levying the additional tax, which court documents show is at minimum in the millions of dollars.

During the legal case, Mr Speed, a partner at Sydney law firm Speed and Stracey, asked the Federal Court to keep confidential 14 pages of documents filed by Macquarie.

”I am informed by Kathryn Burgess and verily believe that the information concerned is information disclosing or revealing, broadly, amounts of tax which might be at stake between the applicants [Macquarie] and the commissioner [of taxation],” Mr Speed said in the April 2, 2013 affidavit, which has only now been released to Fairfax Media.

The rest is here:
Macquarie Group tax issues may be 'market sensitive'

WASHINGTON DC (WREX) – Switzerland’s second-largest bank has pleaded guilty to helping wealthy United States citizens avoid paying taxes through secret, offshore banking accounts.

Credit Suisse AG pleaded Monday and will have to pay $2.6 billion in the case brought by the Justice Department.

The Justice Department said the fine was the largest penalty ever imposed in a criminal tax case. Credit Suisse is also the biggest bank to plead guilty in over 20 years.

The case was part of a federal crackdown on foreign banks allegedly helping American taxpayers hide their assets. Officials with the Justice Department said additional investigations into other secret bank accounts held by Americans in Switzerland and other countries are likely to bring more resolutions.

Here is the original post:
Swiss bank pleads guilty to helping Americans hide assets



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By: George Soros

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Anonymous credit cards,offshore banking,offshore banking,anonymous banking,anonymity, – Video



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anonymous banking,anonymous credit card,anonymous debit card,anonymous offshore banking,anonymity – Video



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By: George Soros

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Anonymous banking, offshore banking, anonymous offshore bank accounts – Video



CHINA APEs BANK OF COMMUNICATIONS – Shanghai OFFSHORE BANKING UNIT
I am working on a project related to the Great Depression, in which bank failures played an important role. But why were these. Follow me for new Unit Bankin…

By: Debi Ashcraft

Originally posted here:
CHINA APEs BANK OF COMMUNICATIONS – Shanghai OFFSHORE BANKING UNIT – Video

The founder of a Swiss trust pleaded guilty to helping Americans evade taxes and said Credit Suisse Group AG (CSGN) was involved in the scheme, adding to pressure on the bank as it tries to resolve a U.S. criminal probe.

Josef Dorig, 72, said in federal court in Alexandria, Virginia, that he helped the banks U.S. clients cheat the Internal Revenue Service by hiding the owners of accounts through phony trusts and foundations. He was indicted in 2011 with seven Credit Suisse bankers on a charge of conspiring to hide $4 billion from the IRS. The U.S. told Credit Suisse then that it was a target of the probe.

Dorig is cooperating with prosecutors probing Zurich-based Credit Suisse, the largest of 14 Swiss banks under U.S. criminal investigation amid a crackdown on offshore tax evasion. The bank has said its trying to negotiate a resolution with the U.S. Former Credit Suisse banker Andreas Bachmann, who pleaded guilty on March 12, also is cooperating in the probe.

Todays plea further pulls back the curtain on efforts by Swiss banks to help U.S. taxpayers evade taxes through the use of sham trusts and foundations, Deputy Attorney General James Cole said in a statement.

Dorig, who worked at Credit Suisse or its units from 1961 to 1997, helped set up structures like foundations, trusts and companies. They supposedly owned accounts which were actually controlled by U.S. clients, he said.

In 1997, the subsidiary where he worked spun off the structures linked to undeclared accounts to a new trust company controlled by Dorig. Credit Suisse bankers then referred U.S. clients seeking to avoid domestic taxes to Dorig Partner AG. Despite the obfuscation, Credit Suisse recorded the real owners of accounts, Dorig said.

It was Dorigs role to create a paper trail that made it appear the structure operated independently and the U.S. person who owned the assets in the undeclared account linked to the structure had no control over the assets, according to a 17-page statement of facts. In truth, Dorig regularly acted at the direction of the U.S. person who owned the assets.

Dorig implicated several bankers under indictment, including Markus Walder, former head of North American offshore banking; Susanne Ruegg-Meier, a former member of senior management in cross-border banking; and Roger Schaerer, who worked in the banks New York office and was a senior manager. They have not responded to the 2011 indictment.

Dorig, a citizen of Switzerland and Italy, said he went to Miami, Beverly Hills, California, and other U.S. cities with Credit Suisse bankers to help U.S. clients set up the structures. After he set up the structures, clients visited Credit Suisse bankers in Zurich for cash. Between 2004 and 2008, one client took out $30,000 in cash on one trip, $11,000 on another, $50,000 on a third, and then $55,000, Dorig said.

Walder and Ruegg-Meier signed a contract in 2005 that required Dorig to pay a referral fee to Credit Suisse for clients. The bank terminated the deal in 2008, when Walder told him the bank would no longer maintain undeclared accounts. At that point, the U.S. was stepping up its offshore crackdown.

Originally posted here:
Credit Suisse Pressure Increases With Enablers Plea



Advantages of Offshore Banking in Panama
There are numerous advantages from banking in Panama, including privacy and tax advantages. To read more on how we can help you with this process or any of o…

By: Mata Pitti: Attorneys at Law

Excerpt from:
Advantages of Offshore Banking in Panama – Video

Andrea Leadsom has held properties in a company rather than in her own name and made use of offshore banking services The new Tory Treasury minister Andrea Leadsom has insisted she received no tax advantages from making use of offshore banking services, holding properties through a company rather than in her name and creating trusts for her children. The moves are legal but Labour has raised …

Excerpt from:
New Treasury minister faces questions over tax arrangements

GIVEN her record as an investment banker at Barclays de Zoete Wedd in the 1990s and then as a fund manager at Invesco Perpetual, Britains bankers will have been delighted with the appointment of Andrea Leadsom as City minister. Since becoming an MP in 2010, she has campaigned loudly against bonus caps and a financial transaction tax.

While its obvious where shes coming from on banking, Leadsoms financial interests impinge on another of her new ministerial responsibilities, too. She also assumes the brief for George Osbornes help to buy scheme, currently boosting values of houses across Britain and thus of her own investment portfolio.

In 2003 the high-earning Leadsom and her husband Ben also an ex-Barclays banker now running an algorithm-based trading company set up Bandal Ltd to invest in 1m worth of buy-to-let properties in Oxford. Not long afterwards, in March 2005, the couple transferred 24 percent of their shares in the company to two trusts set up for the benefit of their children (the eldest of whom, having turned 18, replaced Andrea Leadsom as a director of the company just two months ago).

Offshore accounts The purpose of this move is not entirely clear but such a step, taking assets out of the parents estates, was a common inheritance tax avoidance technique until the previous government blocked it a year after the Leadsoms transaction.

Perhaps more embarrassingly given her new bosss avowed distaste for offshore accounts, charges over two of Bandal Ltds properties were created in favour of Kleinwort Benson (Channel Islands) Ltd, the Jersey outpost of the investment bank.

This has long been a private banking and wealth management (ie tax avoidance) operation, not a buy-to-let lender, raising the question of what offshore banking arrangements lie behind the Leadsoms use of it when plenty of mainland banks would have funded the high-flyers investments.

Indeed, large chunks of the debt funding the property investments (and now the bulk of the companys borrowing) have been reported in the companys accounts to be repayable in less than a year, when conventional buy-to-let lending is over a far longer timescale.

Leadsom failed to respond to the Eyes questions on these matters, leaving if nothing else the impression that despite his protestations of clamping down on Britains many financial excesses, Osborne has given the Treasurys City brief to a wealthy ex-banker who uses trusts to reduce her tax bill and offshore accounts to exploit a booming property market.

The rest is here:
From News: The new City minister with an eye offshore



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