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offshore credit cards,tax havens,bearer share company, bearer share companies,anonymous bank account,Anonymous credit cards,offshore banking,offshore banking…

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A weekly column that puts the fun into learning

Lets admit it. Most of us get a little thrill out of finding new ways to save taxes. This is exactly what corporate biggies such as Google, IBM and Amazon have been doing too. Theyve been cleverly routing their global profits through subsidiaries set up in destinations called tax havens. This has been going on for long. But, having been denied their fair share of taxes, governments are now cracking the whip.

What is it?

Tax havens are countries that have low or near-zero tax rates, especially for some kinds of transactions. Switzerland, Singapore, Hong Kong and Mauritius are the popular ones. But the list includes others such as Luxembourg, British Virgin Islands, Cayman Islands, the Netherlands and Bermuda too.

Multinationals set up their holding companies in these locations which then invest in operations located at other high-tax locations. So, even as the company carries out its real business in a high-tax regime such as the US or India, its able to dodge the taxman by showing a large share of profits as emanating from a tax haven.

But its not just companies; tax havens have something on offer for rich individuals too, promising complete confidentiality. Now youre wondering if everything about tax havens is so clandestine, why havent they been banned at the outset? Well, this is not how things were meant to be. When tax havens first sprang up, they came up in small countries endowed with limited natural resources or other competitive advantages. Such nations saw near-zero tax rates as a good way to attract reluctant foreign capital. But with corporations and affluent individuals taking advantage of the secrecy to save taxes, the whole thing went awry.

Why is it important?

Irked by tax revenue losses, governments have now begun to come down heavily on the menace of tax havens, threatening to revoke tax treaties and demanding more disclosures from them. In India, the phenomenon of routing black money to tax havens has given birth to what is called round-tripping. Foreign direct inflows from Mauritius, Indias second biggest source, totalled $4.5 billion during April-Feb of the last fiscal. But is the tiny island nation really such as industrial powerhouse? Not really. Cynics suspect a large part of the investment flowing in from Mauritius is actually Indian money sent abroad and routed back to avoid taxes. If its Mauritius for us, its British Virgin Islands for UK and Luxembourg for Russia.

The worry is that the anonymity that tax havens offer allows other kinds of illegal activity to flourish too. The world over billions made through illegal routes such as drug trafficking and arms smuggling are said to be laundered through tax havens.

Why should I care?

Continued here:
All you wanted to know about tax havens

May 122014

A weekly column that puts the fun into learning

Lets admit it. Most of us get a little thrill out of finding new ways to save taxes. This is exactly what corporate biggies such as Google, IBM and Amazon have been doing too. Theyve been cleverly routing their global profits through subsidiaries set up in destinations called tax havens. This has been going on for long. But, having been denied their fair share of taxes, governments are now cracking the whip.

What is it?

Tax havens are countries that have low or near-zero tax rates, especially for some kinds of transactions. Switzerland, Singapore, Hong Kong and Mauritius are the popular ones. But the list includes others such as Luxembourg, British Virgin Islands, Cayman Islands, the Netherlands and Bermuda too.

Multinationals set up their holding companies in these locations which then invest in operations located at other high-tax locations. So, even as the company carries out its real business in a high-tax regime such as the US or India, its able to dodge the taxman by showing a large share of profits as emanating from a tax haven.

But its not just companies; tax havens have something on offer for rich individuals too, promising complete confidentiality. Now youre wondering if everything about tax havens is so clandestine, why havent they been banned at the outset? Well, this is not how things were meant to be. When tax havens first sprang up, they came up in small countries endowed with limited natural resources or other competitive advantages. Such nations saw near-zero tax rates as a good way to attract reluctant foreign capital. But with corporations and affluent individuals taking advantage of the secrecy to save taxes, the whole thing went awry.

Why is it important?

Irked by tax revenue losses, governments have now begun to come down heavily on the menace of tax havens, threatening to revoke tax treaties and demanding more disclosures from them. In India, the phenomenon of routing black money to tax havens has given birth to what is called round-tripping. Foreign direct inflows from Mauritius, Indias second biggest source, totalled $4.5 billion during April-Feb of the last fiscal. But is the tiny island nation really such as industrial powerhouse? Not really. Cynics suspect a large part of the investment flowing in from Mauritius is actually Indian money sent abroad and routed back to avoid taxes. If its Mauritius for us, its British Virgin Islands for UK and Luxembourg for Russia.

The worry is that the anonymity that tax havens offer allows other kinds of illegal activity to flourish too. The world over billions made through illegal routes such as drug trafficking and arms smuggling are said to be laundered through tax havens.

Why should I care?

View original post here:
All you wanted to know about



An 'unregulated financial sector' – London used by banks for tax havens lack of regulations
Watch the full episode here: http://bit.ly/1jztxe9 Ronen Palan, Professor of International Political Economy at City University London, talks to Going Underg…

By: goingundergroundRT

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An ‘unregulated financial sector’ – London used by banks for tax havens & lack of regulations – Video



Canadians have at least $170 billion stashed in tax havens, says watchdog

By: osvaldo gilday

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Canadians have at least $170 billion stashed in tax havens, says watchdog – Video

Canadians' use of tax havens for both legal and illegal purposes appears to be growing despite government efforts to curtail the practice, says a new paper from a tax avoidance watchdog.

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The use of 10 offshore tax havens by Canadian firms and individuals rose to $170 billion last year



Tax havens and offshore accounts around the world – Truthloader
The International Consortium of Investigative Journalists has conducted a study into tax havens and offshore accounts. Some of the findings about the tax bre.

By: Cameon Man

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Tax havens and offshore accounts around the world – Truthloader – Video

Shareholders expected to question decision to raise payouts by 10% while activists highlight bank's promotion of tax havens Continue reading…

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Barclays faces rough ride at AGM over tax havens and bankers' bonuses

Britons hiding income in tax havens overseas to be made criminal offence Tough new measure was announced by George Osbourne at U.S. meeting It could help recoup some of 15billion in tax that goes missing each year HMRC estimates that outright tax evasion costs the Exchequer 5billion

By Alex Brummer City Editor In Washington

Published: 18:42 EST, 11 April 2014 | Updated: 18:47 EST, 11 April 2014

Tough new measure: Chancellor George Osborne has announced that it will be a criminal offence for residents to hide income in tax havens overseas

Britain is to declare war on tax dodging by making it a criminal offence for residents to hide income in tax havens overseas.

The tough new measure, announced by George Osborne at a meeting of finance ministers in the U.S., could help recoup some of the 15billion in personal tax and national insurance that goes missing each year.

HM Revenue & Customs estimates that outright tax evasion costs the Exchequer 5billion.

The Chancellor said: We are changing the balance of the law, so HMRC dont have to prove someone intended to hide their money offshore to evade tax, just that they did so and didnt pay tax.

The message is clear with this new criminal offence: if you are evading tax, there is no safe haven and we will find you.

The legislation will be attached to the finance bill, currently in the House of Commons, and will be published first thing on Monday morning.

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George Osborne announces measure to help Britain recoup some of 15bn lost tax



GRV 2014 – Follow the money to tax havens
Miranda Patrucic, Bosnia (ENG)

By: Region Vsterbotten

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GRV 2014 – Follow the money to tax havens – Video

New Delhi, March 26 (IANS) The Supreme Court Wednesday rejected the centre's plea seeking recall of the court's order setting up a Special Investigation Team (SIT) to probe the flight of unaccounted money in foreign banks. The court also slammed the successive governments at the centre in the last 65 years for doing nothing to bring back the black money stashed away in tax havens abroad. The …

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SC rejects centre's plea over black money probe

Instead, these multinational corporations set up subsidiaries in tax havens such as Ireland, Switzerland and the Cayman Islands. Skip to search. New User?

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Corporate tax avoidance ‘scheme’ hurting Canada, expert …

France's industrial renewal minister Friday threw a spanner in cable operator Numericable's multi-billion-euro bid for telecoms group SFR, as he challenged the company and its billionaire chairman over their holdings in tax havens. Numericable through its parent company Altice has offered 10.9 billion euros and a 32 percent stake in the new company for Vivendi's SFR, currently France's second …

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French minister weighs in over telecom bidding war



“Never been more money in tax havens than now” – new film exposes City corruption
Watch the full episode here: http://bit.ly/1jQTG6E Writer and filmmaker Mark Donne talks to Afshin Rattansi, the host of Going Underground, about the discove…

By: goingundergroundRT

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"Never been more money in tax havens than now" – new film exposes City corruption – Video

A lone protester who tried to enter a hotel seconded for the G20 finance minister's meeting in Sydney says he wants the economic body to crack down on tax havens. Bill Johnstone, 67, holding a sign protesting the future fund and accusing it of owning 43 tax havens, on Saturday tried to gain entry to the Intercontinental hotel in Sydney at about 1130 on Saturday. Outside, the Mr Johnstone was …

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Protester tries to access G20 hotel



Leading economic advisor turned dissident reveals how British tax havens help the rich get richer
Watch the full episode here: http://bit.ly/1frve96 John Christensen, Jersey's former economic advisor and current Director of the Tax Justice Network, talks …

By: goingundergroundRT

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Leading economic advisor turned dissident reveals how British tax havens help the rich get richer – Video



The biggest tech tax havens!

By: Aleo Vera

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The biggest tech tax havens! – Video



'Shocking abuse of public trust' Columbia University prof estimates $20bln hidden in tax havens
World billionaires and mega rich companies stash trillions in so-called “treasure islands” special tax zones like the British Virgin Islands and the Cayman I…

By: Global Report News

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‘Shocking abuse of public trust’ Columbia University prof estimates $20bln hidden in tax havens – Video



The Taxcast: Edition 25, January 2014
In the January 2014 Taxcast: Tax justice goes to the Cayman Islands; the latest fall-out from #OffshoreLeaks, the expose on tax havens from the International…

By: TackleTaxHavens

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The Taxcast: Edition 25, January 2014 – Video



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