Pandora Papers expose world leaders’ offshore entities, Thai tycoon families among listed

[Albert Zweistein]

1 hour ago, 2 is 1 said:

Ja kulaus oli elämäni munaus. Dont make more bomb's

Agree, lets make more babies !

[Albert Zweistein]

1 hour ago, 2 is 1 said:

That is problem in that country where he/she has make money not problem of bank! Hope nobody dont want stop global banking system?! Or we can go back in stone age and sent money whit "letters"! Soon i finaly buy Bitcoin LOL

Buy Shiba Inu instead, starting to move. Bitcoin to expensive already.

[chrisandsu]

2 hours ago, sirineou said:

When a politician whose salary is less than $200, 000 has millions stowed in offshore accounts , It does not take a great leap of imagination to think that such funds are the result of illegal activity. 

Just look at that old hag Nancy Palouse . They are inside trading all the time but corruption doesn’t happen in the west ……

[chrisandsu]

1 hour ago, 2 is 1 said:

So that is up to banks and countrys who allow banking system to "wash" illegal money! Its not problem of guys like me who want only use legaly system possible! Before judge all watch system itself! Problem is not user, problem is who allow system! Communist system was really nice idea, only never cant come true coz human (animal) is greedy! If you want marx system and everything for all then maybe need move to Cuba!

I’m sure no one is bothered by your pennys . We are talking about billions and most likely trillions (combined) of $ that are hidden all while paying their staff non living wages so they become tax drains on the state . I think it’s known as corporate welfare . 

[Dukeleto]

The problem with tax is where it goes. All these governments have ways to spend these funds to enrich themselves via back hands for lucrative Government contracts etc and of course lavish expense accounts. There’s no oversight, they say there is but there isn’t. People rarely police themselves and once the money gets into the Governments accounts they do as they please. A business owner has to work hard to make their money and be clever to keep it going and growing to make more money. Governments simply waste what they get and the people using within Governments simply have no clue how to run a business. So what’s to like about paying your hard earned money to idiots who are just going to waste or misappropriate your hard earned gains. As an expat working in Thailand what do you get for paying your taxes? The right to own property? A state pension when you retire? The automatic right to permanent residency. Anything?

[StayinThailand2much]

13 hours ago, tingtong said:

Look at it this way:

 

Finally a lucky break for TAT.

They were long and hard on the hunt for bringing in the wealthy...

Now they got a list of names to approach!

No more excuses!!

Seems, the wealthy are actually leaving, or at least their money is...

[kiwikeith]

14 hours ago, 2 is 1 said:

Most of  offshore entities  are not illegal! Its only good tax planning. If you have several million's capital, why pay extra tax or tax over tax. I was doing tax planning, my Finnish company owner was my Estonia company whitch was owned company in Scotland. In Scotland i had only adress whit 3 other guy's, one room residence. But if want pay extra tax go for it. Have sold already all, dont know how this company "trik" works now days. But normal things, ofcourse if there is criminal money that kind need find.

That's all very well for those that have paid fair taxes.

But the kind of transactions and companies involved in these offshore entities are avoiding tax, and using, shell companies, shuffling money around and smart lawyers.

In NZ a book was written about it called the Wine Box,  which incolved the Cook Islands and all those other islands mentioned in the article.

It involved the countries top financial people lawyers , the IRD, a lengthy inquiry, which cost the tax payers, eventually a Lawyer investigating this got to the Cayman islands and got a court order to look at documents stored there, guess what? they allowed him access to the documents and to read them , but he was not allowed to copy them , remove them , so he was gazumped at the finish line.  

Some people were found dead, one drowned in a swimming pool at his home.

It shook NZ, and many overseas investors, but in the end no one was prosecuted, the government changed some tax laws but not enough to stop this.

 

NZ is regarded as one of the best places in the world to use these schemes.

Read the book "The Wine Box" by Rod Wishart, a real eye opener.

[hotchilli]

13 hours ago, tingtong said:

Look at it this way:

 

Finally a lucky break for TAT.

They were long and hard on the hunt for bringing in the wealthy...

Now they got a list of names to approach!

No more excuses!!

Domestic travel should increase exponentially then?

[hotchilli]

12 hours ago, Emdog said:

"It's not illegal" is typical defense of offshore accounts

Who writes the laws? Who is beholden to the rich and powerful?

It's not illegal but embarrassing for those on 50-80K baht salary per month having millions offshore.

[tonray]

Unlike these hapless boobs, I've cleverly hidden my wealth in a series of untraceable 'investments'. 

 

1) My GF's house" becasuse she actually owns the house and everything I've purchased in it, I get away with stashing my incredible wealth here. ????

 

2) My Bank Account for Visa Extensions: The fact that I must keep a certain balance to prove I have money to live on whilst in Thailand, that I actually can't spend or I won't be able to live in Thailand, protects me from international scrutiny like these hapless billionaires. ????

[IamNoone88]

I see nothing wrong with legitimate offshore tax efficient entities. Finance savvy investors use them all of the time and the process is not illegal. The illegal part is simply how the funds were gained in the use of such companies and that is local investigation such as in 1MDB etc.

[Mr Meeseeks]

13 hours ago, chalawaan said:

Well and good, but unless:

 

a) They've actually done something illegal outside of Thailand. and

 

b) an international court takes action.....

 

It's just a mild embarrassment, in fact some of them might even gain enormous face in the places that matter to them.

It's not a crime unless a Thai court convicts. 

 

Precedent already been set with Thammanat. 

[Mr Meeseeks]

2 hours ago, Albert Zweistein said:

Buy Shiba Inu instead, starting to move. Bitcoin to expensive already.

Meme coins will often pump big but volatility is high.

 

Invest in tech and grow your portfolio as adoption increases with less risk. 

[nobodysfriend]

Who makes a lot of money already , still wants to hide it offshore for tax reasons .

That is a form of corruption that is not benefiting any country , only the already rich account holders .

If even politicians have offshore accounts , they probably have to hide some ( illegal ) income ... in this case they are involved in something that should be officially declared .

It is not logic that the rich can do that , but not the ' normal ' guy who works and pays taxes .

I hope that , one day , politicians will be replaced by AI .

And that the super rich will be obliged to pay their taxes in the country where they do their business ...

 

[mtls2005]

Interesting that just five years ago the junta was keen to investigate some implicated in the Panama Papers, mostly those associated with the Shinawatra clan.

 

Now? 

 

 

[kiwikeith]

42 minutes ago, hotchilli said:

Domestic travel should increase exponentially then?

I wonder if FJ  is on the list??

[sanuk711]

The Pandora Papers reveal how the rich and powerful use legal loopholes to hide their wealth.

 

Shocking... Who would have guessed?.........................

[Derek B]

13 hours ago, chalawaan said:

Well and good, but unless:

 

a) They've actually done something illegal outside of Thailand. and

 

b) an international court takes action.....

 

It's just a mild embarrassment, in fact some of them might even gain enormous face in the places that matter to them.

Well they might loose their next election but not their inflated Gov pension I expect.

 

 

[Keesters]

I've always considered it odd that many Thai banks feel the need for branches in the Cayman islands. 

 

 

[StevieAus]

13 hours ago, chalawaan said:

There's plenty wrong with tax avoidance. Mainly that it's only reserved for the elites of this crappy planet. I was almost put in jail for daring to have an measly few kilos of gold outside of Australia (all declared) whilst being a permanent expat!

Think it's BS? Ask a good overseas tax accountant. I lost a lot of my super unwinding that at prices lower than I bought, to avoid becoming a criminal fugitive. 

My super is still in Australia returning good rates tax free 17.5% for half of it 34% for the other half last year.

The Fund and Government know I’m here.

Maybe your overseas  accountant is not that good.

 

[toolpush]

8 hours ago, bkk_bwana said:

No. It's not illegal. It's just immoral. International tax laws are a joke. These people need to pay taxes.

taxes are immoral

[BestB]

And if they dig little deeper they mind find all 6 are worth a lot more than they reporting 

[Dogmatix]

Tony Blair ranted about rich people avoiding tax in his younger days. Now Cherie takes advantage of offshore structure to avoid GBP 400k in stamp duty. Then defends herself with utter BS obfuscation. Champagne socialists.

[Joules]

Meanwhile, back in the good old US of A, the Biden Administration wants to put the spotlight on every American bank account worth $600 or more.  Hey man, this ain't no joke, there must be some unpaid taxes in there somewhere.  

[heybruce]

4 hours ago, 2 is 1 said:

So that is up to banks and countrys who allow banking system to "wash" illegal money! Its not problem of guys like me who want only use legaly system possible! Before judge all watch system itself! Problem is not user, problem is who allow system! Communist system was really nice idea, only never cant come true coz human (animal) is greedy! If you want marx system and everything for all then maybe need move to Cuba!

Where in my post did I show any support for a Marxist system of government?  Where did I condemn the legal use of offshore entities?

 

I pointed out that offshore entities can and are used for illegal and questionably legal reasons, and that the anonymity they allow users makes them very conducive for these purposes.  Eliminate this anonymity and you make it much harder to launder illegal money, and you expose the use of questionable tax practices.

[heybruce]

49 minutes ago, toolpush said:

taxes are immoral

Funding the government is immoral?  Do you also believe government is immoral?

[heybruce]

2 minutes ago, Joules said:

Meanwhile, back in the good old US of A, the Biden Administration wants to put the spotlight on every American bank account worth $600 or more.  Hey man, this ain't no joke, there must be some unpaid taxes in there somewhere.  

Can you better explain, and defend, your claim that "the Biden Administration wants to put the spotlight on every American bank account worth $600 or more."?

[Joules]

1 hour ago, Keesters said:

I've always considered it odd that many Thai banks feel the need for branches in the Cayman islands. 

 

 

The Thai Military Bank, for example.  Not only the Caymans, also one in Vientiane, Laos.   I suppose that one is more convenient for cash deposits from China, such as the buyer's commissions on the submarine deals.

[Joules]

2 minutes ago, heybruce said:

Can you better explain, and defend, your claim that "the Biden Administration wants to put the spotlight on every American bank account worth $600 or more."?

Posted just now

  3 minutes ago, Joules said:

Meanwhile, back in the good old US of A, the Biden Administration wants to put the spotlight on every American bank account worth $600 or more.  Hey man, this ain't no joke, there must be some unpaid taxes in there somewhere.  

Can you better explain, and defend, your claim that "the Biden Administration wants to put the spotlight on every American bank account worth $600 or more."?

 

Apparently, after the citizen outcry, the plan is being revised.  I am posting a link to Yahoo news, I hope that is legal.  If not, you can Goggle it.  Here's the link:  https://news.yahoo.com/democrats-raise-cap-biden-irs-110000327.html

[chrisandsu]

6 minutes ago, Joules said:

Meanwhile, back in the good old US of A, the Biden Administration wants to put the spotlight on every American bank account worth $600 or more.  Hey man, this ain't no joke, there must be some unpaid taxes in there somewhere.  

Maybe his and his sons ….. he avoided $500 k last year and telling us to pay up ???? you couldn’t make it up