Panama Papers: biggest leak in history published by German newspaper

[Naam]

The New York Times reports that nearly half of all public corporations in the US are incorporated in Delaware. In fact it has more corporate companies than people living in the state – 945,326 to 897,934. According to Anthony Travers, chairman of the Cayman Islands Stock Exchange, the level of secrecy in Delaware is astounding.

“The states of Delaware, Nevada, Wyoming and South Dakota are the new Switzerlands of this world. They are tax havens that guarantee people banking secrecy which surpasses that of Switzerland and Luxembourg,”

According to Shruti Shah, the vice-president of programs and operations at Transparency International, an anti-corruption organization, the reason so many people are opting to leave their money in the US is due to the ease of opening an account.

Delaware may be one of the smallest US states; however, it is leading the way in registering some of the country’s top companies, such as Coca-Cola, Google, Wal-Mart and American Airlines.

like many other journàrselists the one from the NYT has obviously no idea that opening/establishing a corporation is different from opening a bank account.

there's also a huge difference whether the beneficiaries of a corporation are hidden or available to any United States government authority at any time.

for the record: i am getting a bit tired explaining that "two plus two equals four in the U.S." whereas "two plus two might equal four minus two plus the square root of four" in jurisdictions like Panama.

[lkv]

they have to get the major banking ducks in a row located in the Channel Islands, Hong Kong, Singapore, Brunei, Macao, Gibraltar, Bahrain and Emirates and of course close the well known tax loopholes.

Unlikely. If one agrees to strictly adhere to the guidlines of AIE, others won't, the money will fly from A to B and A will lose a lot of business.

Just like it flew from Switzerland to Singapore, it can fly further. Banks know this. Governments know this.

[Naam]

they have to get the major banking ducks in a row located in the Channel Islands, Hong Kong, Singapore, Brunei, Macao, Gibraltar, Bahrain and Emirates and of course close the well known tax loopholes.

Unlikely. If one agrees to strictly adhere to the guidlines of AIE, others won't, the money will fly from A to B and A will lose a lot of business.

Just like it flew from Switzerland to Singapore, it can fly further. Banks know this. Governments know this.

Singapore has already agreed in principle and i am quite sure they will ratify and apply information exchange (on demand) starting jan1, 2017 perhaps even retroactively effective jan1, 2016

the Singapore government and its banking regulator the MAS has used and is using strong words.

[lkv]

they have to get the major banking ducks in a row located in the Channel Islands, Hong Kong, Singapore, Brunei, Macao, Gibraltar, Bahrain and Emirates and of course close the well known tax loopholes.

Unlikely. If one agrees to strictly adhere to the guidlines of AIE, others won't, the money will fly from A to B and A will lose a lot of business.

Just like it flew from Switzerland to Singapore, it can fly further. Banks know this. Governments know this.

Singapore has already agreed in principle and i am quite sure they will ratify and apply information exchange (on demand) starting jan1, 2017 perhaps even retroactively effective jan1, 2016

the Singapore government and its banking regulator the MAS has used and is using strong words.

On demand yes. Automatic, we'll see. On demand means through specific channels and in special circumstances. Not just fishing expeditions.

Yes, I know they are using strong wording. They also deny being a financial hub and are not sure that people describing it as the place with a lot of inflows is a fair characterisation.

Edited April 9, 2016 by lkv

[Naam]

On demand yes. Automatic, we'll see. On demand means through specific channels and in special circumstances. Not just fishing expeditions.

automatic info exchange has recently started in Europe. Austria is taxing EU citizens and informing their relevant tax authorities.

but on a global scale? i don't think so.

[craigt3365]

On demand yes. Automatic, we'll see. On demand means through specific channels and in special circumstances. Not just fishing expeditions.

automatic info exchange has recently started in Europe. Austria is taxing EU citizens and informing their relevant tax authorities.

but on a global scale? i don't think so.

Even if the Western nations all agreed on this, what impact would that have on nations like China, Russia, Thailand, etc? Seems they'd still be able to skirt around things....

[Naam]

On demand yes. Automatic, we'll see. On demand means through specific channels and in special circumstances. Not just fishing expeditions.

automatic info exchange has recently started in Europe. Austria is taxing EU citizens and informing their relevant tax authorities.

but on a global scale? i don't think so.

Even if the Western nations all agreed on this, what impact would that have on nations like China, Russia, Thailand, etc? Seems they'd still be able to skirt around things....

banking in Thailand is worse than banking in Somalia

Hong Kong could be brought to heel with sanctions but i don't think Macao can be easily threatened.

China offshore banking not (yet) possible.

Russia? hmmm...

[lkv]

On demand yes. Automatic, we'll see. On demand means through specific channels and in special circumstances. Not just fishing expeditions.

automatic info exchange has recently started in Europe. Austria is taxing EU citizens and informing their relevant tax authorities.

but on a global scale? i don't think so.

Even if the Western nations all agreed on this, what impact would that have on nations like China, Russia, Thailand, etc? Seems they'd still be able to skirt around things....

banking in Thailand is worse than banking in Somalia

Hong Kong could be brought to heel with sanctions but i don't think Macao can be easily threatened.

China offshore banking not (yet) possible.

Russia? hmmm...

Firstly the date is September 2018. Secondly, it is subject to local legislation passing through the respective Parliaments or whatever.

Thirdly, if it actually does go through, the implementation of it by banks is likely to consist in a self declaration backed by TIN. TIN can be in any country. Even a Thai TIN, or a Cambodian TIN etc.

And lastly, if they become too fussy about it, I hear Bahrain is a lovely place.

Edited April 9, 2016 by lkv

[Naam]

Firstly the date is September 2018. Secondly, it is subject to local legislation passing through the respective Parliaments or whatever.

Thirdly, if it actually does go through, the implementation of it by banks is likely to consist in a self declaration backed by TIN. TIN can be in any country. Even a Thai TIN, or a Cambodian TIN etc.

And lastly, if they become too fussy about it, I hear Bahrain is a lovely place.

my information pertains only to Singapore where i bank since many rainy seasons and the info from my banks is not about TINs but as proof among others utility bills with credible usage (a problem for most foreigners residing in Thailand) as well as the dates i mentioned.

group requests from foreign governments / treaty partners concerning financial information are possible since end of november 2014!

Singapore endorses the internationally agreed Standard for exchange of information for tax purposes (also known as the “EOI Standard”). In Apr 2013, the Global Forum on Transparency and Exchange of Information for Tax Purposes ("GFTEI") affirmed through a peer review process that Singapore’s EOI regime is in line with the EOI Standard, both in terms of legal framework and implementation.

Treaty partners may make a request for information for tax purposes to the Competent Authority, International Tax Affairs and Relations Branch. Treaty partners requesting for information will be required to provide information as specified in the Eighth Schedule of the Singapore Income Tax Act .

At the 28-29 Oct 2014 seventh GFTEI meeting, the GFTEI, which comprises 123 jurisdictions, adopted the 2012 update to Article 26 of the OECD Model Tax Convention and its Commentary ("2012 Update") for incorporation into the Terms of Reference for evaluating the effective exchange of tax information. Consequently, requests for information on a group of taxpayers not individually identified but which have certain characteristics in common and as described in the 2012 Update ("Group Requests") are regarded as coming within the scope of EOI requests based on the EOI Standard.

In adhering to the EOI Standard, Singapore has amended its laws to put in place the legislative framework to deal with Group Requests, with effect from 28 Nov 2014.

With this amendment, Singapore is now able to assist with Group Requests from our treaty partners, subject to reciprocity.

[lkv]

Yes, you are talking about EOI, and i am talking about AEOI. It's like apples and oranges, big big difference in implementation.

[Naam]

Yes, you are talking about EOI, and i am talking about AEOI. It's like apples and oranges, big big difference in implementation.

i am looking at the principle and see neither apples nor oranges but potatoes of questionable quality. and it all boils down to the possibility that come next monday a letter is typed in Herrn Schäuble's office which might look like the one below and more important which will be answered:

Deer Singapuhr Government,

vee kame to now zat kvite a number off Tcherman citizens are banking vizzin your tchurisdicktchen and fail to pay zeir fair share of taxes in zeir fatherland.

Vee zerefore zend you ze gruppen-enquiry vizz kommon karakteristiks as rekvired and as specified hereafter:

age betveen 35 and 75, height betveen 150 and 201 cm, portfolio values in ze rantch off 1 million to 99 million Y€Urows.

pleese hurry up fast bekause vee need ze dough to finanz all zem migrants hoo are fludding Tchermany.

respektfully yours,

Wolfgang S.

[lkv]

Yes, and for that upon request of your Goverment, the Singapore government would have to run it through Singapore Courts and obtain a court order, otherwise your SG bank has no obligation to reveal information to the SG Gvt.

This is what's going on with EOI.

AEOI means. You declare your tax residency to the bank, the bank sends the info to the SG Gvt, and SG gvt exchanges the data automatically with your government. Should you be a Thai tax resident let's say, the Singapore bank would not send your info to the SG Gvt since Thailand is not in the list of countries implementing AEOI.

AEOI has a proposed date (if "everything is ready") on September 2018 for Singapore.

Edited April 9, 2016 by lkv

[Naam]

AEOI means

sorry, but my information differs and derived from the horse's mouth, id est my banks. but we are about to hijack this thread by going into specifics of a single jurisdiction which is not really in the interest of the other participants.

[lkv]

Yeah, let's get back to Panama. Panama refused to participate in any exchange of any information

[nausea]

Oh, shock, horror. Rich people are using offshore bank accounts to hide their wealth and avoid tax. Next you'll be telling me the tooth fairy doesn't exist. What a load of crap, we all know why the rich keep getting richer, and the poor poorer. First up against the wall when the revolutiion comes, that's what I say.

[donnybay]

One of the now deceased Bangkok boiler room king pins stashed money there according to AD, are you listening General? time to put these boys to bed