G5 unites to tackle tax evasion

[rooster59]

G5 unites to tackle tax evasion



The UK, France, Germany, Spain and Italy are to unite to tackle tax evasion in the wake of the Panama Papers revelations.

Europe’s top five economies have launched an initiative to curb tax fraud and money laundering by agreeing to share information on the “beneficial owners” of businesses, effectively putting an end to the secrecy of shell companies.

UK Chancellor of the Exchequer, George Osborne, told a press conference in Washington:

“Today we deal another hammer blow against those who would illegally evade taxes and hide their wealth in the dark corners of the financial system. Britain will work with our major European partners to find out who really owns these secretive shell companies and the trusts that have been used as conduits for evading tax and benefitting from corruption.”

The G5 initiative came days after the UK announced it would advance plans to “introduce a criminal offence for corporations who fail to stop their staff facilitating tax evasion.”

Secretary-General of the OECD José Ángel Gurría also disclosed that Panama has decided to adopt international tax reporting standards.

“If that is the case and they do it in whole, that is very good news indeed and we would welcome that move. That would be the silver lining of this incident,” he said.

The leak of a set of 11.5 million confidential documents from Panamanian law firm Mossack Fonseca earlier in April underlined the country’s failure to participate in international efforts to curb tax evasion.

-- (c) Copyright Euronews 2016-04-16

[shirtless]

Great they will hardly go after there friends and business associates, Only when something comes to light do these jokers take action

[Suradit69]

... in the wake of the Panama Papers revelations.

Revelations? So rich people and politicians having money that was accumulated through dubious means and stashed out of sight is a revelation?

... have launched an initiative to curb tax fraud and money laundering ...

More like a damage control exercise before the revelations expand to include more of the characters sitting on the panel & they start to feel the heat.

Definitely a case of face-saving shifting to saving another part of the anatomy further south.

Edited April 16, 2016 by Suradit69

[connda]

Christine Lagarde and all the unelected EU ministers pay no taxes at all. Sorta like the foxes planning on how to secure the hen house. Free passes for the rich; Machiavellian rules for everyone else.

Edited April 16, 2016 by connda

[wabothai]

Now, will the not guilty ones cast the first stone.

[geriatrickid]

Italy is a nation of tax dodgers.

[sgtsabai]

I'll believe this as soon as somebody buys that 4 lane bridge from LA to Bangkok.

[razer]

Tax avoidance and tax evasion are two different things.

Tax evasion is for the little fish. ... Tax avoidance is for the big fish.

Governments world-wide have made tax avoidance legal via offshore companies and tax loopholes.

BUT ... the public will buy this BS and will be happy eating it.

[RuamRudy]

Tax avoidance and tax evasion are two different things.

Tax evasion is for the little fish. ... Tax avoidance is for the big fish.

Governments world-wide have made tax avoidance legal via offshore companies and tax loopholes.

BUT ... the public will buy this BS and will be happy eating it.

But we are slowly waking up to it. We need more and more of these leaks and whistleblowing to really get people fired up.

When the politicians start to go after the whistleblowers, you can tell that they are scared.

[Rancid]

Facts of life are the very rich and multinationals pay little or no tax, also obvious that governments are getting a kickback to turn a blind eye.

[Dumbastheycome]

Facts of life are the very rich and multinationals pay little or no tax, also obvious that governments are getting a kickback to turn a blind eye.

What kick backs? They are the same people!

[Ghostnigel]

I don't blame anyone for trying to avoid paying heavy taxes on their riches. Its not illegal, i would want to do the same if i was wealthy. Who, in their right mind would give away a bigger chunk of their wealth if they could get away with it?

I would use every loop-hole avaliable to keep MY money from the clutches of the tax man, and all you would too if the chance arose.

Look after number 1 first....

George Osbourne is sat at the table in the picture, his family is loaded, he is an expert on these matters, so is he stupid if he avoids tax, or a genius??

[RuamRudy]

I don't blame anyone for trying to avoid paying heavy taxes on their riches. Its not illegal, i would want to do the same if i was wealthy. Who, in their right mind would give away a bigger chunk of their wealth if they could get away with it?

I would use every loop-hole avaliable to keep MY money from the clutches of the tax man, and all you would too if the chance arose.

Look after number 1 first....

George Osbourne is sat at the table in the picture, his family is loaded, he is an expert on these matters, so is he stupid if he avoids tax, or a genius??

Of course you are correct in what you wrote, but the people who benefit from these arcane loopholes are the very people who either put them in place initially, or are empowered to regulate them. That the vast majority of people are only becoming aware of them now shows just how obscure they were - unatainable for the ordinary person, and designed to benefit only those in their very exclusive club. At the same time, as our government is trying to protect and enlarge the wealth of its members and their school chums, it is continuing to punish the poor for the past excesses of the rich.

[Ghostnigel]

I don't blame anyone for trying to avoid paying heavy taxes on their riches. Its not illegal, i would want to do the same if i was wealthy. Who, in their right mind would give away a bigger chunk of their wealth if they could get away with it?

I would use every loop-hole avaliable to keep MY money from the clutches of the tax man, and all you would too if the chance arose.

Look after number 1 first....

George Osbourne is sat at the table in the picture, his family is loaded, he is an expert on these matters, so is he stupid if he avoids tax, or a genius??

Of course you are correct in what you wrote, but the people who benefit from these arcane loopholes are the very people who either put them in place initially, or are empowered to regulate them. That the vast majority of people are only becoming aware of them now shows just how obscure they were - unatainable for the ordinary person, and designed to benefit only those in their very exclusive club. At the same time, as our government is trying to protect and enlarge the wealth of its members and their school chums, it is continuing to punish the poor for the past excesses of the rich.

Oh come on, think about it, if you were wealthy, would you or would you not do exactly the same thing to protect your own wealth? I think you would, i would definitely.

As for punishing the poor, they have to ask themselves "why are we so poor". My phylosophy is to either make something of your life, or stay poor. I was poor once, I had nothing, been given nothing, and just worked my ass off for what i have, now i can afford to live a comfortable-ish life, not rich, not poor. When you have worked hard, and saved a little, you should be able to keep most of it. Then let the 'poor' earn their own money....that's just my view, thats how i have lived my life, not just waiting for hand-outs.

Most of these 'poor' people could do something to change to a better life, but they are just too damn lazy.

[lkv]

"Europes top five economies have launched an initiative to curb tax fraud and money laundering by agreeing to share information on the beneficial owners of businesses, effectively putting an end to the secrecy of shell companies."

Sweet talk. So Italy is going to share with the UK that the beneficial owner of the Italian business is a company registered in the middle of the ocean outside of both UK and Italy's reach.

Mmm...got it.

[RuamRudy]

Oh come on, think about it, if you were wealthy, would you or would you not do exactly the same thing to protect your own wealth? I think you would, i would definitely.

As for punishing the poor, they have to ask themselves "why are we so poor". My phylosophy is to either make something of your life, or stay poor. I was poor once, I had nothing, been given nothing, and just worked my ass off for what i have, now i can afford to live a comfortable-ish life, not rich, not poor. When you have worked hard, and saved a little, you should be able to keep most of it. Then let the 'poor' earn their own money....that's just my view, thats how i have lived my life, not just waiting for hand-outs.

Most of these 'poor' people could do something to change to a better life, but they are just too damn lazy.

Maybe you are right; although I am not in the position to find out, I like to think that my integrity and my innate sense of morality would prevent me from exploiting any such position were I to land so lucky. That said, human nature and all that, maybe I am just as greedy as the next politician.

I am afraid I don't agree with your next statement. Of course the self made man is not a myth, but if you come from a Western country then, no matter how impoverished your upbringing was, you started life pretty close to the top rung of the ladder. I live near a slum and often see the street kids running around. No matter how many potential geniuses there are amongst them, the chances of them breaking free from the cycle of poverty is almost zero. No amount of hard work will change that - in fact, all they will probably know will be back breaking work and poverty. It is not correct to say that the two cannot go hand in hand.

[up2u2]

Why do they act like it is some big unknown secret. It has been going on for over 30 years. Just politicians talking BS as usual and of course they strut about and do bugger all. Just part of the game.

Greed head to head with morality? Morality wouldn't even get out of the gates.

[Chicog]

The only words that spring to mind are "Who are they trying to ----ing kid?"

[Ghostnigel]

Oh come on, think about it, if you were wealthy, would you or would you not do exactly the same thing to protect your own wealth? I think you would, i would definitely.

As for punishing the poor, they have to ask themselves "why are we so poor". My phylosophy is to either make something of your life, or stay poor. I was poor once, I had nothing, been given nothing, and just worked my ass off for what i have, now i can afford to live a comfortable-ish life, not rich, not poor. When you have worked hard, and saved a little, you should be able to keep most of it. Then let the 'poor' earn their own money....that's just my view, thats how i have lived my life, not just waiting for hand-outs.

Most of these 'poor' people could do something to change to a better life, but they are just too damn lazy.

Maybe you are right; although I am not in the position to find out, I like to think that my integrity and my innate sense of morality would prevent me from exploiting any such position were I to land so lucky. That said, human nature and all that, maybe I am just as greedy as the next politician.

I am afraid I don't agree with your next statement. Of course the self made man is not a myth, but if you come from a Western country then, no matter how impoverished your upbringing was, you started life pretty close to the top rung of the ladder. I live near a slum and often see the street kids running around. No matter how many potential geniuses there are amongst them, the chances of them breaking free from the cycle of poverty is almost zero. No amount of hard work will change that - in fact, all they will probably know will be back breaking work and poverty. It is not correct to say that the two cannot go hand in hand.

I wouldn't exactly say avoiding tax is being greedy, i would say it was just protecting what is yours, inherited or earned. I am not saying to evade taxation, but i don't believe that benefit scroungers from anywhere, home or away, should take an even bigger slice of my pie. There are too many lazy-assed people that think hard working people should pay for their 50"TV. I would make them work for it.

So to sum up, if you've got it....hide it, or lose it.