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Offshore Secrets Revealed: The Shadowy Side of a Booming Industry

Business  (tags: corporate governance, worldwide investigation, offshore secrets, sham company directors, Sarah Petra-Mears, 1200 Caribbean companies, The Guardian, Int'l Consortium of Investigative Journa, (ICIJ) )

- 2006 days ago -
A worldwide joint investigation has uncovered a booming offshore industry that leaves the way open for both tax avoidance and the concealment of assets. It will reveal an extraordinary network of mostly British, sham company directors.

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Pogle S (88)
Tuesday November 27, 2012, 12:03 am
This is disgusting! Nobody likes paying taxes but these selfish wealthy and criminal individuals are robbing us all and making us pay more tax than we would if they hadn't been so slick.

Look what happened to Greece because tax evasion was rife!

Frans Badenhorst (582)
Tuesday November 27, 2012, 12:05 am
really?.... sounds just sick

Thom Loveless (20)
Tuesday November 27, 2012, 2:35 am
Interesting that the Guardian's 'revelations don't include the ownership structure of the Guardian itself which is also held through offshore vehicles.....

Judy C (97)
Tuesday November 27, 2012, 3:46 am
That's pretty ironic, Thom. I suppose these offshore entities are entangled with most industries, and the media are no exception.

It's about time this information is being brought into the light. It is indeed disgusting and sick, and we need to know what's going on.

Thom Loveless (20)
Tuesday November 27, 2012, 4:08 am
Of course it is not as simple as just banning all off shore companies. There are legitimate reasons for using them. For example a citizen of country X who works in country Y on a temporary assignment often has to work hard to avoid being taxed by both countries, especially if there is no tax agreement between the two countries. However the use of a corporate tax haven vehicle to buy an asset in the same country should be simple to remove. Frankly the governments have no desire to do so. Remember this earns a lot of money for countries who would otherwise look to the Commonwealth for support. Chances are nothing will happen.

Angelus S (119)
Tuesday November 27, 2012, 4:11 am
Has anyone ever wondered why the IRS doesnt have an anonymous email tipline? Since much of this is about people not paying their fair share, wouldn't it be in the interest of legitimate taxpayers to have such a line so the IRS can get leads on people operating under the radar? I know perhaps 20 ppl who are cheating the IRS and dont like it

donnaa D (14)
Tuesday November 27, 2012, 5:21 am
saw the Docu on BBC, and these people are unscrupulous, they all need time in prison, its a disgrace

cecily w (0)
Tuesday November 27, 2012, 5:41 am
Jaime Dough--Good point on the Tip Line.

I have the unpopular view (unpopular, at least on Care 2 :) that all entities--individuals through corporations--and regardless of income, should be taxed at the same rate. Further that earned and "unearned" income should be taxed at the same rate too. Tax sheltering "devices"--including offshores, most deferments, and many deductions--get in the way of those who advocate either side of this issue.

Mitchell D (87)
Tuesday November 27, 2012, 4:45 pm
I like Jaime"s tip line idea. Perhaps if the IRS does not have one for on-line tipping, they have one for phoning, you know, what used to be called "dropping a dime."
I'm glad to see someone sles aware that the entire Greek drama started with their rich finding ways to avoid paying taxes!

. (0)
Tuesday November 27, 2012, 6:47 pm
Eh tu King Barky? Posted.

Siti R (12)
Thursday November 29, 2012, 3:32 am
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