Tuesday September 18, 2018
Home Lead Story Exposed! Para...

Exposed! Paradise Papers reveal Tax-haven Secrets of the Super-rich! Even Queen Elizabeth II hasn’t been spared!

The publication of this investigation for which more than 380 journalists have spent a year combing through data that stretches back 70 years comes at a time of growing global income inequality.

0
//
53
paradise papers
Paradise Papers expose tax haven secrets of ultra-wealthy, including Queen Elizabeth. The details come from a leak of 13.4 million files that expose the global environments in which tax abuses can thrive - and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth. VOA
Republish
Reprint

London, November 6, 2017 : A huge new leak of financial documents has revealed how the powerful and ultra-wealthy including Britain’s Queen Elizabeth II’s private estate secretly invest vast amounts of cash in different offshore tax havens, media reports said on Monday.

The details come from a leak of 13.4 million files in the Paradise Papers on Sunday that expose the global environments in which tax abuses can thrive – and the complex and seemingly artificial ways the wealthiest corporations can legally protect their wealth.

The material which has come from two offshore service providers and the company registries of 19 tax havens was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists (ICIJ) with 100 other media organisations including the Guardian, the BBC and The New York Times.

Some of the revelations in the Paradise Papers include millions of pounds from Queen Elizabeth II’s private estate that has been invested in a Cayman Islands fund and some of her money that went to a retailer accused of exploiting poor families and vulnerable people.

Paradise Papers detail extensive offshore dealings by US President Donald Trump’s cabinet members advisers and donors including substantial payments from a firm co-owned by Russian President Vladimir Putin’s son-in-law to the shipping group of the US Commerce Secretary Wilbur Ross.

The leak shows how social media giants Twitter and Facebook received millions in investments that can be traced back to Russian state financial institutions along with aggressive tax avoidance by multinational corporations including Nike and Apple.

It also includes information about a tax-avoiding Cayman Islands trust managed by the Canadian Prime Minister Justin Trudeau’s chief wealth manager.

The leak also includes how some of the biggest names in the film and TV industries protect their wealth with an array of offshore schemes and the complex offshore webs used by two Russian billionaires to buy stakes in Arsenal and Everton football clubs.

The disclosures will put pressure on world leaders including Trump and British Prime Minister Theresa May who have both pledged to curb aggressive tax avoidance schemes.

The publication of this investigation for which more than 380 journalists have spent a year combing through data that stretches back 70 years comes at a time of growing global income inequality.

Offshore finance is about a place outside of one’s own nation’s regulations to which companies or individuals can reroute money assets or profits to take advantage of lower taxes reports the BBC.

These jurisdictions are known as tax havens to the layman or the more stately offshore financial centres (OFCs) to the industry. They are generally stable secretive and reliable often small islands but not exclusively so and can vary on how rigorously they carry out checks on wrongdoing. (IANS)

Click here for reuse options!
Copyright 2017 NewsGram

Next Story

Twitter Announces to Revert its Timeline Into A Pure Chronological Feed

Twitter has updated the "Show the best Tweets first" setting

0
Twitter icon.
Twitter revives pure chronological timeline for over 300 mn users. Pixabay

Giving its over 336 million users more control, Twitter has announced that it will completely revert their timeline into a pure reverse chronological feed.

The micro-blogging platform in 2016 announced that it will only show “most important tweets” and stop the most recent tweets first which irked many users.

In a series of tweets on Tuesday, Twitter announced that in the coming weeks, it will start testing a “way to switch between a timeline of tweets that are most relevant for you and a timeline of the latest tweets”.

“We’ve learned that when showing the best Tweets first, people find Twitter more relevant and useful. However, we’ve heard feedback from people who, at times, prefer to see the most recent tweets,” said Twitter.

“Our goal with the timeline is to balance showing you the most recent tweets with the best tweets you’re likely to care about, but we don’t always get this balance right,” it added.

TWitter
The logo for Twitter is displayed above a trading post on the floor of the New York Stock Exchange. vOA

This is how it will work.

Flip on the feature in your settings from the iOS or Android Twitter app.

When you open Twitter after being away for a while, the tweets you’re most likely to care about will appear at the top of your timeline — still recent and in reverse chronological order.

The rest of the tweets will be displayed right underneath, also in reverse chronological order, as always.

“At any point, just pull-to-refresh to see all new tweets at the top in the live, up-to-the-second experience you already know and love,” said Twitter.

Twitter
Twitter on a smartphone device. Pixabay

“We’re working on making it easier for people to control their Twitter timeline, including providing an easy switch to see the most recent tweets,” said Twitter Product Lead Kayvon Beykpour.

Twitter has updated the “Show the best Tweets first” setting.

Also Read- Samsung India Launches Home Screen Range

“When off, you’ll only see tweets from people you follow in reverse chronological order. Previously when turned off, you’d also see ‘In case you missed it’ and recommended tweets from people you don’t follow,” it noted. (IANS)