Saturday, November 28, 2020
Home Lead Story Exposed! Paradise Papers reveal Tax-haven Secrets of the Super-rich! Even Queen Elizabeth...

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.

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)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,780FollowersFollow

Most Popular

Goddess Sati: The Hindu Goddess Of Marital Felicity And Longevity

Goddess Sati, also known as Dakshayani who is the Hindu Goddess of power and longevity. Sati was the daughter of Daksha, so she is called...

50 Percent Of Anemia Worldwide Is Due To Iron Deficiency: Report

According to the National Family Health Survey, in India, more than 50 percent of children, women of reproductive age, and pregnant women suffer from...

Mandarin Oriental Hotel Group Pledges To Eliminate Single-Use Plastic

One of the leading hotel chains in the world, Mandarin Oriental Hotel Group had pledged to eliminate all single-use plastic, across its portfolio of...

Report: 78% Adults Indians Make A Conscious Effort To Build Immunity

The underlying message from COVID-19 was loud and clear if your immune system is weak or if you are suffering from any lifestyle disease...

The New F&B Destination Of Gurugram- The RYU Resto-Bar At 32nd Milestone

With delectable sushi platters to signature cocktails that leave you wanting more, RYU, a new Asian-themed bar, and diner in Gurugram's popular dining destination...

Tips To Help You Navigate The New Rules Of Dating In 2020

Single Indians are now ready to dip their toes back into dating in real life (IRL) as India unlocks. However, how does one do...

How To Become A Poker Pro

By Carol Trehearn Whether you’re completely new to the game of poker and are really enjoying the games you’ve played so far, or have spent...

A Buying Guide For Lanyards Amid COVID-19

By Cathy Carter COVID-19 has changed the way the world operates. Unimaginable lifestyle changes are adopted. You would have never thought of something as drastic...

Recent Comments