Friday April 20, 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
//
43
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

Facebook not yet ready with digital payments on Messenger in India

When launched, the new payments feature is set to give a tough competition to Paytm and other digital payment services like Google Tez

0
//
7
The Facebook's image.
Facebook not ready for online payments. Pixabay

Facebook has no plans as of now to bring digital payment facility to its Messenger application in India, informed sources said on Thursday. “There are currently no tests planned for recharges or peer-to-peer payments on Messenger in India,” the sources told IANS.

Factor Daily had reported that Facebook has begun a beta version of recharge payments for mobile phone and other prepaid services on Messenger. “Mobile recharge option is a Facebook ‘Marketplace’ offering — which is actually going on as a pilot test which is right now available to only Android users in some regions,” the sources added.

The icon of Facebook.
Facebook has many fake profiles. Pixabay

Launched in 2016, Marketplace is a user-to-user exchange platform for buying and selling goods with others within the community. Currently, the peer-to-peer payment service on Messenger is available for its users in the US and the UK.

More than 1.3 billion people around the world are now using Facebook Messenger every month. The growth of Messenger now puts the app at par with Facebook-owned WhatsApp which also has over 1.3 billion monthly active users (MAUs). WhatsApp, however, has rolled out the testing phase of its digital payment feature in India — a first such move globally — which will be officially rolled out to its over 200 million Indian users in the days to come.

Also Read: Facebook introduces new privacy updates for EU users

When launched, the new payments feature is set to give a tough competition to Paytm and other digital payment services like Google Tez. The payments feature would take advantage of UPI (Unified Payments Interface) and include support by a number of banks, including the State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank. IANS