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Iro PanaLeaks: MossFon are a law firm but their main business is acting as incorporation agent for other professionals (trust and fiduciary companies, law firms, accountancy firms and tax advisers). Together with Icaza Gonzales Ruiz Aleman they’re one of the world’s biggest offshore incorporators. The reality is that in many instances they didn’t provide any service other than incorporate and provide domiciliation services (ROA, directors etc). The advice, if any (and associated statement of compliance), would have come from the instructing intermediary. The claim from the buffoon on R4 this morning (not Murphy although i’m sure he’ll be spittle-flecking soon enough) that this is a world the average Joe simply can’t access is rubbish. $2000 will buy you a Panamanian company with directors…
Yes,
The comment that, for the Olszewski issue, $10,000 per year fees for a $1.8m investment company (which is a small one, frankly) is “high” just shows that Guardian journalists invest their ill-gotten gains in Tuscan property (where agents’ fees are considerably higher), rather than in the financial markets.
The law firm of Dewey, Cheatham and Howe.
‘The claim from the buffoon on R4 this morning (not Murphy although i’m sure he’ll be spittle-flecking soon enough) that this is a world the average Joe simply can’t access is rubbish. $2000 will buy you a Panamanian company with directors…’
A lot of average joes don’t have $2000 lying around, and it’s not as simple as that anyway. I couldn’t give a shit if this stuff is legal but to pretend John Smith has the same access to it as Cameron’s dad is ridiculous.
Some predictions……
1) it will be claimed that this will lead to billions more tax being due to the UK
2) it won’t
3) Murphy will claim that 1) and 2) prove that thousands more staff are needed at HMRC
4) the PCS Union will pay Murphy for 3).
@AndrewC
Murphy just on R5 pushing 3), the mercenary little shit
If you’re a director of 600 Panamanian companies that have been abetting tax evasion in every jurisdiction outside Panama then presumably you’d be well-advised to remain in Panama.
GMG used Freshfields for their disposal of their interest in Autotrader, so it wouldn’t be surprising if they used them or their network.
HMRC are already robbing the nation of 41.3 % of all income and other forms of tax. If they succeed in catching some of these people, will that raise them to further taking tax freedom day to a full half year ? I think we should be told.
@Alan Douglas
Probably not much. Using Panama or Liechtenstein is very much the hall mark of the amatear tax avoider / professional money launderer. The former is not going to yield much. The latter is going to find another way to move/hide his wealth.
Please can we here at least maintain the distinction between tax avoidance and tax evasion.
If New Zealand is a centre of tax avoidance, as our media keep saying, then no problem.
Only tax evasion is illegal.
Maintaining that tax avoidance is “immoral” is just bullshit. Who deliberately pays more than they have to?