dinsdag 7 november 2017

Paradise Papers: Secrets of the global elites revealed

07-11-2017

Source:
International Consortium of Investigative Journalists


Greetings!

Today we look at two giant corporations we discovered in the Paradise Papers. Apple and Nike use clever tax maneuvers to reduce the amount of taxes they owe. As Edward Kleinbard, a former corporate lawyer, told our reporter Simon Bowers: “U.S. multinational firms are the global grandmasters of tax avoidance schemes.”

We also reveal how the clever offshore experts can reduce the amount of tax the rich have to pay on luxury jets and yachts. 
And of course, there is some fallout from yesterday’s stories, including U.S. Commerce Secretary Wilbur Ross responding to our reporting that he has business ties with Russia.

Until tomorrow!

The ICIJ team.

P.S. I’d encourage you to also read this post by our grants manager, Caitlin Ginley Sigal, who explains how ICIJ funds projects like these. They sure aren’t cheap!
|| LATEST NEWS

After yesterday’s revelations that U.S. Commerce Secretary Wilbur Ross had business ties with Russia, he refuted the claim that there was anything wrong with that.  "There's nothing whatsoever improper about Navigator having a relationship with Sibur," he told the BBC. "If our government decided to sanction them, that would be a different story," he continued. Ross said he had not misled Congress.

Apple Inc. CEO Tim Cook told a U.S. Senate Subcommittee in 2013 that his tech company paid “all the taxes we owe”. However, the Paradise Papers reveal that months later Apple was shopping around for a tax refuge in a bid to keep its tax rates ultra-low. Apple turned to Appleby for help, and documents show the sensitive nature of working with the tech giant.

The next multinational we found in the Paradise Papers was Nike. The shoe maker shifted billions in trademark profits between subsidiaries to avoid paying high taxes in Europe. The organization started using a Dutch CV, which most countries view as a regular company subject to taxes in the Netherlands. However, Dutch law considers the profits are subject to taxation outside of the Netherlands. Consequently, the organizations become almost stateless and minimize their tax.


Formula One champion Lewis Hamilton loves his $27 million candy-apple-red jet (just check out his Instagram feed). But he got a refund on the value-added tax (VAT) after lawyers at Appleby teamed up with Ernst & Young to sidestep the tax. “This will involve a short stay, normally less than 2 hours,” Appleby said in a written explanation of the tax-avoidance strategy.
Welcome to Reg and Ruby's burger shop, Snax Haven. A clever consultant helps them grow their profits by charging their franchise owners a secret sauce fee. The recipe is kept in a country where there is no tax paid. It's not just Reg and Ruby who use these tactics.

The Power Players interactive explores the offshore companies linked to 40 politicians and their immediate relatives.


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