Comments on: Jersey - a party to massive taxation fraud http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/ Richard Murphy on tax and corporate accountability Fri, 21 Nov 2008 19:45:23 +0000 http://wordpress.org/?v=2.6 By: Tax Research UK / The IMF are coming - let’s get the prosecutions rolling http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-339277 Tax Research UK / The IMF are coming - let’s get the prosecutions rolling Wed, 02 Jan 2008 09:08:54 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-339277 [...] packed day in day out with such cases in these places, because between them there’s $1 trillion of funds deposited on which the income is tax evaded. $175 million is 0.0175% of [...] [...] packed day in day out with such cases in these places, because between them there’s $1 trillion of funds deposited on which the income is tax evaded. $175 million is 0.0175% of [...]

]]> By: Tax Research UK / All’s not well offshore http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-312403 Tax Research UK / All’s not well offshore Tue, 11 Dec 2007 10:02:35 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-312403 [...] the ratio of relative deposits established by Marty Sullivan it’s likely to be split 50% Jersey, 20% Isle of Man and 30% [...] [...] the ratio of relative deposits established by Marty Sullivan it’s likely to be split 50% Jersey, 20% Isle of Man and 30% [...]

]]> By: Tax Research LLP http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-310557 Tax Research LLP Mon, 10 Dec 2007 11:27:23 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-310557 HJM Can you give a break down of those SAR figures by the way - I can't find them and curiously neither dould the National Audit Office. Why is that, I wonder? Richard HJM

Can you give a break down of those SAR figures by the way - I can’t find them and curiously neither dould the National Audit Office. Why is that, I wonder?

Richard

]]> By: Tax Research LLP http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-310555 Tax Research LLP Mon, 10 Dec 2007 11:25:55 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-310555 HJM No one believes you. If we did we'd have to disbelieve that 60,000 people have just confessed in the UK alone to using your territories for tax evasion. But we do believe they have confessed. And the only obvious conclusion is that either a) you're not telling the truth or b) you're absolutely appalling at suspecting tax evasion. I'll believe the latter if you like. But either way, your argument rings very, very hollow. And any rational observer will see that your comment is an act in self delusion. Richard HJM

No one believes you.

If we did we’d have to disbelieve that 60,000 people have just confessed in the UK alone to using your territories for tax evasion.

But we do believe they have confessed.

And the only obvious conclusion is that either a) you’re not telling the truth or b) you’re absolutely appalling at suspecting tax evasion.

I’ll believe the latter if you like. But either way, your argument rings very, very hollow.

And any rational observer will see that your comment is an act in self delusion.

Richard

]]> By: HJM http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-310412 HJM Mon, 10 Dec 2007 09:30:31 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-310412 "At the end of 2006, there were $491.6 billion of assets in the Jersey financial sector beneficially owned by non-Jersey individuals who were likely to be illegally avoiding tax on those assets in their home jurisdictions. Rapid growth of bank deposits and mutual funds shares in the first half of 2007 easily pushes the total above $500 billion." What an ill informed assumption. Tax evasion is fraud and as such financial institutions treat it as such. If he is to make such broad brush assumptions he should do some better research, if not get involved with the IMF visits in 2008/9 they are visiting for this particular reason. I can tell him for a fact that if there is any suspected tax evasion, which usually arises from being able to supply adequate rationale and planning the beneficial owner will be reported to the Financial Intelligence unit which would end up with the home tax authority. Some 56% of all suspicious activity reports filed in 2007 in Guernsey relate to tax concerns. Don’t blame the offshore jurisdictions for the home tax authorities’ inadequate tax legislation. “At the end of 2006, there were $491.6 billion of assets in the Jersey financial sector beneficially owned by non-Jersey individuals who were likely to be illegally avoiding tax on those assets in their home jurisdictions. Rapid growth of bank deposits and mutual funds shares in the first half of 2007 easily pushes the total above $500 billion.”

What an ill informed assumption. Tax evasion is fraud and as such financial institutions treat it as such. If he is to make such broad brush assumptions he should do some better research, if not get involved with the IMF visits in 2008/9 they are visiting for this particular reason. I can tell him for a fact that if there is any suspected tax evasion, which usually arises from being able to supply adequate rationale and planning the beneficial owner will be reported to the Financial Intelligence unit which would end up with the home tax authority. Some 56% of all suspicious activity reports filed in 2007 in Guernsey relate to tax concerns. Don’t blame the offshore jurisdictions for the home tax authorities’ inadequate tax legislation.

]]> By: Tax Research UK / There are lies, d***ed lies and some in the offshore financial services industry http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-309446 Tax Research UK / There are lies, d***ed lies and some in the offshore financial services industry Sun, 09 Dec 2007 18:02:58 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-309446 [...] who have no material back up for what they say are the financial services industry. I have clear, unambiguous evidence that it is generically party to [...] [...] who have no material back up for what they say are the financial services industry. I have clear, unambiguous evidence that it is generically party to [...]

]]> By: Tax Research UK / The Crown Protectorates - open for money laundering http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-302063 Tax Research UK / The Crown Protectorates - open for money laundering Tue, 04 Dec 2007 20:40:35 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-302063 [...] of these Suspicious Activity Reports in Jersey related to money laundering. Despite the fact that $500 billion of the funds held there are related to tax evasion - which is corruption by the definition of their [...] [...] of these Suspicious Activity Reports in Jersey related to money laundering. Despite the fact that $500 billion of the funds held there are related to tax evasion - which is corruption by the definition of their [...]

]]> By: Tax Research UK / On the ball http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-293799 Tax Research UK / On the ball Thu, 29 Nov 2007 09:36:11 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-293799 [...] As he noted, that’s a great deal less than we at the Tax Justice Network know tax evasion costs a year. In fact Jersey, Guernsey and the Isle of Man cost $20 billion in tax evasion a year before them. Add in Cayman and maybe the BVI then and we have climate change licked. [...] [...] As he noted, that’s a great deal less than we at the Tax Justice Network know tax evasion costs a year. In fact Jersey, Guernsey and the Isle of Man cost $20 billion in tax evasion a year before them. Add in Cayman and maybe the BVI then and we have climate change licked. [...]

]]> By: Tax Research UK / Jersey wants to renege on Tax Information Exchange Agreements http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-289834 Tax Research UK / Jersey wants to renege on Tax Information Exchange Agreements Tue, 27 Nov 2007 09:55:38 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-289834 [...] So let’s be clear: no one who knows they are dealing with clients operating within the law has anything to worry about if there are effective Tax Information Exchange Agreements in place. Jersey’s finance industry is worried. Which is both evidence that Marty Sullivan was right when he said Jersey harbours $500 billion of assets associated with tax evasion and evidence that the industry well knows it. [...] [...] So let’s be clear: no one who knows they are dealing with clients operating within the law has anything to worry about if there are effective Tax Information Exchange Agreements in place. Jersey’s finance industry is worried. Which is both evidence that Marty Sullivan was right when he said Jersey harbours $500 billion of assets associated with tax evasion and evidence that the industry well knows it. [...]

]]> By: Tax Research UK / Isle of Man - what use is a captive press? http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-279689 Tax Research UK / Isle of Man - what use is a captive press? Tue, 20 Nov 2007 09:49:22 +0000 http://www.taxresearch.org.uk/Blog/2007/11/01/jersey-a-party-to-massive-taxation-fraud/#comment-279689 [...] Except there is an explanation for all this. It’s that the fourth estate in tax havens are failing to do their duty to investigate, analyse and inform, with the consequence that the decision making processes in those places are equally shoddy and ill-informed. In so doing journalists in these places harm the democratic processes as much as the politicians and civil servants who support the structures that allows these places to be host to $1 trillion of assets held with intent to evade tax. [...] [...] Except there is an explanation for all this. It’s that the fourth estate in tax havens are failing to do their duty to investigate, analyse and inform, with the consequence that the decision making processes in those places are equally shoddy and ill-informed. In so doing journalists in these places harm the democratic processes as much as the politicians and civil servants who support the structures that allows these places to be host to $1 trillion of assets held with intent to evade tax. [...]

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