Panama Papers: 'Many' Thais involved in global scandal
There seem to be quite a few Thai nationals in the Panama Papers documents. The Anti-Money Laundering Office (AMLO) is in any case interested in 21 Thai, who are mentioned by name and surname. It is not clear how AMLO arrived at this number because the Panama Papers list at least 780 names of individuals and another 50 names of companies based in Thailand. This also applies to foreigners or foreign companies. The leaked documents list 634 individual Thai addresses.
The scandal concerns the legal consultancy Mossack Fonseca & Co in Panama. This agency has set up companies for its clients in locations where their assets or property are hardly taxed, so-called tax havens. In principle, this is not illegal, but the anonymity of the tax havens makes them suitable for illegal practices, such as tax evasion and handling bribery and other forms of corruption.
A total of 11,5 million documents have been leaked. This includes e-mails, spreadsheets, powerpoints and other digital files. The information can reveal who used the tax havens and, in some cases, what their purpose was.
The documents contain information on 214.000 different companies and cover a period from 1977 to last December. It is one of the largest data breaches ever, bigger than Wikileaks.
The Panamanian company helped world leaders, businessmen and criminals to channel their billions of euros to tax havens. Among others, the Egyptian ex-president Mubarak, the Syrian president Bashar al-Assad and confidants of the Russian president Putin are mentioned. Film directors and football stars (Lionel Messi) are also on the list. There are two Dutch companies in the documents. These are sports marketing companies that are mentioned in an indictment by the American justice system against the top bosses of FIFA. In Thailand, there are at least 780 names of individuals and another 50 names of companies that have some explaining to do.
The consultancy itself denies having anything to do with tax evasion or money laundering, but the co-founder says that the leaked information partly comes from his office. The files would have been stolen. It would be a successful, but "limited hack".
The leaks have now embarrassed many politicians and government agencies. It will be sleepless nights for thousands of millionaires in the near future. Tax authorities worldwide will hunt for wealthy people who appear on the Panama Papers.
Source: various media and Bangkok Post
It's wonderful this information, big capital with its buttocks exposed. The whole life is as double as I don't know what, secret agendas and secret money. If you have obtained money, it is not nice to pay tax on this, yet this applies to everyone. Then, provided you have a lot of money, it is important to put this away with the help of these “honest” companies and business people, right? Nothing illegal about it and therefore highly recommended or not. Crime often still pays, but occasionally things go wrong. This tax haven thing has been happening for years and with a leak like this the world is waking up. For the Netherlands, tax law is reversed on the burden of proof, so show how and what it says. I don't know how it is in other countries. My luxury lies in the fact that I never had to think about this, for lack of pecunia. As Jan Modaal you don't have to worry about that. Every disadvantage has an advantage.
That Thai people are involved is not surprising. I am curious how the burden of proof is going and whether actual nails are being hit with heads. Undoubtedly much more will be written about it.
I find this amusing too but I don't think she can actually be charged with anything? If it can be proven that there appears to be assets that are not known in the country of origin, then something can be done. It will probably not go further than that they are put under a magnifying glass and end up on a “black list”. Thaksin will not be on the Thai list since his passport was taken away or is he still officially Thai?
I keep saying: "Do you know 1 super rich who is very happy?". I'm not talking about the luxury and material things that impress us, but very personal and real love. What can soap operas that last for years be broadcasted from? Correct! from rich families because there are so many problems and it never ends, even after they die it continues. Let me be called “Jan Modaal”. I never lose sleep over that.
I would like to turn it around and ask the question why are people looking for ways to pay less tax?
in my opinion, this is due to the excessive taxation of the inhabitants and companies of a country, not only in the Netherlands. I am therefore in favor of a flat tax (the same tax percentage, eg 15%) for both individuals and companies. It simplifies tax collection and you are rid of all preferential rules in one go. Because the Netherlands is also a tax haven, but for very large international companies. It is of course absurd that a company like Facebook only pays 100 million euros in taxes while generating many billions of profits. By the way, they pay this in Ireland.
I'm talking about tax avoidance here, but by putting the money away in a tax haven it becomes easy tax evasion by simply omitting this ability on the tax return, which must first be proven. Now the Dutch tax authorities can simply name an amount that must be transferred to tax and it is for the case to demonstrate that it concerns a different (lower) amount (reversal of the burden of proof).
In short: if you "over-ask" then you will preferably be skipped, because people think you are unreasonable !!!
Now there are calls to “close down” all those tax havens, one could also find the solution by simplifying the tax rules and keeping them reasonable.
For that, the governments must be held personally liable for the (intentional) 'blunders' that are made, otherwise people will fall back into caterpillars never enough.
Gerard
Since the maximum tax rate in Thailand is 35% (with many deductions), you cannot say that the wealthy are being overcharged in terms of their contribution.
The answer to why that diversion is very simple: The more money you have, the more money you want to get.
It's an addiction, or obsession.
You cannot keep a country running with a tax of 15%, unless that percentage does not include social insurance.
Just calculate the expenses for the state pension, or healthcare.
Thailand has 10 years additional claim for undisclosed income. But Thailand has no wealth tax or wealth tax, nor does it tax interest earned outside of Thailand. But most importantly: something else also applies here. And I want to leave it at that…..
There is no question of outrage at “Panama Papers” with me.
I would rather be surprised if people would not enrich themselves by cheating the tax.
Because this is human nature.
Only the little scribblers don't get the chance for so much.