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Off-shore Trusts (a simple solution)

Written By: - Date published: 11:14 am, April 12th, 2016 - 42 comments
Categories: Abuse of power, capitalism, class war, tax - Tags: , ,

Let them have them. Let any company or individual who wants to avoid paying tax, and so effectively leave society, go ahead and set up their convoluted off –shore pieces of nonsense.

But debar any legal firm involved in the consultation for such work from any government contract or service. And bar any company with an off-shore trust that’s designed to evade tax from bidding for any government contract. And refuse entry at the border to any individual who, likewise, would obviously prefer to live free from ‘the onerous burden’ of society.

For any individual or company that successfully hides their assets and avoids tax, let it be known, that should they be found out, in the case of a company, that their assets will be seized by the state with no compensation. In the case of an individual, well, just as those found to have been dealing drugs have all of their assets seized unless they can prove they’re all above board, or like the person on benefits who is tried for fraud on the total sum of the entitlements they claimed and not just the dodgy proportion…we’re all in this together (the rich and powerful say) and all we applaud the fair and impartial application of law, right?

Alternatively, lets have a daft wee circus and then buckle down to the reality of things being more or less as they were.

42 comments on “Off-shore Trusts (a simple solution) ”

  1. Horus 1

    How do you “debar” a legal firm? Companies have offshore trusts? Really? Where? Foreign trusts can’t be settled by corporations.
    If you’re going to have a childish rant make it a believable one like most on this blog.

    • Bill 1.1

      So, was the word ‘debar’ wasn’t used incorrectly? Fine. What I mean is exclude.

      Should I not have referred to companies setting up in tax free havens (eg – Apple) as being involved in the business of having off-shore trusts? Fine. But I’m pretty sure everyone knows what is meant, even if the terminology is erroneous.

      There’s nothing childish in suggesting very real action be taken against people, or those people who direct institutions etc, when those people and entities are involved in morally reprehensible shite.

      People are suffering and dying as a direct result of these stupid fucking games that wealthy people and profitable companies are playing.

      Late edit – What exactly is unbelievable about preventing those individuals who are deemed to be undesirable from entering a country? It already happens. What is unbelievable about setting conditions around companies that seek to tender for government contracts? Are you saying that there are no conditions currently in place?

    • Colonial Viper 1.2

      How do you “debar” a legal firm?

      The partners of said law firm lose their practicing certificates.

  2. Gristle 2

    Now that’s something that should be enacted.

  3. Phil 3

    … any legal firm involved in the consultation for such work from any government contract or service.

    The venn diagram of law firms arranging offshore trusts for billionaires, with law firms bidding for government contracts:

    O O

    • Bill 3.1

      PwC do consultancy and policy advice for the UK government in spite of being involved in advising on ‘safe haven’ trusts. That’s worth a lot to them, via influence and insider knowledge.

    • Henry Filth 3.2

      I think that your circles may intersect somewhat more closely than you imagine.

      • Phil 3.2.1

        Yeah, it was a little glib, but we should be real about this – if you’re going to force law firms to choose between ‘Government’ and ‘Billionaires’, how many are going to choose Government?

        • Bill 3.2.1.1

          They want to make money and they want influence. Being treated as a pariah by government would be a major hit…one, I suspect, they’d want to weigh up before deciding where they stood.

  4. The Gormless Fool formerly known as Oleolebiscuitbarrell 4

    Avoids tax in our jurisdiction, or another?

    • Bill 4.1

      Either/or.

      Maybe a requirement that, along with full disclosures of all pertinent info, the trustees (or whatever/whoever) prove that the monies in the trust are post tax proceeds and that the tax paid, in whatever jurisdiction, is at least equal to that payable in NZ. Any shortfall becomes tax payable to NZ.

  5. Fustercluck 5

    Sort of like reviving the concept of outlaw where those branded as such were outside the protection of the law and could be robbed, beaten or killed with impunity.

    • Bill 5.1

      I don’t think that people banished to the commons could be robbed, beaten or killed with impunity. They were simply banished from society and all it had to offer. Some rich people want to put themselves above and outside society of their own volition? Fine.

      I see no reason at all why we should accept them having their cake and eating it, do you?

      • Draco T Bastard 5.1.1

        +1

        If the rich want to leave then fine, they can. They just have to accept that they’re not taking our wealth with them.

  6. Henry Filth 6

    There goes the bathwater, and whooooops! there goes the baby too!

    • Colonial Viper 6.1

      Did you take a look at that baby? It’s a right wing vampire troll. Don’t just throw it out, finish it off with a silver stake.

    • Bill 6.2

      You care to identify the baby in this scenario? Cheers.

      • Henry Filth 6.2.1

        International and offshore services in general.

        I can see a situation developing where doing anything offshore is considered a sign that you’re guilty of something.

        Nobody could tell you exactly what, but you’re guilty all the same. By association, as it were.

        And sanctioned accordingly.

  7. Henry Filth 7

    The Grauniad is starting to look at the possibilities. Just imagine it -Bill being a closet Gaullist! Who would have ever guessed?

    http://www.theguardian.com/commentisfree/2016/apr/11/britain-tax-havens-general-de-gaulle-monaco

    • Bill 7.1

      The reference to de Gaulle in the link…you don’t think your comment a tad ironic given that it’s private companies and individuals (possibly some who are evading tax) who are currently looking to cart NZs water off overseas…ie, it’s them turning off our water?

      • Henry Filth 7.1.1

        I was rather thinking of Monaco’s traditional role as a tax haven, to be honest. The Canterbury/Monaco water connection never occurred to me.

  8. Molly 8

    Completely tongue in cheek, but make all the loopholes ONLY available to people actually residing in a couple of Pacific islands.

    The two that come to mind that are fit for purpose are Kiribati and Tuvalu.

    The current population will have to be reimbursed of course, for the use of their homeland. But these “overseas trusts” will eventually become “undersea trusts” and we can get on with repairing the financial system and the state of the earth’s ecosystem without undue influence.

  9. TepidSupport 9

    We definitely need to improve our compliance and reporting requirements for those operating these trusts in NZ. Let’s not go too far as it would literally stop us doing business overseas…
    We certainly should understand the settlors/ trustees/ beneficiaries of the trusts in question and force them to prove compliance (onus on them) but the ‘services’ should remain..

    • Bill 9.1

      I’ve no problem with the ‘service’…as long as all due tax is paid.

      • Henry Filth 9.1.1

        Nor me, Bill. I think it’s a great service.

        But being abused.

        So should be fixed, not just trashed in a moral panic.

  10. Richard McGrath 10

    You are suggesting that someone who legally reduces his tax liability in NZ should be at risk of total asset seizure?

    • One Anonymous Bloke 10.1

      legally reduces his tax liability

      Translation: enters into a money-laundering arrangement. OK, you don’t see it in those terms? Pay your taxes like everyone else. Instead of whining about it, you might try and take a little pride in what we made.

      • Richard McGrath 10.1.1

        You imply that everyone seeking to reduce tax liability is engaged in illegal tax evasion. That’s an insult to everyone who deducts legitimate business expenses against their taxable income.

        What exactly did “we” make?

        • One Anonymous Bloke 10.1.1.1

          I imply? Translation: you interpret. Meanwhile, on Earth, the difference between a business expense and a offshore trust designed to launder money is obvious.

          What did we make? Go to Google Earth, satellite view, Look at New Zealand: you may notice evidence of human settlement and infrastructure.

          • Richard McGrath 10.1.1.1.1

            No, you imply by the use of the term “money laundering” that reducing one’s tax liability is necessarily a fraudulent activity.

            You may also like to believe that “we” built roads, buildings, etc. I don’t remember being asked for any input on these projects. Money was removed from my earnings, often before I received it, under threat of penalties and fines, and spent by politicians and bureaucrats for whom I never voted, on infrastructure, most of which I never use.

            • One Anonymous Bloke 10.1.1.1.1.1

              Stop whining, you ungrateful wretch.

              The law is perfectly clear: pay your taxes. Legal sophistry doesn’t cut the mustard.

              • Richard McGrath

                The law is also clear that people have a right to reduce their income tax to the lowest allowed level. Most lefties take issue with this, but it’s the law.

                I am “grateful” as it turns out, to the tune of about $30k so far this year.

            • One Anonymous Bloke 10.1.1.1.1.2

              I note that your assertion that you “never” use particular bits of infrastructure is perverse to the point of dishonesty. How are the drugs you prescribe delivered, and by whom? Do your patients arrive at your doorstep by magic?

              Stop whinging.

              • Richard McGrath

                I would “whinge” less if the use of government services was charged on a user pays basis. I would be happy to pay for public hospital care, use of roads and schools, etc., in that manner.

                • One Anonymous Bloke

                  We could do that, but why pander to mediocrity? Your notions of how civilisation can work are complete bullshit, and let’s face it, they aren’t even yours: a crackhead sociopath wrote some unreadable novels and you swallowed them whole.

            • Henry Filth 10.1.1.1.1.3

              But all which is available to you should you wish to do so.

              You live at home in your private house, you travel only on your private roads, you have your own well for your own personal water, you what?

              Grow up.

              • Richard McGrath

                HF – yes I do live in a private house, and use private water as it happens. Happy to use roads on a user pays basis. Sorry to burst your bubble.

                • One Anonymous Bloke

                  Meanwhile, on Earth, your bubble burst before it formed, because it was authored by a crackhead sociopath.

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