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Swiss Bank Helped Clients Dodge Taxes And Hide Millions

tyres

By tyres
in House prices and the economy

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HOLA441
Ah-so

Ah-so

Posted
Posted

I did actually ask someone from the Revenue once why, given so many transactions are electronic, why there is not some sort of automated accounting for vat that doesn't rely on declaring it. They basically admitted it's designed to be elastic and blurred at the edges. Presumably it's preferable a blind eye is turned, to some sort of fiddle, in lean times if it keeps a dozen, of the firm's employees, in jobs and off welfare.

VAT is pretty complex when you get to accounting for it. An add-on at the till would make things easier to calculate in retail. It is pretty difficult to calculate for big businesses though. I doubt that the reason is because of the need to create work for tax officials. Sounds like an office joke.

The current system does not stop people putting undeclared stock on the shelves and not running the sale through the till.

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HOLA442
Lewis Gordon Pugh

Lewis Gordon Pugh

Posted
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That's because of Swiss data protection and privacy laws.

As for this story - its fairly obvious that the middle class become corporate lawyers and accountants to help the ruling class hide the fact they don't operate on the same rules as the pretend democracy we live in.The "value add" of accountants and lawyers isn't some rare intelligence found through years of learning - its a complex system built over time to given them just enough to keep them happy whilst obfuscating the reality of where this idea of "money" and "debt" comes from. Its all a big game to keep people working and using up their lives rather than focussing on being "equal" - the aim of all this is ultimately power.

Banks are the same - why do we even both complaining. Its not going to change. Even the nobles had to threaten the monarchy with imprisonment and death to get them to sign the magna carta - no one relinquishes power without a fight. The masses don't care, the religious turn to faith, the few people who are aware simply waste their entire lives pointing out the facts to people who aren't interested.

Syrian or Iraqi leaders being deposed is nothing to do with humanitarian efforts - its to stop Russia gaining complete control of gas supplies in Europe. The drop in oil price is not some magical market miracle its an effort to stop Russian power (and bankrupt the shale gas fields in USA). The rise in the franc was basically to prevent huge capital flows into Switzerland prior to Euro devaluation through QE. Remember when you have a monopoly you flex prices to prevent competition - because long term all you care about is always owning the market, because then you can set your own price.

We're just serfs trying to make a living...

Best thing I have read in weeks.

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HOLA443
SNACR

SNACR

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VAT is pretty complex when you get to accounting for it. An add-on at the till would make things easier to calculate in retail. It is pretty difficult to calculate for big businesses though. I doubt that the reason is because of the need to create work for tax officials. Sounds like an office joke.

The current system does not stop people putting undeclared stock on the shelves and not running the sale through the till.

You misunderstand it is to allow the taxpayer to stay in business in lean times ergo keeping the employees of the business in their jobs. They were being serious.

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HOLA445
gf3

gf3

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One down 6 to go

Then we just have to work through this lot.

List of tax havens and countries of financial secrecy

The list includes the Financial Secrecy Index (FSI) according to Tax Justice Network. The higher FSI, the larger influence on world economy in terms of economical secrecy or tax avoidance.

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HOLA446
R K

R K

Posted
Posted (edited)

http://www.bbc.co.uk/news/business-31470627

Ex-HSBC chairman Lord Green resigns from banking body

Former HSBC chairman Lord Green has resigned as chairman of the advisory council for banking industry body, The City UK.

The BBC understands it was Lord Green's decision to step down due to the ongoing media interest in him.

Lord Green was HSBC chairman from 2003 to 2010, during which time it has been claimed the bank's Swiss private arm helped clients to avoid or evade tax.

Lord Green has not commented on the claims, made in a BBC Panorama report.

Chairman of The City UK's board, Sir Gerry Grimstone, said: "Stephen Green is a man of great personal integrity who has given huge service to his country and the City.

"He doesn't want to damage the effectiveness of The City UK in promoting good governance and doing the right thing, so has decided to step aside from chairing our advisory council. This is entirely his own decision."

:lol:

hell just remain a Tory minister sitting in the Lords.

Edited by R K
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The Eagle

The Eagle

Posted
Posted (edited)

The subject of this thread is very misleading, it should be:

British Bank Helped Clients Dodge Taxes And Hide Millions

or

HSBC Helped Clients Dodge Taxes And Hide Millions

can the OP (tyres) or a mod please correct it?

Edited by The Eagle
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HOLA448
R K

R K

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Posted (edited)

Curious timing...........

http://www.bbc.co.uk/news/uk-31475945

Boris Johnson 'intends to renounce US citizenship

He told the Sunday Times that his citizenship was "an accident of birth that has left me with this thing. I've got to find a way of sorting it out".

The Mayor of London, who was born in New York, has in the past been forced to pay US tax because of his American citizenship.

He has just completed a six-day tour of cities in the US.

Mr Johnson said he would approach US ambassador Matthew Barzun to explore what steps he had to take to give up his American nationality.

His passport was renewed in November 2012 but he had previously stated that he would give it up after being told in 2006 that, as a native born American, he could only use a US passport to travel in that country, and not his British one.

"The reason I'm thinking I probably will want to make a change is that my commitment is, and always has been, to Britain," he said.

In January he settled a US tax bill he had previously described as "absolutely outrageous".

Mr Johnson had faced a demand from the US authorities to pay capital gains tax on profits from the sale of his house in north London.

American law requires all citizens to pay US taxes even if they live abroad

Edited by R K
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HOLA449
TheCountOfNowhere

TheCountOfNowhere

Posted
Posted

The third story in a week about bankers, with no comments allowed:

"HSBC Issues Apology Over Banking Standards2

http://news.sky.com/story/1427764/hsbc-issues-apology-over-banking-standards

I wonder why.

I dont want an apology, I want the fraudsters locked up for the next 50 years.

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tyres

tyres

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Why don't tax dodgers ever go to jail? HSBC has been caught helping some of the richest people in Britain dodge hundreds of millions in tax. [1] The scandal has been snowballing for a week now - but the bankers still haven’t been brought to justice. [2]

Politicians have spent the last week slinging insults at each other instead of tackling the problem. But the story isn’t going away, so a huge petition now will pile the pressure on the government to prosecute the bankers and tax dodgers involved.

Things are moving fast, so we’ve only got 48 hours to make this petition huge before it’s delivered straight to the government on Wednesday. Click here to add your name:

https://secure.38degrees.org.uk/prosecute-hsbc

These taxes could have helped pay for our NHS or schools. It's just not fair that while the rest of us pay our fair share to keep the country going, HSBC and their wealthy clients are allowed to get away with breaking the law.

This time, we’ve had enough of the rich playing by different rules. Public anger is at breaking point. If we can force the government to prosecute these tax dodgers, we can set the bar for them to fix our unfair tax system for good.

Politicians, bankers and tax dodgers have had a tough week. [3] They’re desperate for this story to go away - so now’s the time to turn up the heat instead. 90,000 of us have already demanded that these bankers and tax dodgers are brought to justice. Can you add your name before it’s handed in on Wednesday?

https://secure.38degrees.org.uk/prosecute-hsbc

Thanks for being involved,

Amy, Bex, Laura, Nat, Maddy and the 38 Degrees team

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tyres

tyres

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George Osborne breaks silence on HSBC scandal: "It's not my job to catch tax dodgers"

After nearly two weeks of silence from George Osborne, the Chancellor today answered questions about the HSBC tax dodging scandal

Chancellor George Osborne finally broke his silence on the HSBC revelations today - but claimed catching tax dodgers was not his job. Mr Osborne has been dubbed the “Submarine Chancellor” by Labour after his failure to put his head above water and answer key questions about the scandal.

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HOLA4412
byron78

byron78

Posted
Posted

Classic smoke and mirrors from Osborne.

Of course it's not his job to catch tax dodgers.

But it is his job to try and close loopholes to stop the rich/corporations ducking out of tax and forcing the rest of us to pick up the bill.

Problem is he's the rich so he's not going to do that is he?

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HOLA4413
davidg

davidg

Posted
Posted

But it is his job to try and close loopholes to stop the rich/corporations ducking out of tax and forcing the rest of us to pick up the bill.

Problem is he's the rich so he's not going to do that is he?

every budget they seem to close more loopholes. The film investments scam introduced by New Labour has been ruled unlawful by the high court under general tax avoidance legislation. See GAAR introduced by Osbourne

https://www.gov.uk/government/publications/tax-avoidance-general-anti-abuse-rules

Brown doubled the tax code introducing hundreds of loopholes such as the film scam used by luvvies to hide their dosh.

No doubt HMRC and the government could do more but simplifying tax legislation would be a useful start point.

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