Author Topic: Tax Avoidance  (Read 2064 times)

seafoid

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Re: Tax Avoidance
« Reply #45 on: November 09, 2017, 12:13:54 PM »
Seriously, who gives a fcuk?

Remember reading the book of a well known singer. His accountant rings him and says, better buy some property or the taxman will get 3/4 million of your earnings. So he goes and buys his 4th or 5th big house. Does that make him a tax dodger? Does it f**k. Good luck to him.

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Every so often it goes too far
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quit yo jibbajabba

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Re: Tax Avoidance
« Reply #46 on: November 09, 2017, 12:21:35 PM »
slightly off topic but headline today saying Gates, Buffett and Bezos joint wealth is greater than the bottom half of the US population;

scary if even remotely true

The Iceman

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Re: Tax Avoidance
« Reply #47 on: November 09, 2017, 12:21:58 PM »
how much money to these corporations pour in to Ireland (aside from taxes)? HAving them in Ireland generates jobs, pours money into the local area and stimulates the economy - there is a trade off.
As was said the many loop holes offered by transfer pricing between companies that lets parent companies away with billions every year is a trade of.

Individual contractors had a field day years ago with the same kind of schemes designed to maximize their take home income.  The Mrs Brown boys did something similar but theres I would say is tax evasion? The likes of Antony Hamilton followed the rules and declared his earnings and took advantage of jurisdictional rules.  The BRowns hid money offshore and didn't declare the total amount and were taxed on less than they had - which is evasion.
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passedit

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Re: Tax Avoidance
« Reply #48 on: November 09, 2017, 01:25:35 PM »
Well, that was absolute bollocks they told you.

The sums were simple enough with the actual tax take compared to their estimate of tax evaded /avoided/not collected. Having then jumped the fence and worked in the tax avoidance industry for many years I'd agree that it was bollox. Well less than 5% I'd say.

The difference between Avoidance and Evasion is what's provable and how good your Lawyer is.
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Frank_The_Tank

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Re: Tax Avoidance
« Reply #49 on: November 09, 2017, 01:31:33 PM »
Is it Tax Evasion or Tax Avoidance that is a crime?

Tax Evasion is illegal.  Tax Avoidance is legal but many would argue it is morally/ethically wrong. 

Frank_The_Tank

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Re: Tax Avoidance
« Reply #50 on: November 09, 2017, 01:34:48 PM »
how much money to these corporations pour in to Ireland (aside from taxes)? HAving them in Ireland generates jobs, pours money into the local area and stimulates the economy - there is a trade off.
As was said the many loop holes offered by transfer pricing between companies that lets parent companies away with billions every year is a trade of.

Individual contractors had a field day years ago with the same kind of schemes designed to maximize their take home income.  The Mrs Brown boys did something similar but theres I would say is tax evasion? The likes of Antony Hamilton followed the rules and declared his earnings and took advantage of jurisdictional rules.  The BRowns hid money offshore and didn't declare the total amount and were taxed on less than they had - which is evasion.

That isnt what the Mrs Browns boy did - they sent money offshore to a company without paying tax and then get a loan via a 3rd party of the money back to them and they dont pay any tax on that loan when it comes back in but in reality, they never re-pay the loan.  That is not classed as Tax evasion - it is a legal loophole that enables them to Avoid paying Tax.

haranguerer

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Re: Tax Avoidance
« Reply #51 on: November 09, 2017, 02:03:51 PM »
Well, that was absolute bollocks they told you.

The sums were simple enough with the actual tax take compared to their estimate of tax evaded /avoided/not collected. Having then jumped the fence and worked in the tax avoidance industry for many years I'd agree that it was bollox. Well less than 5% I'd say.

The difference between Avoidance and Evasion is what's provable and how good your Lawyer is.

I've no doubt the sums are simple enough, the part that's bollocks is that they'd cut the rate if they were just able to collect all that was due.

Re avoidance/evasion, HMRC have started to use the terms interchangeably.

And agreed, I hate all this holier than thou shite - its not as though the rest of us are voluntarily paying what we owe, if we'd a way out of it we'd take it too

thebigfella

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Re: Tax Avoidance
« Reply #52 on: November 09, 2017, 02:38:19 PM »
Is it Tax Evasion or Tax Avoidance that is a crime?

Tax Evasion is illegal.  Tax Avoidance is legal but many would argue it is morally/ethically wrong.

I've seen BBC trot this argument out a few times. I'd say for an organisation that seems to be morally bankrupt based on the abuse, sexism, gender pay inequality scandals etc... breaking over the last few years should avoid throwing stones in morallity glass house.
« Last Edit: November 09, 2017, 03:28:07 PM by thebigfella »

The Iceman

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Re: Tax Avoidance
« Reply #53 on: November 09, 2017, 03:04:16 PM »
how much money to these corporations pour in to Ireland (aside from taxes)? HAving them in Ireland generates jobs, pours money into the local area and stimulates the economy - there is a trade off.
As was said the many loop holes offered by transfer pricing between companies that lets parent companies away with billions every year is a trade of.

Individual contractors had a field day years ago with the same kind of schemes designed to maximize their take home income.  The Mrs Brown boys did something similar but theres I would say is tax evasion? The likes of Antony Hamilton followed the rules and declared his earnings and took advantage of jurisdictional rules.  The BRowns hid money offshore and didn't declare the total amount and were taxed on less than they had - which is evasion.

That isnt what the Mrs Browns boy did - they sent money offshore to a company without paying tax and then get a loan via a 3rd party of the money back to them and they dont pay any tax on that loan when it comes back in but in reality, they never re-pay the loan.  That is not classed as Tax evasion - it is a legal loophole that enables them to Avoid paying Tax.
the money that is sent has to be declared as earnings somewhere frank?
but they are choosing to send it offshore where they more than likely only declare a % of the earnings and it is at the discretion of the individual. Moving money around is one thing. Not declaring true amounts of money is evasion. I worked in the industry for 8 years I know how it works at the individual level and corporate level
I will always keep myself mentally alert, physically strong and morally straight