TAX HAVENS

Offshore bank accounts exposed

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 1 & 36 : 4-Oct-21

The International Consortium of Investigative Journalists has leaked millions of files from 14 large offshore companies that administer nominee firms for affluent clients in low-tax jurisdictions. Some of their clients include Indian cricketer Sachin Tendulkar, supermodel Claudia Schiffer, former British prime minister Tony Blair and Czech Prime Minister Andrej Babis. Over 400 Australians have been named in the huge leak of files, which have been dubbed the Pandora Papers ; assets revealed in the leaked files are worth over $1 trillion

CORPORATES
INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS

Offshore leak exposes Trump’s Russia links

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Original article by International Consortium of Investigative Journalists
The Australian Financial Review – Page: 1 : 6-Nov-17

Some 13.4 million records from Bermudan law firm Appleby have been leaked to the international press. The records cover the period from 1950 to 2016. The leaked records contain significant revelations, including that US Secretary of Commerce Wilbur Ross has interests in a shipping company that has received close to $US70 million in revenue since 2014 from a company co-owned by the son-in-law of Russian President Vladimir Putin. The records also reveal detailed information about the Queen’s finances, and show that mining firm Glencore is Appleby’s largest client.

CORPORATES
APPLEBY, UNITED STATES. DEPT OF COMMERCE, GLENCORE PLC, NIKE INCORPORATED, APPLE INCORPORATED, MICROSOFT CORPORATION

Adani says Australia to get taxes despite haven

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Original article by Peter Ker
The Australian Financial Review – Page: 25 : 2-Nov-17

Adani executive Muthuraj Guruswamy has confirmed that its companies that are registered in Australia are controlled by entities that are based in tax havens. However, he has stressed that Adani will pay its full tax liabilities and mining royalties in Australia. Guruswamy also indicated that Adani has started building the infrastructure for its Carmichael coal mine, which is slated to commence production in 2020. Anti-coal protestors attempted to disrupt his speech at the International Mining and Resources Conference on 1 November.

CORPORATES
ADANI MINING PTY LTD, NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY

Kinghorn facing jail over $30m tax fraud

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Original article by Geoff Winestock, Misa Han
The Australian Financial Review – Page: 1 & 4 : 1-Nov-17

RAMS Home Loans founder John Kinghorn has pleaded not guilty after being charged with two counts of tax fraud. The Australian Federal Police will allege that Kinghorn avoided tax liabilities totalling $A30m after claiming that he did not control any companies that were registered in the Jersey Islands. He could be sentenced to up to 10 years in jail if he is convicted. Kinghorn gained $A650m from the sale of an 80 per cent stake in RAMS via an IPO in 2007.

CORPORATES
RAMS HOME LOANS PTY LTD, ALLCO FINANCE GROUP LIMITED, AUSTRALIAN FEDERAL POLICE, LOCAL COURT OF NEW SOUTH WALES, KALOMA CORPORATION, KALOMA PACIFIC LEASING, TRYDEN ENTERPRISES, NEW SOUTH WALES. INDEPENDENT COMMISSION AGAINST CORRUPTION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN TAXATION OFFICE, SUPREME COURT OF NEW SOUTH WALES

BHP faces fight over $1bn tax bill

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Original article by Ben Butler
The Australian – Page: 19 & 27 : 21-Sep-16

BHP Billiton CFO BHP Peter Beaven has defended the resources group’s use of a Singapore marketing hub, describing it as a "legitimate, stand-alone business". BHP states in its annual tax transparency report that it has received a revised tax assessment of $A537m from the Australian Taxation Office for 2009 to 2013. It had previously been issued with a revised tax bill regarding its Singapore operations of $A362m, covering the years 2003 to 2008. The ATO has also ordered BHP to pay an additional $A117m in minerals resource rent tax for 2013.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN TAXATION OFFICE, NATIONAL PARTY OF AUSTRALIA, STEIN INSURANCE, APPLE INCORPORATED, GOOGLE INCORPORATED, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

Bullion and coins seized as police spread the net wider

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 3 : 7-Sep-16

Australia’s Justice Minister Michael Keenan has confirmed that a joint operation has carried out a series of raids in Queensland against clients of Panama-based law firm Mossack Fonseca. The Australian Federal Police, the Australian Criminal Intelligence Commission and Australian Taxation Office operation resulted in the seizure of 170kg of silver bullion and coins as part of the investigation into the use of offshore tax havens by high net worth individuals.

CORPORATES
AUSTRALIAN FEDERAL POLICE, AUSTRALIAN CRIMINAL INTELLIGENCE COMMISSION, AUSTRALIAN TAXATION OFFICE, MOSSACK FONSECA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS

ATO leads global attack on Panama tax haven

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Original article by Neil Chenoweth
The Australian Financial Review – Page: 1 & 9 : 13-Apr-16

The Australian Taxation Office’s Mark Konza will chair a meeting of international tax officials in Paris. The meeting has been convened by Australia’s Tax Commissioner, Chris Jordan, in response to the leaking of the tax haven documents of Panama law firm Mossack Fonseca. Jordan will propose establishing a global investigation into tax evasion which would involve tax experts from 28 nations. The leaked documents include the names of about 800 Australians.

CORPORATES
AUSTRALIAN TAXATION OFFICE, MOSSACK FONSECA, INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, JOINT INTERNATIONAL TAX SHELTER INFORMATION AND COLLABORATION NETWORK, AUSTRALIAN CRIME COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE