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U.s. Senate Subcommittee Looks At Tax Havens

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"....that use tax havens such as the Isle of Man".....

 

so no direct evidence then?? We will always gt this type of association especially from politicians who have some form electoral drum beating to do.

 

The Isle of Man already has a bilateral agreement with the US for the exchange of information with regard to tax evasion. Surely if the IOM politicians were not to be visible in the US then they would just get accused of hiding behind a veil of secrecy.

 

Its a bit rich of the US to bash inter alia the Isle of Man for harmful tax practices when they have cases such as Enron on their own doorstep!

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It might be timely to suggest that they should worry about Delaware before naming the IOM so prominently

 

http://www.bizfilings.com/learning/learnDelaware.asp

 

I quote:

 

There is no corporate income tax for corporations incorporated in Delaware but not transacting business in the state.

 

One person can hold all officer positions of the corporation-president, secretary, and treasurer-and serve as the sole director. These names are not required to be listed in the articles of incorporation.

 

Delaware maintains a separate corporate law court system, called the Delaware Court of Chancery, that does not use juries, but only uses judges appointed for their knowledge of corporate law.

 

Shareholders, directors, and officers of the corporation need not be residents of Delaware.

 

Shares of stock owned by persons outside of Delaware are not subject to Delaware taxes.

Edited by hboy

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On the subject of Delaware, lawyers there etc are more than happy to form corporations without having any idea of the true identity of the beneficial owner, something the "tax havens" haven't done for a over decade

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The IOM Govt CM's office employs a press officer...so lets be hoping someone tells him to get something off pdq to the editor of the CentreDaily by way of response and correction...then again if nothing appears soon we will all know either the press officer isn't up to the job, the CM / TM know something they haven't told the public following their recent trip, or there is truth in the story about mentioning the IOM...

 

and if MR were up to scratch someone would track down U.S. Sen. Carl Levin, D-Mich interview him and ask him what he's got against the IOM....

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Perhaps the Island should break off diplomatic relations with the U.S. and see how long it takes them to accuse us of having WMD's hidden at 'Rushen Mines' and having links to Al Quayla.

A full scale invasion will surely follow, backed by the UK government of course.

Now thats what I call free publicity! :lol:

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Its a bit rich of the US to bash inter alia the Isle of Man for harmful tax practices when they have cases such as Enron on their own doorstep!

 

The issues with all of these cases - Enron, Global Crossing etc. are crooks in and from the USA - it's not a problem as such in the countries that they run some business through, provided that those countries assist the law of other nations when things go belly up.

 

I think that even the USA knows that.

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Perhaps the Island should break off diplomatic relations with the U.S. and see how long it takes them to accuse us of having WMD's hidden at 'Rushen Mines' and having links to Al Quayla.

A full scale invasion will surely follow, backed by the UK government of course.

Now thats what I call free publicity! :lol:

 

Now that's just silly, they'd never invade the Isle of Man because they couldn't afford the gas, oil or electricity and before you say they'd get it for free, they wouldn't.

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...then again if nothing appears soon we will all know either the press officer isn't up to the job

 

MCB - got something personal against AR?

 

No, - merely an observation that might motivate something happening..

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Tycoons 'unaware of tax shelter fraud'

 

this headline in to-day's FT

 

full article link:-

http://www.ft.com/cms/s/e2240866-21c3-11db...00779e2340.html

 

This has been in the public domain for ages. Do a Google search under their names there are a few previous articles.

 

These people are never as dumb as they pretend to be. As is usual practice with these structures you get 15 pages of bullshit from a US lawyer telling you its legal to set up those companies in that way.

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In the Examiner Business this week "FSC rejects US Senates's 'tax haven' attack:-

 

it says...

 

"the Isle of Man comes in for special attention because of its involvment in several complex schemes set up by wealthy Americans during the 1990's."

 

and

 

"One of the problems is that many of these transactions took place before the FSC began regulating corporate service providers (CSPs in 2000."

 

Yet the report refers to:-

 

Between 1992 and 2005, Sam and Charles Wyly transferred over 17 million stock options and warrants worth about $190 million to a complex array of 19 offshore trusts and 39 shell corporations. The 19 offshore trusts were either established by the Wylys or named them as beneficiaries. These trusts owned the 39 shell corporations in the Isle of Man or the Cayman Islands.

 

link to full article:-

http://levin.senate.gov/newsroom/release.cfm?id=260036

 

So....shady deals have been going on up till last year....not the impression the Examiner article gives or from memory the impression from what Allan Bell said on MR.

 

methinks lots of spin pushed out to local press by IOM Govt trying to get out of an embarrassing hole just after Don was there to present a squeeky clean image....

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'Complex' array of trusts - not illegal or fraudulent.

 

Obviously US Gov (from the top down) is distrustful of anything complex. They like simple things, like easily identified WMD's and threats to world peace.

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