MinBane

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Archive for the tag “Tax Evasion”

Opinion: Inaction on the White Collar Crimes is killing our Governments…

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I’m tired; I am so tired of these suits getting away with felonies while the Chicken thieves are starving worldwide. The chicken thief does deserve punishment for stealing the neighbour’s chicken; while tailing it by the sidewalk before the Police Officer picked him-up and threw him into the Police car before stalling him in the cell at the Police Station. Still, the one who does bigger work and on paper get rid of the charges at ease it seems.

White Collar Crimes:

White collar crimes, on the other hand, originally referred to those crimes committed by individuals with a higher social status or upper-level occupation that often required them to wear a suit and a white collared shirt. In this day and age, white collar crimes are those crimes which are generally committed in a business setting and are considered to be non-violent. Some people refer to white collar crimes as “paper crimes”. A few examples of white collar crimes include wire fraud, forgery, embezzlement and more” (Henrickson & Sereebutra LLC, 16.11.2012).

With this in mind, with the knowledge at hand; the ones who does this are higher level of corruption, are inside trading and also their networks. If there we’re judgement fair and caring than the ones who stealing the chicken. The Multi-National Corporations with their profits are accepting to try whatever way of not paying taxes and even when courts are judging even against it; they do whatever they can to cast judgement and also expect to run away from it. Like the Apple Corporation who has dodged taxes illegally in Europe, still trying to dodge the payments of excessive taxes to the Republic of Ireland. If it wasn’t Apple Corporation, but McGuiness stealing a beer at Tesco he would pay dearly for the thieving.

So the White-Collar crimes pays off, like all the embezzled funds world-wide, the grand corruption where the culprits are walking sideways and stashing funds in Swiss Accounts and foreign islands Tax-Havens far away from the tax-man and the ombudsman. The proud force of the world and the reality of it all, that the White Collar can release their mind and get off the way they do.

These Suits who knows the Mayors, Governors, Senators, Members of Parliament, Presidents, Foreign Investors and CEOs! They forged arrangement paying fees, setting up shell-companies and securing family members work inside other businesses. Because of these ties between them the implications cannot become public. The Central Government who forged this deals are also on the line with their reputations while they accept this contracts and agreements between the suits who takes advantage of them.

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That a Telecommunication Company can get licenses cheaply while running a profitable business in the nation. That they are selling airtime and subscriptions to costumers of the nation, while the state employees are in oblivion of the real deal between the Telecom and the MPs who worked under the President to offer the CELTEL Limited the Operation License in the nation. This is happening and nobody acts on the Suits or the MPs…

Still, they get it easy and get off. I wonder why the businesses that are running the mining operations and mining licenses from foreign lands. These owners of giant businesses are keep exporting Rare-Earth minerals and the Coltan; these companies are nearly in charge of guerrillas that are keeping control of the workforce around the mines. That this is going on and the human rights violations are under the direction of the Suits. They get high profits from the deals and arrangement hold by the guerrillas. They don’t get any slack for doing so, they do it in low profile and certainly where the world sees as the wrong zip-code since his crime doesn’t matter.

The White Collar Crime continues and the world just keeps turning. The International business community keeps doing this and living with it. They are feeding the fume for the fire and nobody is really questioning it hard enough. While the Corporate Media owned by the Conglomerates doesn’t want us to question this world order. Where the money goes and who keeps this upkeep, they don’t want us to be enlightened and be in the dark. That as long as the decisions are happening in the boardrooms as Corporate Trade Secrets and Government doesn’t want their dirty secrets.

The Suits prefer these secrets as with the tax-evasion, the tax-dodging practises and the luminous deals done with nondurables in the Parliaments. This with the stakeholders and liability firms that shelves the properties and fortunes that are squandered away like small-change at the cashier in the Supermarket without any consideration of the implication of these transactions.

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It’s time to take this serious, it’s killing society and killing the livelihood of our economies and tax-base with impunity, as the wealthy is getting wealthier and the states are crowd-sourcing more than needed; while the Multi-National Corporations together with the lawyers and board-meetings decide how to trick the money from the expensive and profitable place to the tax-haven. This or making sure the producers and stifle the workers who produce the products as they are wishing to nullify them. This is the reality and the mentality, the ethical and moral conundrum would be to deliver the tax from where you profited and also pay the men and woman decent wage for producing the products. Instead the Corporations try to avoid both and earn a grander margin on each unit they sell. This is all legal, but still should be seen as White Collar Crime!

That is why I ask myself… If we want to get rid of this the investors, the capital of the nations and structure between government and them has to settle in a different way. Because the Government cannot be to connected with the giant businesses, than they will have the ability to deteriorate the levels of governance and the regulations of them.

We have seen that time and time again. The crime of our time is letting this happen and not do anything serious about it. The thieving in the broad daylight and without any concern of the citizens that is not eating of it as they supposed to through the solidarity of the state! Peace.  

Opinon: I am not worried about the Iphone7; I’m more worried about grander issues!

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I am worried not worried about the new Iphone 7 or its headphone features. That doesn’t get a fig of imagination as the reality is so much deeper than the American Tech Tax Evasion in Ireland as the Multi-Billion dollar profits of Europe doesn’t deserve to pay the Nations that they are trading their goods in. The Apple Company are greedy gutsy and expect me to care about features and design. They deserve discredit for their blatant Sports Direct ways of scrapping paying tax in Europe. Did they call Mike Ashley to get advice on how to solve issues of avoiding being honourable and actually paying tax like ordinary fellows? Than when they have to cough up money after being sued by the Irish Republic then they claim to stop having their business and sacking thousands of people for actually doing what they we’re supposed to do all along. Pay tax on the profits and now trying to scam their way to get rid of taxes. This proves that the Apple Corporation doesn’t have only have a headphone problem, but a heart problem and cynic dissolution dividing themselves from ordinary folk’s ears and minds. Their Apple Geniuses at the stores need to pay tax on their income; the same should the CEO and the Boards for their profits. Maybe time to frame the company to the pedestal of European scams of fraudulent behaviour for their fear of tax from European nations.

Well, there are other issues boggling my mind today as the continuation of oppressive behaviour in Ethiopia as Oromia and Amhara protest been silenced with the army aggressively cracking down and assaulting the population. As the country we’re supposed to celebrate New Year’s, still the internet is blocked in Amhara as the fear of knowledge and intelligence leaking to the world apparently. Still, the Government has blocked the phone lines in the area to. So with mercenaries and Agazi squad assembled in the area with heavy artillery and even bombings proves the extent the Ethiopian Government goes to silence their own population as the American Ally on the Horn of Africa is allowed to act as it please.

Amhara 03.09.2016

Just to give you a moment and to let it sink in: “Secretary of AEUP, Adane Tilahun, in hiding after imminent arrest threat for interviews he gave to VoA”. If an interview get you into such trouble that you have to hide from the authorities than there are showing their no-reason non-sense control of the citizens as they are bombing and assaulting their own. Also, doesn’t want the word the out!

I am worried that people forgetting the violence of Gabon after the rigged election for the second Generation and Second term President Ali Bongo Ondimba; who just “won” with 4000 ballots after the 3 day doctoring of the ballots that gave him 98% votes in his stronghold. I was expecting 100% and a few donkeys on the tally. Jean Ping the former AU man have been tarnished and been demoted, even if he won the election; the Bongo presidency still controls the Authorities and Institutions. That the world doesn’t react to men not stealing a chicken, but a nation; we can be so grand in our ignorance because it is more important that the Iphone 7 can use ordinary Audio Connection and not Apple’s own Headphone system.

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What also worries me is the current state of CORD and Jubilee in Kenya; as the newly united party under the Jubilee Party and their structure together with the workings of the new board for the Independent Electoral and Boundaries Commission (IEBC). President Uhuru Kenyatta and DP William Ruto can sell their story even if it fiction or reality to the people with their expensive PR campaign of Prado cortege through Nairobi and the Summit of setting the program. As the new pledges and fixing the cartels for Sugar and Coffee and all other industries; end corruption and fix the Mombasa port. But, if they do so doesn’t they recycle the pledges of past, will the Jubilee promise more stadiums and infrastructure projects, like making the grandest airport out of the Jomo Kenyatta International Airport (JKIA). Wonder if that will happen?

What I worried about is the men and woman who will jump ships and what their values of parties really was; let say certain individuals who has been Flagbearers, Senators, Governors and MPs for a dozen of Jubilee parties as there we’re 12 of those bad-boys in the current administration. There will be less tickets as you slash 11 parties… that means that in some districts there will dozen of candidates, new and old who will do whatever to get their seat as there is not enough place in a new structure compete the places in a new National Executive Committee and others.

So if these MPs and whatever position in the Jubilee who shuttle over to the Cord, than what is the difference and what is the key aspect of the Cord if they take in everybody who isn’t “good” enough for Jubilee and their new tickets. An if so, they should already have older or new blood through the parties of Cord that doesn’t need the high-blooded and thinking of their own ticket than about the general clue to why there are politicians. To represent the constituencies an citizens where they need support. If MPs and such are opposition are easily leaving Cord for Jubilee, why we’re they in opposition was they there because they didn’t have credit or ability to be part of current government until now? We should just worry about the values of these politicians and their wish for making a difference and even create a better future for their children’s children. Not to talk about making clearance and making sure that the debt cycle of Kenya doesn’t go over hurdle of the future ability to pay the rates and bills instead of building projects and salaries.

Robert Mugabe

I am worried about the state of affairs in Zimbabwe as the government doesn’t have cash, the banks are empty of Rands and Dollars. The bond notes are coming with future debt while the Zanu-PF elite are riding expensive SUVs through streets where people are begging to take out the savings from the banks. Zimbabwe and President Robert Mugabe are threating the demonstrations with “enough is enough” while the Courts are allowing it. The same Police and Anti-Riot Police commanders that have thrown tear-gas and brutality against citizens are still getting the same treatment as the other civil servants. The Police are now not getting a raise, not getting salary on time and also the same struggle as the nurses, soldiers and everybody else as the budget deficit is growing bigger and bigger. Since also the Finance Minister recently painted the grim picture and with the oppressive behavior from the Central Government has lost touch totally with their own citizens and their view of righteous and just actions from the ones that are facilitating businesses and safety.

I am worried about the silence on the crisis in Burundi, as the CNDD-FD youth group ‘Imbonerakure’ has apparently raped over a 150 girls in the recent days. This is happening as after the start of the third term for Pierre Nkurunziza as the President. With that in mind the assassinations and killings of opposition, military leaders and police officers proves that the AU/EAC based dialogue is pointless as the parties are silenced by the regime and the ones aggressively retaliating makes the civilians in the cross firing fleeing to Uganda, Tanzania and Rwanda.

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Well, I am also worried!  Even Rwanda have been connected to groups violating the government and to a point of coup plot against the CNDD-FD regime; not strange as the High-Coltan exporter Rwanda are stealing Coltan from DRC and exporting better quality and levels of resources than their mines and mountains doesn’t have. Still, the world isn’t worried about the absence of justice in Beni, DRC and the RDC issues of thieving with guerrillas Nord (North) Kivu and the areas around. Paul Kagame likes to eat on stealing and killing as he has done all through his Presidency, still nobody questions him and let him by high quality weapons without any problems.

I am worried about the current instability of Juba, the PoC and United Nations actions in South Sudan. The Troika looks like three stooges who doesn’t cover their actions and expect warriors to be peace-loving drones as the riches get by the gun and not by dialogue. The Government of National Unity (TGoNU) that has installed Gen. Taban Deng Gai from the SPLM-IO and the SPLM-IG President Salva Kiir. The battles in Western Bahr El Ghazal State in the town of Wau; this proves the battles between the different fractions.

That the former Vice-President Dr. Riek Machar are back to heal in Khartoum where he was loyal before, while the SPLA where fighting Khartoum to get freedom from the Sudan Government under President Omar Al-Bashir. So the iconic leader of South Sudan seems lost, while Gen. Taban Deng Gai hasn’t had the control of the opposition even as the TGoNU have been able to get a battalion from SPLM-IO to Juba because of his appointment. The worrying is that both TGoNU and US spokesmen saying Machar doesn’t having any rights to get back to Power and be underling under President Kiir. That he giant level of fleeing citizens to Uganda and the little bound monies to camps in Northern Uganda proves the UNICEF and underfunding of the United Nation Refugee Agency that are running the refugee camps together with the NRM regime of Uganda. This show’s level of internal problems in South Sudan affects the Ugandan politics and funding.

This is just some of the things that go to through my mind. So I am not worried about the headphones of the Iphone7 and their technical changes from the last edition. There are bigger questions and more hard questions to ask about the world. Like why are the world still taking the so-called Presidential-Candidate Donald Trump serious when he recycling his lies to an extent that if you took the account of monies the Apple Corporation didn’t pay tax in Europe, the amount of lies that we’re not questioned by journalist towards Trump would be practically the same. Enough for now! Peace.

Opinion: Why is there so little sanction on Corrupt behaviour and why don’t the donors stop the funds?

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We should question the ability of certain leaders to be able to squander away government funds, donor-funding while keeping their citizens in poverty and neglect the civil service, the state functions and keeping the state fragile; so that the Executive can brown envelope the Members of Parliament and that other civil servants to get paid, instead of government salaries depend on being paid under table for government delivery.

This is not one nation problem, this is not a one continent problem, and this is a worldwide problem. Not only government acts like this organizations, multi-lateral organizations and businesses. Corporations and other LLCs are also misusing their fortunes and ability to generate wealth for their stakeholders through intricate and complex banking structure that fixes the profits away from the countries we’re they earn high profits; while squandering away the profits so that the owners and stakeholders gain massive funds and leave the consumers, workers and the nations as they keep the funds away from the State of real business.

Tax Avoidance

Why can I address the neglect of government in the same regard as tax-avoidance in modern business, because the same ethics and norms are made and regulated by the Parliaments, Executive Power and by the interests of politicians; that needs funds and create business in their constituency as they earn currency on opening business there. So with that in mind, the way the business is set-up and regulated are by admission from the political framework and laws, not to talk about tax-regulations together with multi-lateral agreements that either opens or closes doors for tax-fugitives from the profitable country.

The Government are the Sovereign Power, the ones that represent and distribute the resources and funds to their citizens through departments, ministries, institutions and programs that are sufficient to make sure of education, security and development of the country. That happens as they can either use their taxes, aid and loans to fund the government work. Well, they could if they wanted to represent the people who paid the tax and elected them.

One key reason for the maladministration and mismanagement from the government are that they are responsible for sham elections and rigging themselves in power; worst case scenario the government and executive took the power with the gun; so the responsibility is more on the ammunition instead of the transparency and accountability towards the citizens. The citizens are supposed to have safe-guards from corrupt behaviour and alleged graft; as the Auditor General and Ombudsman are supposed see through the files and budgets, together with registered procurements, so that the actual facts are the same as the planned efforts from the State.

That is why the breaking figures and knowledge of squandered monies from the funds. Something that shouldn’t be that easy to do or get away with; as so many leaders and executives have saved giant bank-accounts in Swiss Banks and in Tax-Havens. So the humble men from villages all of sudden own 30 luxury cars, 4 mansions and have a wife who spends a ministries months salaries on exclusive clothing and shoes in Paris and London. While the taxpayer are struggling to eat and feed their families, which is an issue that shouldn’t be there when the Executive and wife can have a cortege of 25 cars driving from their State House to their Ranch without any consideration.

Obama Stockholm

The worrying sign is that the International Monetary Fund, World Bank and other Multi-lateral organizations don’t sufficiently sanction this kind of activities or even punish the countries with this behaviour; except when the nations are on their back hunting wild goose. The United Nations and European Union, other Pacts doesn’t even sanction much either. The diplomatic tensions and the wish for resources sometimes stop the knowledge of the thievery, if not to save face of both parties as they doesn’t want the public of the nation importing to know about the maladministration.

What I am wondering with all the corruption scandals, with the rich executives and the haemorrhaging of monies from the state and businesses; It happens daily while the begging for funds from international community and also getting investors from the exterior to invest in business. These businessmen are set in function with civil servant and government officials that are corrupting the state; something that the world knows… and still keeps it going around.

Certainly the knowledge of this isn’t something in the shadow, some places all of this is in the spotlight and expected by the officials, as a second way of getting add-ons on their meagre salaries as the government doesn’t pay enough or on time for the Police Officers and Teachers to secure pay to pay for food and even rent. Therefore the system generate where the Government can’t even supplement funds for their own, while their leaders eat the most delicious stakes. This should be a warning, but the world moves on.

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What worries me… is how this keep on happening with different names, different places and with different funds, while the sanctions and the stopping of funding from the communities doesn’t stop; while the massive overload of stolen monies are hidden and the ability to use this banked currency in developing the state and nation, instead lost in trail of lies and deceit where the accountability got dropped in the ocean.

We should question these transactions and not accept these facts of life, this is the ones that steal the development and progress, steal foreign taxpayer’s monies into personal bank-accounts and private business of elites instead of the public functions as they we’re supposed to go.

I am just writing in frustration… and tired of seeing and hearing about the scandal after scandal… While the ones dishing it out are silent, while the punishment is not happening and the characters who are behind the thieving is walking like kings and queens in main-streets of capitals all around the world. That is what is bugging me. It shouldn’t be like this and the behaviour should be tormented, questioned and also charged for their stolen cash. This cash we’re not automatically made for and created for the Executive’s and their Elites; which isn’t justified. So why does it seem that some people are allowed to steal a country, steal a national treasury and the foreign exchange funds are walking scotch-free while hanging around the mayors and government-officials; but when a pocket-thief or a man stealing a goat, gets detained and not hired again.

The rules for this is provable not equal, not for all men are equal under god, except if you like shrimp. Well, that is not the case in this matter, there are too set of standards, the Executives and their Elites; while the citizens and public are a disgrace and can be disregarded easily, but the rich can get-a-way-jail-free-card! Peace.   

Barcelona star Lionel Messi to stand trial for tax fraud (Youtube-Clip)

DNB Nor plan of setting up a Carlson Funds as a “Societe Anonyme” (S.A.) to initially save taxes and write of their subsidiary in Luxemburg; they might claim differently to save face, but the agreement with Luxemburg Authorities says otherwise!

Biathlon Ad Vital DNB

The Company in Scandinavia famous for getting George Clooney to be parts of their commercials and being synonymous with the Norwegian National Team of biathlon, making Ole Einar Bjørndalen wearing a Vital hat to the races and competition as a display of one of the main sponsors of the National Team. That is ordinary in sports, and is ordinary in the time we live in. So that a big bank is supporting a National Team is everyday event, but that is not what I will write about and discuss. As I got to read one of the papers in the Panama Papers leak. Here it is and hope you can see how DNB Nor ASA used the opportunities for meager taxation and higher earning for their subsidiary.

Before you continue her is a classy ad from the company:

Now we will see how the Norwegian Company can also be a little greedy and trying to avoid taxes in Norway, but still earning the profits and having accounts, but using the PriceWaterCoopers (PWC) offer for a Shell Company in Luxemburg to save taxes and still keep the funds in safety in Luxemburg. That is the grand DNB Nor who is the largest bank group in Norway.

Here is how they do it, and it is epic ways of using the shell-companies to avoid Norwegian tax regime and use a Corporate Fund that is a S.A. “Societe Anonyme” as financial company in Luxemburg to simply benefit from the specific tax status for a company in Luxemburg instead of the Norwegian one. Let me take you for a ride!

What is the Carlson Fund Management Company S.A.:

“Carlson is a Luxembourg resident company incorporated on August 14, 1990 as a limited company (“Societe Anonyme”) in order to develop the German and other European markets” (…) “Carlson is a company of DnB Nor group (hereafter the “Group”). The Group is Norway’s largest financial services group with total combined assets of NOK 1,834 billion. It includes strong brands such as DnB NOR, Vital, Nordlandsbanken, Cresco, Postbank.en, DnB NORD and Carlson” (…)”Carlson is part of the life and asset management branch of activities of the Group, DnB NOR Asset Management. It is Norway’s largest fund manager and has a leading position within discretionary asset management for institutional clients in Norway and Sweden” (…)”Until July 28, 2006, the purpose of Carlson was the creation, management and administration of a unique fund, Carlson Fund, created in Luxembourg on August 31, 1990. In this respect, based on the Luxembourg law on UCis, Carlson benefited from a specific tax status exempting the company from Luxembourg corporate income tax, municipal business tax and net wealth tax”.

You think that is saga in the making just see what more they did to secure lesser tax in Norway and close to none in Luxemburg, because corporate greed is what makes the world run like Ussain Bolt!

“By resolution of the Extraordinary General Meeting (“EGM”) held on July 28, 2006, Carlson has amended its by-laws in order to comply with the law of December 20, 2002 transposing the UCITS III Directive 85/611/EEC into Luxembourg law. Since the EGM, Carlson has been responsible for the management and administration of several investment funds. Carlson currently manages a portfolio of funds under 3 fund umbrellas: Carlson Fund, DnB NOR Fund and more recently DnB NOR Part II Fund since February l, 2008 (hereafter the “Funds”)” (…) “As from the date of the EGM (i.e. July 28, 2006), Carlson became subject to an unlimited tax liability and is considered as a newly incorporated entity for tax purposes”.

DNB Bankkort

You think that is bad and telling how the Carlson entity of Luxemburg, which funds and fueling money from the DNB Nor and their subsidies and banks in Norway. As he Tax is high here for any profitable business, this kind of transaction and order clears lots of funds from the Company and banks, which gives higher profits, because of less tax as they follows through consultation to follow the exemptions laws in the tax-haven. Here we go!

How do they secure the tax-exemption with the laws in Luxemburg?  

“Based on article 35 (4) of the Luxembourg Income Tax Law (“LITL”), when a company becomes taxable, all its assets and liabilities have to be valuated, at the time of the conversion, at their fair market value The assets and liabilities concerned are those “contributed” to the fully taxable entity, including intangible assets (article 59 (2) LITL)” (…)”the tax balance sheet has to take into account all the assets and liabilities of Carlson (i.e. the whole assets and liabilities whose, by nature, intend to serve the activity of the company2) including the valuation of the management contract. The administrative doctrine precises that is assimilated as an asset all the potential assets that can be exploited in the context of the activity of the company and with an individual economic value” (…)”Carlson has to revalue its capital in its opening tax balance sheet. The revalued capital includes the share capital of the formerly tax exempt company, the reserves accumulated by Carlson until the moment of the conversion, as well as the revaluation reserves resulting from the step-up at the moment of the conversion. The revalued capital is treated as “fiscal capital” in the hands of Carlson from a tax point of view. Any repayment (of part) of this “capital” to Carlson’s shareholders will therefore not be subject to withholding tax in line with the provisions of article 97 (3) b LITL”.

Now we have seen how the DNB Nord have put a S.A. Society Anonyme with the Carlson Funds to drop money into the Tax-Haven of Luxemburg as the DNB thinks the suits of Luxemburg to perfection and wondered if Barney Stinson bought suits made for Luxemburg.

DNB set up the Society Anonyme is set up with a new “EMG” to get unlimited tax-liability in Luxemburg. So the advice made the funds from the company under the Carlson from the time of the board-meeting by law of the 28. July 2006. The continued thing they did was to take their assets and monies fueled into the Carlson Funds, so the liabilities together with all of contracted value and management in the tax-balance sheet. So there fueling of moneys into the Fund is also fiscal capital and because of the status of the S.A. hide more in the secret company there.

DNB Nor

Then the control of Carlson Funds is by all means controlled by DNB Nord as written here:

“As an example, a major part of the support activities (e.g. accounting) is done in close collaboration with the members of the Group located in Sweden/Norway. Moreover, the members of the team managing Carlson in Luxembourg are all senior officers originated from the Group. Consequently, the distribution of the Funds in Luxembourg is mainly performed thanks to the support of the Group”.

Here is what the group is supposed to pay in tax:

“Taking into account the total 2006 and 2007 value of the business compared to the total 2006 and 2007 annual profit before tax, Carlson will pay an annual and arm’s length remuneration in accordance with articles 56 and 164 (3) LITL to the Group for its support representing 65,92% of its annual profit before tax” (…) “Carlson will benefit from such retrocession of fees over a period of 10 years. As the taxable activity of the Company started in 2006, we propose to recognize such retrocession as from August I, 2006 until the financial year 2016” (…)”The computation of the percentage of notional retrocession of fees will be subject to a supervision period of 4 years (2006-2010). In case of significant/major changes in the business in Luxembourg, Carlson commits itself to inform the Luxembourg tax authorities of any significant changes that would modify its business and/or its tax position in order to agree on the more appropriate tax treatment”.

If you wonder what retrocession means that is planned underwritings of the earnings of the company. Underwritings or retrocession is usually a volunteer act of a company to return property or ceding property, though usually by request and not by forced transaction. Also the underwriting is also done to diversifying assets by consolidating them amongst the stakeholders. That means the last one the percentage of the company which is 65 % of the profits of DNB NORD’s Carlson Funds will dived 65% of the funds to the stakeholders of the company. Initially meaning that the Stakeholders or the Owners  of the DNB NORD and that before any tax in Luxemburg, which is beautiful business model for the Stakeholders and for the ones owning DNB, and by literal controlling Carlos Funds.

The Company found another way to dodge a little more tax:

Net Wealth Tax: As no intangible asset is recognized in the tax balance sheet of the Company, there is no increase of the unitary value of Carlson for net wealth tax purposes”.

This is initially saying that since they have not written any assets of value when they started to operate, therefore they does not have assets or monies worth to be classified for the Wealth Tax Purposes in Luxemburg. Here was yet another way of using the loopholes in Luxemburg to get even less taxation and a favorable way of using the tax-system there.

This article in the middle of the charter of Carlson Funds says the truth of the company:

The purpose of the corporation is the creation, administration and management of one or several Luxembourg and/or foreign collective investment funds in transferable securities authorized according to the Directive 85/611/EEC, as amended (”UCITS”) and of other Luxembourg and foreign collective investment funds not covered by trus Directive (“UCI”) (all together the “Funds”) on behalf of their unitholders or shareholders in accordance with the provisions of chapter 13 of the Luxembow-g law of December 20, 2002 on undertakings for collective investment, as it may be amended from time to time (the “2002 Law”) , and the issue of certificates or statements of confirmation evidencing undivided co-ownership interests in such Funds. The corporation shall manage any activities connected with the management, administration and promotion of the Funds. It may on behalf of the Funds, enter into any contracts, proceed to any registrations and transfers in its nam~ or jn third parties’ names in the register of shares or debentures of any Luxembourg or foreign companies, and exercise on behalf of the Funds and the holders of certificates of the Funds, all rights and privileges, especially all voting rights attached to the securities constituting assets of the Funds. The foregoing powers shall not be considered as exhaustive, but only as declaratory”.

EuroOK

This here says enough of the practices of the Norwegian Banking group of DNB Nor or DNB Nord ASA had a subsidiary for recess their tax-operation and use the lucrative opportunities for keeping the profit without having issues with the Tax-regime in Norway. As the Norwegian rules and tax-regulation without studying them is stricter and has to be stricter than this. Because the end of the Tax contract with Luxemburg disclose the information where they are planning not to pay for their “Net Wealth Tax Due”. So even if the funds grow massively and the monies invested in the Carlson Funds, the opportunity to underwrite 65 % before the tax on its profit and that is possible with the “underwriting” method. In that sense the taxation of the will always is 10% on very little part of the funds, as the stakeholders can theatrically take 65 Euros on the 100 euros. Leave behind 35 Euros of it profit and pay 3, 5 Euro on the 100 Euros of Profit, that is a beautiful operations. If it wasn’t for the underwriting of the revenue then the company would have by the standard tax of Luxemburg paid 10 Euros of tax. 10 Euros is not much of a profit of 100 Euros, but still vastly more than 3, 5 Euros, the difference by quick calculation is 6, 5 euros. That is nearly a price of a Big-Mac Combo-menu that cost around 8 Euros in Luxemburg.

That is because of the technic of underwriting and sharing that with the shareholders and stakeholders of the Carlos Funds S.A. in Luxemburg which is their subsidiary. As written so nicely to the Luxemburg Department of Tax Collection in 2nd July 2008:

“on behalf of our client Carlson Fund Management Company S.A. (hereafter also referred to as “Carlson”), we respectfully request you to confirm, in writing, the content of this letter as to the Luxembourg tax treatment applicable to the situation described herein”.

That the Carlson was supposed to get the reasonable Tax Treatment for the company so there was a hashed plan from the get-go together with the Company of PriceWaterCooper. The plan was made an acted upon. This would not been possible if the DNB Nor did not use the guidance and setting up the charter after the laws there and follow the guidelines of the company setting it up for making sure of having less tax.

As explained with the 100 Euros scenario. The certainty is not any excuse from the DNB Nor can tell away.  As they explained in 2016 to the Norwegian Press:

“No, DNB Luxemburg does not help the costumers to avoid tax. The Advisors function as discussion and talking-partners when it comes to financial questions, which offers legal and legitimate tax-plan for the costumers who live abroad. It could for example be about advice about financial-solution, cross-border transactions, complicated inheritance-regulation and other taxing environment that would be different from the ones who are living in Norway” (…)”DNB does not operate in Luxemburg because of taxation (Foss, 2016).

Well, I have already explained there operation and how they get to pay as little tax as possible through their operation. So DNB Nor had or still have the Carlson Fund Management Company S.A. in Luxemburg to save taxes and earn more monies in their operation and company there. Something they would be able to do in Norway or under Norwegian taxing regulation. Peace.

Reference:

MF I/ECCi/ AEGN/C21108001 M-PEWR – “Carlson Fund Management Company S.A. – Identification tax number: 2006 2240 378- Recognition of a license fee for tax purposes” (02.07.2008) – PriceWaterCooper (PWC)

Foss, Andres Bakke – ‘DNB i redegjørelse i 2014: DNB Luxembourg hjelper ikke kundene med å unndra skatt’ (08.04.2016) link: http://www.aftenposten.no/okonomi/DNB-i-redegjorelse-i-2014-DNB-Luxembourg-hjelper-ikke-kundene-med-a-unndra-skatt-8422413.html#xtor=RSS-3

#PanamaPapers: A little reflection on the reason why these operation exisist and thrieving on the Fortunate

285de-corruption-cartoons-from-india-8

For those who have been surprised by the recent allegation and findings in the #Panama Papers that incites lots of politicians, the general elites and businessmen connected close to the governments. The money always talks, the money always moves and by any means possible.

For the wealthy and close connected they have the ability to forge networks and find businesses that earns coins on helping to move that money. But that is not for the ordinary people, as we pay a fortune to use RIA or Western Union to move between usually loved ones. But the Panama Papers are for whole other ordeal.

BVI Tax Evation

This here is for Tax Aviation’s and getting rid of extra burdens on the solid amount money they have gained. The persons and companies are set-up Shell-Companies to stack up money in British Virgin Island (BVI), Panama or Luxemburg. As this places doesn’t have that many inhabitance or sheep to earn money on, they earn tiny percentage on being “big-banks” for all kind of operations, while securing that the companies and persons involved can keep it discreet and silence. Until cover-ups like the recent ones shows the true color of the amount of money, that are dished away. The money that are stashed-away is millions upon millions of American Dollars; dipped away in a treasury chests that most economies would dream of having in circulation!

That should not be surprising as all of well-known government leaders are setting up and making it possible to have sophisticated economic systems that cross-borders for the benefit of trade; while these are used to ship the money from the places that have initially no taxes and programs that made up to build societies. This is also the places where they can have it without any concern, except some extra sunshine and a family resort at the beach, though I would not consider that in Luxemburg, unless suits and gas-stations are your thing.

bankers-dont-go-to-jail

The business-men and government officials, even relatives usually walks around with that without problems for decades as the banks, and the legal advocates set-up this fixed businesses to secure the fueling of their money. The worst thing is the loopholes and the ways that this decisive methods to undermine the local public to create and secure more funds for already wealthy clients. Where the bank as HSBC and lawyers of Mossack Fonseca divided fees to pocket the money that the client needed to send away from the shores and country-sides; where the money was raised and earned. While getting away from local agony of having fortunes and paying taxes on the high-incomes earned to the local communities.

If you we’re shocked of the values and the persons that was involved in the scandal of late, I wasn’t as the government officials, presidents sons and daughters; kin and other close connections have always gained extra through the cronyism or nepotism have been a thing since the Roman Empire, and does not stop any time soon. That the President Museveni of Uganda owns businesses and would have dashed a fortune for his grandchildren in an tax-haven through multiplied shell-companies. The same would not also be surprising on the Kenyan President Kenyatta who recently brought Sameer Diary and Livestock Limited who sells ‘Fresh Diary’ in Uganda through his company Brookeside. Surely his kins and family have some money abroad to secure in dire times might come. The same is certainly with President Kagame, who even been seen during the scandal that RPF-Elite men have been insiders in the scandal, as President Kagame have control and ease over it; surely he would skim over the top and gain some extra funds as the Executive. Similar is it in Democratic Republic of Congo where President Kabila sister is central profile in the scandal and shows how the monies and funds appear in tax-havens as she owns businesses and also the centralized economy around nepotistic and cronyism. Something that should not  be shocking for anyone.

Hard to Hide

What this scandal shows is the amounts and estimates, this is through to major companies who serves this clients that are close by this totalitarian and big-men leaders who have close connected with central industries as they have to be granted and get contracts with government to drill oil, mining or even gain markets in the countries. With that power comes also embezzlement, kick-backs and percentage of the top that get skimmed through the advanced economic products that the blue-collar lawyers and bankers offers; they do that legally, but in a moral grey area as this thieving of government controlled funds in the name of the beneficiary or the shell-company in discreet secrecy. It’s not only dictators and their wives who are into it, I am sure if it wasn’t for the failed ‘Wonga Coup’ Mark Thatcher would still be up to game as the son-fallen from grace and proud family tradition; as even David Cameroon have been put into the mix. There is no shortfall when it comes to greed, and corporate greed never stops.

As the world leaders tries the best to hide their businesses and ownership through shell-companies and strawmen, or getting a cousin to run the business kind of like what Trump does to his son, just a little more subtle.

Human Being

The governments are taking the sides of happy uncles as they all tries to open trades with tax-havens to keep businesses in their countries. The Companies who in many countries are seen as “Legal Person” can own land, own other businesses and be sued. Certainly with that power as stakeholders and shareholders does not care about other things than the bottom-line, they want to sell or sell enough services so that their earning a profit, by any means. That is why big businesses have been taken for tax-evasion in the UK this was Amazon and other online-retailers as they we’re officially legal unit in a tax-haven and not in the United Kingdom, though the products bought on Amazon was sent from a warehouse in UK, and sent to UK houses. The transaction between costumer who got the book from Amazon payed to a British account, but before the cash kissed the taxation to the Government of UK, it was sent to multiply Amazon shell-companies before ending at a Tax-haven. So that the United Kingdom get only pennies in tax compared to the Pound Sterling the UK state was supposed to earn from the Amazon LLC. That is just an example, but still important as a precise maneuvers the companies and international companies do, so they does not pay full-taxes or truthfully through sophisticated economic programs and revisions get the monies through foreign banks and tax-havens with help of legal teams in companies similar to Mossack Fonseca.

Scrooge McDonald

How to set up shop:

The LLC and Shell Companies will be used in market strategies as ghost straw-men for the owners sending monies through networks of intricate syndicates and money-laundering operations; That make Uncle Scrooge or Scrooge McDuck wishing he was a real person and not a cartoon character made up by Carl Barks in 1952; instead he is owning a Oil Company drilling oil in either Kazakhstan, Nigeria or North Dakota. Where he got the proceedings through UBS AG or HBSC; where the profit gets through manufactured holding companies and sent to BVI or Guernsey; where the McDuck Oil Company has headquarter, by official paperwork. That paperwork is written and made by lawful actions through Mossack Fonseca; while most of the Blue-Collar men are working in the unofficial Headquarters in the heart in the City of London or New York. But their taxing is little or near none there, because of McDonald Oil is fixed in Guernsey; Where they only have a Post-Box at the island; which by my reckoning would forward the mail to London or New York as the employees would actually be there.

This is a way of getting the bottom-line and the more of the ends directly to the stakeholders and owners of these companies tries to advance with this opportunities, that we the ordinary citizen, commoner, person or fellow human being would not be offered, since we don’t have the money to fix this or hire these men to forward our money, as we need the cash we have to get a home rent or buy, get food on the plate, pay electricity, airtime, taxes and then trying to get a chocolate bar once in a while. There is where we are. The once who was surprised about these papers have had too much faith in their rich, the elites and the once who has fortunes. They do not want to share that fortune that they have earned on our governments and our consumption; while trying to avoid giving something back to society, and giving the government more funds to develop the society the rich are doing business in. Peace.

Kahinda Otafiire – Bush hero finally being bushwhacked

Kahinda Otafiire

Reports on the elections that lead to the fall of Kahinda Otafiire lost his place as an MP aspirant for the General election in 2016. So he will not be the MP for the Ruhinda South-Mitooma District. He lost to another brother on the ballot who actually is in jail! But first I will address the person and few of his previous actions and issues that he has had in recent years in his position as a government official. So that if the public known all of this it’s a miracle that he is still been staying as a MP and representing this area for that long with all this stories. So hopefully the brother who is jailed and Aspirant for Ruhinda South – Mitooma District has more clean hands then Otafiire! Take a look.

Gen. Otafiire said this this summer:

I have been with President Museveni for more than 40 years and he has not sent me to my voters. How does he start sending you who have spent the shortest time with him?” (…)”You will be saved by your deeds because at the level of primaries, we are all equal and stopping someone from standing would send a bad signal to the people” (…)”Don’t forget that we have competitors in other political parties who are seeing whatever we are doing. Just identify your weaknesses and plan to be stronger rather than blocking other people who want to stand against you” (Zadock, 2015).

A week later he said:

“I don’t think I am stupid as I appear. With all due respect, you’re insulting my intelligence” (…)”I don’t remember writing that letter although it has a signature resembling mine” (…)”I know Kasango as an officer of court. The documents were signed by Justice John Keitirima, whom I know well. I had no reason to doubt” (Walubiri, 2015).

Some cool quotes from the brother:

“Tamale Mirundi should leave issues of the generals to the generals.” Commenting on Tamale’s verbal attack” (…)”I am 85kg, do you think I have become big because of corruption?” (…)”what was a wetland doing in the middle of a city?” questioning the Nakumatt vs Nema saga” (…)”Even Museveni knows I am fire” (…)”I don’t like this nonsense. That is my private life, it has nothing 2 do with my public life as Minister. Whether I am taking my family out or not is none of your business. You fellow can u concentrate on what concerns u and leave Otafiire’s family alone.” In response to Daily Monitor concerning his Christmas plans” (Ortega, 2013).

Nominated as one of the Most Corrupt of Ugandans in 2012 and he was awarded the spot of number 7:

“Taking advantage of his senior position in the elite network that effectively plundered diamonds, coltan, timber and Gold in eastern Congo, Otafiire set up lucrative business enterprises in the neighboring country and refused to pay taxes, as reveals the 2003 final report of the United Nations Panel of Experts on Illegal Exploitation of Natural Resources and Other Forms of Wealth of the Democratic Republic of the Congo:” (…)”Members of the Ugandan network are typically tax exempt. The Panel is in possession of documents showing that the network uses its control over the RCD-K/ML rebel administration to request tax exonerations for imports of high-value commodities. The granting of numerous tax exonerations to UPDF Colonel Otafiire between late 2001 and early 2002 is one of numerous cases. Not only did Colonel Otafiire benefit financially but, eventually, those exonerations forced local competitors out of markets in Bunia and Beni, leaving the petrol trade largely under the control of the network” (…)”Even in his own country, Uganda, Otafiire is routinely accused of abusing power. Fourteen years ago, he was dragged to a parliamentary probe committee for allegedly stealing copper rivets worth billions of shillings from an Asian businessman. In 2007, Kahinda Otafiire abused his office as minister of local government when he fraudulently allocated the Nakawa-Naguru estate redevelopment project to Opec Prime Properties Ltd, according to a 2008 report of the Inspector General of Government” (Sseremba, 2012).

1980s Luweero Triangle tricks:

“Obote put it more succinctly to Andrew Mwenda:” (…)”Maj. Gen. Kahinda Otafiire, for example, revealed that the National Resistance Army rebels used to wear UPC colours and then go into villages in Luwero and kill people in order to make the people think these were actions of the UPC government. Otafiire was boasting of the “tricks” NRA employed to win support in Luwero, but was also revealing the sinister side of Museveni and his insurgents… Each time there was a reported case of mistreatment of civilians by the army, we arrested those responsible and punished them severely” (Kalyegira, 2010).

Messy water of 2005:

“Maj. Gen. Kahinda Otafiire, the Minister for Water Lands and Environment, last month fixed the price of water in rural areas at Shs 10 per 20-litre jerry can” (…)”Until last month, prices varied from one area to another, depending on operational costs. Because costs differ, there is fear that a uniform tariff will jeopardise the operations of the water systems and lead to their collapse. This is because the companies can only continue running the water systems if there is a profit to make” (…)”However, Otafiire this week dismissed such fears, saying that the new water tariff aimed to make accessible it to every one. “It was a bad policy. I am the minister and I have changed it,” he said of attempts to develop a business model. “Water is not for commerce. If we can give free medicine, why not free water?” He said only two water schemes with electricity-powered systems would get government grants to subsidise their power expenses” (Kavuma, 2005).

Kenya Probe 2007:

“KENYAN police are investigating a possible link between Maj. Gen. Kahinda Otafiire to a large consignment of sugar currently impounded in Mombasa over tax evasion, but the Local Government minister has denied involvement in the racket” (…)”The huge consignment, worth about Shs 850 million was impounded at Mombasa seaport several months ago after authorities realised its destination papers had been falsified to avoid paying taxes due” (…)”If the racket succeeded, said Port CID Chief Mr John Nyanzwii, then the owners would have evaded the 100 per cent duty paid for imported sugar and the import duty due to the Uganda Revenue Authority. The sugar would have appeared to have originated from Kenya” (…)”Although police authorities in Mombasa had information that the Sugar belonged to Uganda’s local government minister, Maj. Gen. Kahinda Otafiire, he denied the allegations in a phone interview with Daily Monitor last week” (NFV Zone, 2007).

Car Crash in 2008

THE Minister of Water, Lands and Environment, Maj. Gen. Kahinda Otafiire, crashed his car on Saturday morning and drew a gun at a journalist who came to the accident scene.The incident took place on Kinawataka Road, off the Old Portbell Road at 2:30 a.m. Daily Monitor photo-journalist Mr Mike Odongkara was put at gunpoint by an angry Otafiire and manhandled by policemen who were called to the scene to rescue the minister” (Odangkara, 2008).

Threating to leave NRM in 2010:

“I might have to join another party. I won the elections but my name is not on the list [of party flag bearers released this week]. They are chasing me away. What do you want me to do?” (…)”“If you were in my shoes, what would you do?” (…)”You cannot petition someone who does not want you” (Kiggundu, 2010).

Shell case of 2012:

“Justice and Constitutional Affairs Minister Kahinda Otafiire yesterday failed to show up in court to explain his side of the story in a case in which petroleum giant Shell (U) Ltd sued him over alleged breach of contract“ (…)”Gen. Otafiire, through Benzina (U) Ltd, allegedly negotiated a land lease deal with Shell (U) but later failed to honour it” (…)”The petroleum company now wants a Shs1.2 billion refund for refusal to deliver land to it, which it says resulted in loss of business.” (Wersaka, 2012).

In 2013 Otafiire had issues in the parliament:

“Minister for Justice and Constitutional Affairs has been thrown out of Parliament for Government’s failure to appoint substantive DPP as Cases pile up and suspects spend longer time on remand without trial” (…)”Appearing before the parliamentary budget committee to present the DPP budgetary estimates for this financial year, MPs today ordered Major Gen Kahinda Otafiire out from Parliament accusing government of delaying the appointment of the substantive Director of Public Prosecutions (DPP)” (Investigator, 2013).

Shopping in 2014:

The Minister of Justice was shopping at the Joy Supermarket in Mbuya who is a city suburb on the outskirts of Kampala. After shopping in his trolley he came to the register where he asked the price for each of the picked items in the trolley. The whole shopping spree cost the minister 160, 000 shillings. He started first buy paying it with 50,000 bills. Before picking coins from another pocket there he started to count and used time to make a jam in the star while getting enough coins to pay the balance missing of 10, 000 in small change (Ugandadrone, 2014).

Kahinda Otafiire. P2jpg

What happen in today’s NRM Primaries:

Retired Maj. Gen Kahinda Otafiire storms the tally center in company of security personnel for the Ruhiinda county polls and orders everybody out; and says they must leave everything inside in the hands of one of the security boys; Kahinda Otafiire came along while saying his votes have been rigged. The people and the officials are reportedly refusing to leave the centre.

Gen. Kahinda Otafiire is seriously being given a run for his money according to the pre-liminery report. Capt. Mugabe Dononzio Kahonda is leading with the difference of 4773.Mind you Kahonda did not vote because he is in the prison on allegations that he forged academic documents. Otafiire is also reported to fall behind Hosea Muhanguzi.

Kahinda Otafiire lost to Rtd. Cap. Kahoonda in Ruhiinda County while he is still incarcerated in prison.

Reasons for the fall of Otafiire:

“Gen. Kahinda lost because of his rejection for Mitooma not become a district. This resulted into the district chairman Benon Karyaija who is very popular to part ways with him and become arch enemies. The former Mitooma district NRM chairman Tito Nsigireho, district speaker silver Tumukuratire, finance secretary Bamusiime Muhwezi have all been against Otafiire since 2010 when they defeated him and Mitoma was granted district status from Bushenyi district. Still in Mitooma district, Thomas Tayebwa won in Ruhinda North with over 80%. He was contesting against one Musinguzi. Ruhinda North is a new constituency that was curved of Ruhinda this year” (Muhwezi, 2015).

If this wasn’t interesting then I don’t know; we can see that with the fix of somebody else as flag-bearer in the district, especially since the district was split of the districts in the area. Also with losing the loyalty of patrons in the area, that cost him a lot of votes. So I am sure that Mr. Otafiire can become Minister Without Portefolio or something in the 10th Parliament. Now we have seen that the future handpicked loyalist of the Party, not because the locals in Ruhinda want him anymore. Peace.  

Reference:

NFVZone – ‘Kenya Police Probe Otafiire Over Sugar’ (20.11.2007) link: http://www.nfvzone.com/news/2007/11/20/3108994.htm

Kalyegira, Timothy – ‘Rwanda: How RPF and NRA perfected the human atrocities to blame it on Hutus’ (18.03.2010) link: http://rwandarwabanyarwanda.over-blog.com/article-rwanda-how-rpf-and-nra-perfected-the-human-atrocities-to-blame-it-on-hutus-46935719.html

Kavuma, Richard M – ‘Otafiire upsets water experts’ (25.08.2005) link: http://www.worldwatercouncil.org/fileadmin/wwc/Sections_for/Journalists/Water_Media_Program/wmp_resources_kavuma_25.08.05.pdf

Kiggundu, Edris – ‘Gen.Otafiire threatens to quit NRM’ (23.10.2010) link: http://www.observer.ug/component/content/article?id=10614:genotafiire-threatens-to-quit-nrm

Muhwezi, Wilber – ‘PRISONER CAPT. KAHONDA DEFEATS GEN.KAHINDA OTAFIIRE’ (27.10.2015) link: http://mknewslink.com/prisoner-capt-kahonda-defeats-gen-kahinda-otafiire/

Investigator – ‘Otafiire thrown out of parliament over DPP’s appointment’ (08.08.2013) link: http://news.ugo.ug/otafiire-thrown-out-of-parliament-over-dpps-appointment/

Odongkara, Mike – ‘Otafiire crashes car, pulls gun at journalist‘ (08.05.2008) link: http://mikeodongkara.blogspot.no/2008/05/otafiire-crashes-car-pulls-gun-at.html

Ortega, Ian – ‘Kahinda Otafiire Quotes (Compilation)’ (31.07.2013) link: http://bigeye.ug/kahinda-otafiire-quotes-compilation/

Sseremba, Yahya – ‘10 Most Corrupt Ugandans’ (19.04.2012) link: http://campusjournal.ug/index.php/special-report/investigation/471-10-most-corrupt-ugandans

Ugandadrone – ‘Kahinda Otafiire causes jam in a supermarket counting coins’ (15.12.2014) link: http://ugandadrone.com/kahinda-otafiire-causes-jam-in-a-supermarket-counting-coins/

Zadock, Amanyisa – ‘Stop deceiving voters, Otafiire tells aspirants’ (05.06.2015) link: http://www.monitor.co.ug/News/National/Stop-deceiving-voters-Otafiire-tells-aspirants/-/688334/2740506/-/ure9e3/-/index.html

 

Walubiri, Moses – ‘I am not as stupid as I appear – Otafiire’ (14.06.2015) link: http://www.newvision.co.ug/news/670963-i-am-not-as-stupid-as-i-appear-otafiire.html

 

Wersaka, Anthony – ‘Otafiire shuns Shell case mediation’ (18.05.2012) link: http://www.kigalikonnect.com/article/otafiire-shuns-shell-case-mediation.html

 

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