Serious Rajah & Tann Linked to 28 Companies in Panama Paper

[gingerlyn]

Dear brothers and sisters,

what is this?
Rajah and Tann linked to 28 companies in Panama papers?

https://offshoreleaks.icij.org/nodes/177213

 

[Leongsam]

This supposedly explosive expose is nothing more than a wet squid.

So what if companies or individuals are linked to some offshore company or trust? When we opened our first factory in Singapore the parent company was a shell company registered in Bermuda. We structured it that way in order to avoid substantial US taxes based upon the advice given by our lawyers.

We broke no laws. All we did was save a shit load of taxes. Had we paid the taxes the money would have gone either into the pockets of some two bit politicians or would have been used to support some lazy lout drug addicts and single mothers.

 

[scroobal]

I will soon give up trying to explain this. Probably 99% of accounts setup in offshore locations are legal and for genuine business reasons which normally means to rationalise tax treatment between 2 countries. There was firm in Clifford Centre for years were selling shell companies in various locations to facilitate legal firms there advising and executing for their clients. They use to advertise heavily in the Economist. They were also setting up shell companies in Singapore for foreign clients.

This supposedly explosive expose is nothing more than a wet squid.

So what if companies or individuals are linked to some offshore company or trust? When we opened our first factory in Singapore the parent company was a shell company registered in Bermuda. We structured it that way in order to avoid substantial US taxes based upon the advice given by our lawyers.

We broke no laws. All we did was save a shit load of taxes. Had we paid the taxes the money would have gone either into the pockets of some two bit politicians or would have been used to support some lazy lout drug addicts and single mothers.

 

[Leongsam]

I will soon give up trying to explain this. Probably 99% of accounts setup in offshore locations are legal and for genuine business reasons which normally means to rationalise tax treatment between 2 countries. There was firm in Clifford Centre for years were selling shell companies in various locations to facilitate legal firms there advising and executing for their clients. They use to advertise heavily in the Economist. They were also setting up shell companies in Singapore for foreign clients.

The taxes that we did not pay in the USA did Singapore a world of good. It improved our cash position to the point where we were profitable within 18 months and paved the way for sustained expansion of our Singapore operations creating jobs and investing in considerable capital along the way.

Why many societies are of the opinion that paying taxes = good and not paying taxes = bad is beyond me. Of all entities governments are the least efficient when it comes to spending money. Cash is far better utilised in the hands of most large corporations than it is with most governments.

 

[eatshitndie]

companies are goondu's if they don't exploit tax loopholes with offshoring proceeds from their foreign jv's and subsidiaries. this is especially true of many jap companies. corporate tax in japan is high at 40%, and many are contemplating creating shell hq's in sg to reduce that to about 17%. keep telling japs there's no betrayal at all to nippon if the bottom line is improved and better margins and profits can be plowed back to strengthening balance sheet and keeping companies afloat. some old school jap management types are very slow to adapt to such exploits which are fully legitimate and the right thing to do for businesses trying to secure a stronger financial foothold for the future.

 

[virus]

The taxes that we did not pay in the USA did Singapore a world of good. It improved our cash position to the point where we were profitable within 18 months and paved the way for sustained expansion of our Singapore operations creating jobs and investing in considerable capital along the way.

Why many societies are of the opinion that paying taxes = good and not paying taxes = bad is beyond me. Of all entities governments are the least efficient when it comes to spending money. Cash is far better utilised in the hands of most large corporations than it is with most governments.

If so good how come pay stagnant all this while. YYMV. It cannot b good if they cheated to benefit themselves whilst sinkie gahment merely add fuel to fire by lowering their tax n at times tax breaks at taxpayers expense.

 

[scroobal]

Agree. GE- General Electric, the oldest listed company company and the icon of good business uses offshore facilities extensively as they operate globally. And it is not just for tax reasons but also to facilitate loans and generate interest revenue. These offshore locations have numerous international banks that will disburse loans at a cheaper rate and seldom have the bureaucratic red tape associated with many countries. In the event of a dispute, sometime it makes sense to have the jurisdiction for arbitration spelled out.

I have mentioned before SIA recruits some foreign pilots and pays them out of Mauritius. And they do that not because it is a nice idyllic location.

The taxes that we did not pay in the USA did Singapore a world of good. It improved our cash position to the point where we were profitable within 18 months and paved the way for sustained expansion of a our Singapore operations creating jobs and investing in considerable capital along the way.

Why many societies are of the opinion that paying taxes = good and not paying taxes = bad is beyond me. Of all entities governments are the least efficient when it comes to spending money. Cash is far better utilised in the hands of most large corporations than it is with most governments.

 

[Papsmearer]

Chee should have asked Murali which one of these 28 accounts is his.

 

[Leongsam]

Chee should have asked Murali which one of these 28 accounts is his.

And if it was so what?

 

[Thick Face Black Heart]

Why many societies are of the opinion that paying taxes = good and not paying taxes = bad is beyond me. Of all entities governments are the least efficient when it comes to spending money. Cash is far better utilised in the hands of most large corporations than it is with most governments.

Agree on this point absolutely. The issue has been muddied by people engaging in populism and the liberals are the ones at fault.

Singapore is in a unique position. We have one of the lowest tax rate but our taxation is indirect and highly insidious. It is via the property market and CPF which acts as an escrow account which allows the G to siphon off larger and larger sums of money over time. By jacking up the price of land, HDB flat prices can get jacked up over time at an alarming rate. Worst of all HDB can claim it is selling houses to Singaporeans at a loss when it is a case of left hand transferring money to right hand (SLA).

 

[winnipegjets]

Why many societies are of the opinion that paying taxes = good and not paying taxes = bad is beyond me. Of all entities governments are the least efficient when it comes to spending money. Cash is far better utilised in the hands of most large corporations than it is with most governments.

If the world operate as you see it, there wouldn't exist a middle class or social stability.

Are you blind to the fact that corporations are inefficient? Every few years, they have to trim the fats. It is a continuous cycle.

 

[winnipegjets]

Agree. GE- General Electric, the oldest listed company company and the icon of good business uses offshore facilities extensively as they operate globally. And it is not just for tax reasons but also to facilitate loans and generate interest revenue. These offshore locations have numerous international banks that will disburse loans at a cheaper rate and seldom have the bureaucratic red tape associated with many countries. In the event of a dispute, sometime it makes sense to have the jurisdiction for arbitration spelled out.

I have mentioned before SIA recruits some foreign pilots and pays them out of Mauritius. And they do that not because it is a nice idyllic location.

Right-wing bs. What is next? Trickle-down economics?

 

[winnipegjets]

companies are goondu's if they don't exploit tax loopholes with offshoring proceeds from their foreign jv's and subsidiaries. this is especially true of many jap companies. corporate tax in japan is high at 40%, and many are contemplating creating shell hq's in sg to reduce that to about 17%. keep telling japs there's no betrayal at all to nippon if the bottom line is improved and better margins and profits can be plowed back to strengthening balance sheet and keeping companies afloat. some old school jap management types are very slow to adapt to such exploits which are fully legitimate and the right thing to do for businesses trying to secure a stronger financial foothold for the future.

There will come a time where corporations who don't pay their fair share of taxes in the US will not be allowed to sell in the US. That will make these freeloaders wake up. Trump for President.

 

[Thick Face Black Heart]

If the world operate as you see it, there wouldn't exist a middle class or social stability.

Are you blind to the fact that corporations are inefficient? Every few years, they have to trim the fats. It is a continuous cycle.

No one beats govt at inefficiency.

 

[Leongsam]

There will come a time where corporations who don't pay their fair share of taxes in the US will not be allowed to sell in the US. That will make these freeloaders wake up. Trump for President.

It all depends upon what you mean by "fair share".

EG Apple and Samsung both sell their products worldwide and compete head to head in many markets.

If Apple is forced to pay US tax rates because it is an American company while Samsung can get away with paying a much lower rate on its profits there can then only be two outcomes :

1. Apple bleeds market share because they are not price competitive and eventually folds. Having to pay US taxes puts any company at a distinct disadvantage when competing against asian based corporations.

or

2. Apple moves offshore in order to remain competitive.

Either way the US government will lose out.

 

[Papsmearer]

And if it was so what?

So why in the tax haven, switzerland of Asia, money laundering and tax evasion capital of SE Asia does Murali need to open an account in panama? U think these layers are doing free of charge?