Offshore banking_ financial secrecy, tax havens_ evasion, asset protection, tax efficient corporate structure, illegal reinvoicing, fraud concealment, black money _ Sanjeev Sabhlok's

09/05/2015 Offshorebanking/financialsecrecy,taxhavens/evasion,assetprotection,taxefficientcorporatestructure,illegalreinvoicing,fraudconcealment,bl

http://www.sabhlokcity.com/2014/09/offshorebankingfinancialsecrecytaxhavensevasionassetprotectiontaxefficientcorporatestructureillegalrei 1/23

India! I dare you to be rich

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September 6, 2014

Offshore banking/financial secrecy,tax havens/evasion, assetprotection, taxefficient corporatestructure, illegalreinvoicing, fraudconcealment, blackmoney

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2) Download Sone KiChidiya Agenda

Ive started reading Treasure Islands: Tax Havens

and the Men who Stole the World byNicholas

Shaxson. This continues an interest developed

through an FTI members analysis of Switzerland

as a tax haven.

I intend to sporadically make notes on this topic

till I understand it properly. This post will evolve

and grow. Please send me your thoughts/ links in

the comments section.

What is a tax haven?

From Nicholas Shaxson:

It is a place that seeks to attractmoney by offering politically stablefacilities to help people or entitiesget around the rules, laws, andregulations of jurisdictionselsewhere.A number of features help us spottax havens.First, all tax havens offer secrecy, invarious forms.Another common marker for taxhavens is very low or zero taxes.

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People and corporations use them toescape tax, legally or illegally.Secrecy jurisdictions also have verylarge financial services industries incomparison to the size of the localeconomy.Tax havens usually deny what theyare and strenuously assert that theyare clean.But there is one feature of a secrecyjurisdiction that stands out aboveall: that local politics is captured byfinancial interests from elsewhere(sometimes these financial interestsare criminal interests). Meaningfulopposition to the offshore businessmodel will have been neutered in aserious tax haven, so that suchirritants as local politics cannotinterrupt the business of makingmoney. These zones of ultra-freedomfor financial interests are so oftenrepressive places, viciouslyintolerant of criticism.It is, at heart, about artificiallymanipulating paper trails of moneyacross borders.

The sum total of this underground economy is

estimated at around a quarter of world GDP. It is

absolutely massive.

Breaking Free ofNehru

Discovery of Freedom

Why the IAS must packup and go

A Free SpeechManifesto

Hindu Capitalism

Scientific HinduismBook 1: The role of

meat in a healthy diet

Scientific HinduismBook 2: Brahminical(caste) Hinduism: a

system ofinstitutionalised

oppression

Gandhi, a MarxianLuddite

The Truth About Modi

Modi's Lies to the SIT
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Re: Switzerland, some notes from an internal

discussion:

Swiss Bankers helped the Nazis toloot and illegally store the wealth ofJews appropriated in Germany,Poland and other East Europeancountries. And, they actively refusedto repatriate this wealth back to thesurviving relations of the murderedJews and fought pitched legalbattles with Israeli and AmericanJews on the provenance of thiswealth secreted away in theirlockers. And, then they became thebankers of choice for Africandespots, looting their impoverishedcitizens, drug smugglers, andassorted alleged terrorists untilmore salubrious nations came upwith their own banking secrecy laws and the more recent Americanattack on the major Swiss Banksand their secrecy laws.

The latest scam of the Swiss to helptax scamsters and other hoarders ofill-gotten wealth is to build largebonded warehouses at the airportsin Geneva and Zurich these areapparently jurisdiction free andfor a small fee will store all your

Modi's criminal spyingon Mansi Soni

Angrezon Ke Pille (RSS)

The Truth aboutRamdev

Arvind Kejriwal is asocialist

Arvind Kejriwal'sSwaraj - with criticalannotations in blue

Cost Benefit Analysisand Freedom

Notes on Innovation

The GloriousAbundance andCreativity of the

Robotic Age

Dangers ofProportional

Representation in India

Notes on IQ, race,dignity and liberty

The Net Benefit of CO2

INDIANS FORLIBERTY

"The moment the slaveresolves that he will nolonger be a slave, hisfetters fall. He freeshimself and shows theway to others. Freedomand slavery are mentalstate." - Gandhi
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hard assets diamonds andprecious stones, bullion, currencynotes (Swiss franc, preferably), artand what have you.

With the secrecy laws thatSwitzerland has till date, dilutedonly recently under US pressure the entire system is a bad apple.The stalwarts like CS and UBS arepaying massive fines in the US forSYSTEMATICALLY helping USCitizens to evade taxes. And, this isnothing compared with the privatebanks, which have not yetcompletely come under the scanner because each bank itself is small,but in aggregate dwarf the privatebanking practices of CS and UBS.How many have heard the names ofSarasin, Pictet, Lombard Odier, thereare multitudes of others. SecretBanking is a cottage industry inSwitzerland.

The banks of Switzerland have overUS$3.0 trillion in assets (Source:Swiss national bank, 2011 stats).Most of these should be repatriatedthem to their source countries.

Switzerland is the prime beneficiaryof this largesse the 3-month LIBOR

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for CHF is 0.02%, while the 10-yearbond yield is 1.03% currently so,Swiss industry benefits from all thestolen wealth that is deposited inSwiss Banks. (Indian companieshave to borrow at 12%+, and the RBI10-year bond yield is currently c.9.0%). What if the Swiss Industrywas to pay true costs for theirborrowings?

RELATED ARTICLES

Credit Suisse helped US tax evaders

US senators rebuff Credit Suisse arguments over

tax allegations

Switzerland pledges to lift the veil on secrecy

A Piketty Protgs Theory on Tax Havens [Mr.

Zucman estimates conservatively, in his view

that $7.6 trillion 8 percent of the worlds

personal financial wealth is stashed in tax

havens.]

ALTERNATIVE VIEW

Why Tax Havens Are A Force For Good by Daniel J.

Mitchell

TAX HAVENS

United States Virgin Islands

My Slidesharepresentations

Why TEN timesbetter?

To find out, click this.

RECENT COMMENTS

Sanjeev Sabhlok onRajiv Malhotraswell-documentedtendency towardsaggression(including by MarthaNussbaum)

DesTex on Themysterious case of 2Kumar Vishwassspeeches, and hisQUICK access to adigital copy ofGajendra Singhsuicide note

neha on RajivMalhotras well-documentedtendency towardsaggression(including by MarthaNussbaum)

Sanjeev Sabhlok onIt is not earthquakesbut socialism thatkills. Third Worldcountries must takeresponsibility for
http://www.sabhlokcity.com/2014/02/rajiv-malhotras-well-documented-tendency-towards-aggression-including-by-martha-nussbaum/#comment-902892http://www.slideshare.net/sabhlokhttp://www.sabhlokcity.com/2015/04/it-is-not-earthquakes-but-socialism-that-kills-third-world-countries-must-take-responsibility-for-the-murder-of-their-citizens/#comment-898901http://sabhlokcity.com/resources-on-freedom/india-can-do-ten-times-better/http://www.sabhlokcity.com/2015/04/the-mysterious-case-of-2-kumar-vishwass-speeches-and-his-quick-access-a-digital-copy-of-gajendra-singh-suicide-note/#comment-902870http://www.nytimes.com/2014/06/16/opinion/a-piketty-proteges-theory-on-tax-havens.html?partner=rss&emc=rss&_r=0http://www.ft.com/cms/s/0/3ecfa388-9e42-11e3-b429-00144feab7de.html#axzz3CVPPLLjThttp://www.ft.com/intl/cms/s/0/421a186c-9f13-11e3-8663-00144feab7de.htmlhttp://www.sabhlokcity.com/2014/02/rajiv-malhotras-well-documented-tendency-towards-aggression-including-by-martha-nussbaum/#comment-902637http://www.newsweek.com/2014/09/19/made-america-offshore-tax-haven-269135.htmlhttp://www.ft.com/intl/cms/s/0/65447580-d514-11e3-9187-00144feabdc0.html?ftcamp=crm/email/201456/nbe/AsiaMorningHeadlines/product&siteedition=intl#axzz33GxfCxMLhttp://www.forbes.com/sites/beltway/2011/09/04/why-tax-havens-are-a-force-for-good/



ORGANISATIONS FIGHTING TAX HAVENS

Citizens for Tax Justice

QUOTATIONS ON TAX EVASION [Source]

[W]hile I hate all forms of cheating,in my Inferno, tax evaders occupy acircle of their own. I see them notonly as backsliders on their owncivic responsibility but as stealingfrom their fellow citizens: The moresuccessfully they escape what theyowe, the more the rest of us have topay. I take great satisfaction,therefore, in the fact that during mytenure as U.S. Attorney for thedistrict of Massachusetts, every taxevader we prosecuted was convicted,and all of them went to jail. ElliotL. Richardson

A tax return is an attesteddocument. It is signed by thetaxpayer and the preparer underpenalties of perjury. It is not anopening offer. Lee A. Sheppard

The distinction between evasion andavoidance is fine yet definite.Evasion involves deceit, subterfuge,camouflage, concealment, someattempt to color or obscure events,

the MURDER of theircitizens.

tiffany267 on It isnot earthquakes butsocialism that kills.Third Worldcountries must takeresponsibility forthe MURDER of theircitizens.

Sanjeev Sabhlok onProof there wasnever any Aryanrace or people

A.Attavar on Theveracity of RajivDixits claims aboutNehru, Jinnah andEdwina Mountbatten

ewan on Proof therewas never any Aryanrace or people

Sanjeev Sabhlok onHindus agree thatthe buffalo is notsacred. Let there be aEAT BUFFALO FORHEALTH movementin India.

Mazo on Hindusagree that thebuffalo is not sacred.Let there be a EATBUFFALO FORHEALTH movementin India.

RECENT POSTS (10)

It is not earthquakesbut socialism thatkills. Third Worldcountries must takeresponsibility forthe MURDER of their
http://www.tiffany267.wordpress.com/http://www.sabhlokcity.com/2015/04/it-is-not-earthquakes-but-socialism-that-kills-third-world-countries-must-take-responsibility-for-the-murder-of-their-citizens/#comment-898901http://www.sabhlokcity.com/2013/08/proof-there-was-never-any-aryan-race-or-people/#comment-897456http://www.sabhlokcity.com/2014/07/even-sacred-cow-hindus-agree-that-the-buffalo-is-not-sacred-so-let-more-indians-eat-buffalo/#comment-897161http://www.sabhlokcity.com/2013/08/proof-there-was-never-any-aryan-race-or-people/#comment-897547http://sabhlokcity/http://a-l-i-x.com/http://www.sabhlokcity.com/2014/07/even-sacred-cow-hindus-agree-that-the-buffalo-is-not-sacred-so-let-more-indians-eat-buffalo/#comment-897053http://www.sabhlokcity.com/2015/04/it-is-not-earthquakes-but-socialism-that-kills-third-world-countries-must-take-responsibility-for-the-murder-of-their-citizens/#comment-898874http://www.ctj.org/http://www.sabhlokcity.com/2015/04/it-is-not-earthquakes-but-socialism-that-kills-third-world-countries-must-take-responsibility-for-the-murder-of-their-citizens/http://www.taxanalysts.com/www/freefiles.nsf/Files/Yablon2010_9_Avoidance.pdf/$file/Yablon2010_9_Avoidance.pdfhttp://www.sabhlokcity.com/2013/02/the-veracity-of-rajiv-dixits-claims-about-nehru-jinnah-and-edwina-mountbatten/#comment-897500



or making things seem other thanwhat they are. Internal RevenueService

[T]he very wealthy, because they canafford tax lawyers and all kinds ofloopholes, really dont pay nearly asmuch as you think they do. JohnMcCain

The really rich people figure outhow to dodge taxes anyway. George W. Bush

In tax shelter transactions, anelaborate series of formal steps iscontrived to lead to anunreasonably beneficial tax result,usually flowing from some defect orambiguity in the tax law. Peter C.Canellos

[T]ax shelters [involve] uncommoncombinations of steps, the claimedtax consequence of which might becorrect as a technical matter, but intotality producing a tax outcomewhich is absurd and unintended . George K. Yin

There is no moral argument forcheating on taxes, especiallycalculated cheating that requires the

citizens.

The mysterious caseof 2 KumarVishwass speeches,and his QUICKaccess to a digitalcopy of GajendraSingh suicide note

Gajendra Singh didNOT intend tocommit suicide. Heheld the tree VERYfirmly during hispretend hanging.But then perhaps hisweight was toomuch to hold.

Gajendra SinghKalyanwat wasSTINKING RICH (atleast by Indianstandards). He isnow implicated inAAPs FRAUD tomislead India.

Goodness gracious!DidSisodia/Kejriwal/Vishwas promptGajendra Singh toENACT a suicide?That would bepotentiallyhomicide.

It is really good thatFreedom Team ofIndia EJECTEDSomnath Bharti inmid-2013: Hisdeleted tweet isbeyond pathetic.

Dont drink rawanimal blood? Andclaim to be Hindu?Surely you jest!

Netaji wanted Indiato be a combination
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use of tax professionals andplanning. If you do not like our taxsystem, then work to elect adifferent Congress. David CayJohnston

The rich, indeed, are different fromthe rest of us; they have shiftier taxlawyers. Jim McTague

At the heart of every abusive taxshelter is a tax lawyer oraccountant. Charles Grassley

There is plenty of evidence tosuggest that we are facing a risingtide of corporate and individualbehavior that makes going to anylengths to not pay taxes anacceptable activity. Larry R.Levitan

According to a Gallup Organizationpoll, 64% of the public think that atleast half of all big-companyexecutives cheat on their taxes. The Wall Street Journal

Methods of escape or intendedescape from tax liability are many.Some are instances of avoidancewhich appear to have the color oflegality; others are on the borderline

of Hitlers Germanyand Kim JongsNorth Korea

Nehrus Fabiansocialism destroyedIndia. Imagine whatNetajiscommunism-fascism would havedone.

SOCIALISM +HINDUTVA =COMPULSION TOSUICIDE

NON-INDIANS ONFREEDOM

Once freedom lights itsbeacon in a man'sheart, the gods arepowerless against him.- Jean Paul Sartre

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http://www.sabhlokcity.com/2014/09/offshorebankingfinancialsecrecytaxhavensevasionassetprotectiontaxefficientcorporatestructureillegalre 10/23

of legality; others are plainlycontrary even to the letter of thelaw. All are alike in that they aredefinitely contrary to the spirit ofthe law. All are alike in that theyrepresent a determined effort on thepart of those who use them to dodgethe payment of taxes whichCongress based on ability to pay. Allare alike in that failure to payresults in shifting the tax load to theshoulders of others less able to pay,and in mulcting the Treasury of theGovernments just due. FranklinD. Roosevelt

Why would any U.S. citizen wish togo through the time and expenserequired to establish an offshoreaccount unless it was for theevasion of taxes or the hiding offunds? John Mathewson

It does not surprise anyone when Itell them that the most importanttax haven in the world is an island.They are surprised, however, when Itell them that the name of theIsland is Manhattan. Moreover, thesecond most important tax haven inthe world is located on an island. Itis a city called London in the UnitedKingdom. Marshall J. Langer

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RELIGIONS THATPROMOTE LIBERTY

All religions promoteself-awareness andhence free choice. Formore details read TheDiscovery of Freedom.

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Switzerland is a respectabledeveloped European country thatacts like a tropical island that feedsoff tax evasion by U.S. citizens.Switzerland is a rich countrybecause its currency is propped upby the conversion of tax evaderseuros and dollars into Swiss francs.Tax evasion banking is the mainstayof the Swiss economy. Lee A.Sheppard

There is a sizable and statisticallyrobust association between being atax haven and the presence of high-quality government institutions. James Hines

Campione is an island measuringonly one square mile in LakeLugano (Italy). The Italian taxauthorities do not enforce taxes onthe worldwide income of foreignersestablishing residence there.Residency is established by renting,buying, or acquiring a time-share ina property. Ronen Palan

We cannot allow an environment todevelop where wealthy individualscan go offshore and avoid taxwithout consequence. We cannotallow an environment where large

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corporations can pay hefty fees andsalaries for top talent to engage inoverly aggressive shifting of taxableactivities to low tax jurisdictions. Douglas Shulman

Everyone is entitled to conduct theirfinancial affairs in privacy, butsecrecy laws which facilitate taxevasion are completelyunacceptable. Dave Hartnett

The British government tolerates theoffshore financial industry on theassumption that it brings moremoney into Britain by channelingmore expatriate and foreign wealthinto London than is taken out bypeople working tax dodges. TheEconomist Magazine

Theres no question that its morefun to do business while relaxing onthe beach of some Caribbeanparadise than while cooped up inyour office back home. But theresmore to the offshore world than thesunny climate. Theres freedom andprivacy beyond your wildestimagination. Off come the shacklesof government regulation and thehandcuffs of excessive taxation. Jerome Schneider

The new world: a free,prosperous, peaceful

world

Be a part ofthe free, new,

World 2.0:

not the old, unfreeworld.

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There is a deep anger against thosewho use offshore jurisdictions toevade U.S. taxes. Carl Levin

Due to difficulties in establishingsource income, residency hasbecome the standard principle ofworldwide taxation of corporations.The residency principle has provedto be a great boon to tax havens,since companies and banks find itbeneficial to shift as much of theiroperations as possible to low- orzero-tax regimes. Ronen Palan

In the United States we haveobserved that there are two InternalRevenue Codes one for WallStreet and one for Main Street. WallStreet can afford and often needsthe services of sophisticated taxlawyers. Main Street often cant anddoesnt. Sheldon I. Banoff

The history of Wall Street and taxaccounting rules is that Wall Streetalways complains about new rulesuntil its denizens figure out how toabuse them. Lee A. Sheppard

Just as there is an undergroundeconomy of gardeners andhandymen and petty merchants

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who get paid in cash and pay littleor no tax, there is also anunderground economy among thesuper rich that lets them understatetheir true income and overstatetheir tax deductions. David CayJohnston

Our entire tax system is threatenedby the existence of tax avoidancetechniques that are only availableto the wealthy in our society. Barbara Kennelly

[L]awyers of high standing at thebar are advising their clients toutilize devious tax avoidancedevices, and they are actively usingthem themselves. Henry E.Morgenthau Jr.

Every day well-trained, well-paidand highly motivated taxprofessionals have been launchingvicious attacks on the tax base andthey have had considerable success. Calvin H. Johnson

Tax evasion often goes hand-in-hand with kick-backs and othercrimes motivated by greed. MarkEverson



Tax evasion is closely related tomoney laundering . [T]ax evasionis a natural byproduct of crime, andso criminals are near-automatic taxevaders. Martin A. Sullivan

Drug traffickers are also moneylaunderers and tax evaders. Its intheir job description. You cantreally declare a few million pesos ofunexplained income on your taxreturn and list drug lord as youroccupation. Besides, the moralthreshold thats crossed byfalsifying tax returns is nothing forpeople who regularly bribe police,kidnap judges, and slit the throatsof informants. Robert Goulder

Distinguishing tax shelters fromreal transactions is often afrustrating exercise because taxshelters are usually designed tomimic real transactions. In thisrespect, tax shelters and realtransactions have a relationshipanalogous to the relationshipbetween money laundering andbanking. In both areas, rulesdesigned to curb the abusiveactivity are a source of complexityin nonabusive cases. Peter C.Canellos



Liberals claim to supportaffirmative action but dont practiceit. They support higher taxes but setup complicated tax shelters to avoidpaying them. They claim to beardent environmentalists butabandon their cause when itimpinges on their own propertyrights. Peter Schweizer

The argument that if everyonecheated on their tax returns, wewould all suffer, understandablydissuades almost no one fromcheating. On the contrary, taxevaders are quite certain that nearlyeveryone else is cheating, and it isprecisely this fact that serves astheir justification for doing thesame. Dennis Prager and JosephTelushkin

A good lawyer with a briefcase cansteal more than ten men withmachine guns. Al Capone

It is sinful to deceive thegovernment regarding taxes andduties. Talmud

We still have too many cases ofwhat I might call moral fraud, thatis, the defeat of taxes through



doubtful legal devices which haveno real business utility, and towhich a downright honest manwould not resort to reduce his taxes. Henry E. Morgenthau Jr.

Tax evasion is not a form ofconserving investment capital but abrazen abandonment ofresponsibility to the country. BillMoyers

Only little people pay taxes. Leona Helmsley

To the extent that some people aredishonest in their dealings with thegovernment, the majority is forcedto carry a heavier tax burden. John F. Kennedy

If we cant make sure that everyonepays their fair share, then honesttaxpayers get stuck making up thedifference. Paul H. ONeill

What the low tax rate on capitalgains does is spur a huge amount ofunproductive tax sheltering.Wealthy individuals investenormous sums in schemes toconvert ordinary income intocapital gains, often making



investments that would make nosense absent the tax savings.Capital is drawn away fromproductive investments, hurting theeconomy. Similarly, the highlytalented people who dream up taxshelters could, in a better world, doproductive work. Leonard E.Burman

Trying to control tax shelters is likestepping on Jell-O. It just squeezesout between your toes and the messis worse than when you began. Anonymous Congressional StaffMember

Lets face it, there is no discernablebusiness reason to try to locate atransaction in a place like theCayman Islands nothing thatpurports to be resident in theCaymans is managed and controlledthere, even if the principals dooccasionally visit to conductscripted board meetings. Lee A.Sheppard

If companies and individuals wererequired to completely relocate totax havens, or if shippingcompanies had to relocate to flag ofconvenience states, then interest in



taking advantage of tax havens orflags of convenience would haveremained relatively insignificant .What lawyers call international taxplanning comes down to a plethoraof accounting strategies aiming atexploiting legal loopholes that allowindividuals and companies to shiftresidence without actually moving. Ronen Palan

Tax evaders under-report theearnings of their legal enterprises,thereby paying less tax than theylegally should. Criminals, bycontrast, over-report the earnings ofany legal enterprises they use forcover, therefore paying more taxthan their legitimate frontcompanies would normally berequired. United Nations Report

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Prof. PV Indiresanhad arrived at one

of the two keysolutions togovernance

reforms in India

Sanjeev Sabhlok
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