(ed: new zealand is a tax-haven..where the worlds’ rich hide their money…time we cleaned up our own act..)
The torrent of revelations unleashed by the Paradise Papers serve as a reminder of an unpalatable truth: We are not all equal in the eyes of the taxman.
The 13.5 million documents – poured over by hundreds of journalists from across the world – underscore just how easy it is for multinational corporations and the world’s wealthiest individuals to camouflage their assets – risk-free.
And the fact is that these tax havens are not limited to a few far-flung islands.
For American multinational firms such as Nike or Uber the Netherlands have become an even more attractive tax haven than Bermuda.
Since the revelations those caught in the crosshairs of the Paradise Papers have insisted there was nothing illegal about what they were doing and that their financial movements constituted mere fiscal optimization and not tax evasion.
In fact the Paradise Papers reveal the professionalization of a global system of tax evasion.
Financial operations such as transfer pricing and loans within the same company make it possible for multinationals to play on the differences in tax legislation between countries – pitting nations against one another.