THE REALITY OF PANAMA PAPERS

abril 6, 2016 12:36 pm Publicado por 20.040 Comentarios

Panama Papers PMC Group
The research called ‘the roles of Panama’ about creating societies in offshore jurisdictions by the law firm Mossack Fonseca, uncovered by various means, including El Confidencial in collaboration with the Sixth, the German newspaper Süddeustche Zeitung and the International Consortium Investigative journalists, has special relevance two questions: open an offshore company in Panama is legal and no crime is committed and there are companies that help make this possible in an absolutely legal and that there is a difference.

Despite the absolute and sovereign legality of the use of offshore companies in tax havens, its use is directly related to major cases of corruption and tax fraud, hence, tachen it unconstitutional and illegal activity. Therefore, creating them is legal, depending on the use to be given. Moreover, the illegality of these lies when local treasuries in their country of origin creating an offshore company abroad are not informed as they do not comply with tax obligations.

However, they are one of the more effective and efficient tax planning, ie, the correct use of various legal means for optimizing the tax legal instruments. There are companies that work with full rigor and enable the legal incorporation of offshore companies in Panama, and other jurisdictions, knowing their customers and the source of their funds.

What are offshore companies? And tax havens?

An offshore company is a company incorporated in a country other than that in which it operates. Sometimes they used to maintain capital unless the situation is unstable in the country of origin. But they are also created for managing properties in other countries, to acquire assets such as shares, to facilitate foreign trade, and even to divert personal benefits or from one company to another territory.

They usually form in tax havens, also known as tax havens or ‘tax heavens’. It’s territories or states that offer tax benefits for companies and non-residents or foreigners. They are characterized by maintaining very low and stable tax rates (taxes), with the objective of attracting private capital and investments. In addition to a low tax rate, they offer great privacy.

Under this perspective, that a tax haven is a jurisdiction where low taxes are paid, we could consider as tax shelters to Luxembourg, Madeira, UK, and even Spain by certain existing tax benefits, all of these located in the European Union countries and no offshore or Caribbean areas as you might believe that they are tax havens.

Why companies are moving part of their business abroad?

Why that companies, for example, Spanish is located and transferred part of its business to these havens due to the benefits that these territories are increasing what is known as the balance of foreign trade. Therefore, the foreign trade balance is supported by companies. Among the benefits, the free movement of capital, which allows everyone to have their money deposited where it sees fit, the possibility of not having to declare the existence of these companies, as their assets, and a favorable tax regimes. However, there are other countries that if they force state enterprises and assets, and no one who declares and who is not.

Currently, much of the business are between Panama / Spain and Spain / United States, so that a large number of transactions such as import-export between these countries are recorded, increasing the balance of trade between the two countries, and the arrival of foreign capital and currency fluctuations.

Do the following ‘papers Panama’ in the USA?

United States, which has emerged as a power of first world order for entrepreneurs and investors, could be in the spotlight and be the next to unclog the tax benefits offered by some of its states, such as Nevada or Delaware and be considered a paradise fiscal. These specialized jurisdictions in creating trust and offshore companies, promote the protection of information and a little tax taxation.

Are tax havens guilty of the great evils of the world economy?

Today, in a context of global financial and economic crisis, characterized by instability of finance and estates, with increasing tax rates, it is occurring on a large scale a massive flight of capital to other territories, such as tax havens, with more flexible and favorable conditions.

Its use may be associated with corruption or tax evasion usually are understood as instruments used to either hide income from illegal activities or well being legal concealing income that should have been declared to the State. However, all is not gold that glitters, and their use, extent and significance goes far beyond.

Within the law, they are used for a completely legal practice, known as tax planning, ie, the use of instruments and measures to optimize legitimately paying taxes.

Jurisdictions with high tax burden makes judges the devil. That is not easy to be accessed put these jurisdictions and tax benefits offered to take advantage. In other words, do not allow smaller countries to attract investments. Current tax laws that impose these countries make the money remains in the same hands and inequalities between rich and poor countries increase, contributing to poverty is eradicated in the world.

Editorial: PMC Group

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