Hi guys, how are you today? Did you have a great day? I hope you did. Before we talk about panama papers, we need to know what ‘tax haven’ is. More importantly, is the definition of ‘haven.’
Any of you know what ‘haven’ means?
Great, ‘haven’ means ‘a place of safety or refuge.’ It is synonymous to ‘shelter.’
So, you can say “a haven for wildlife” to mean “a shelter for wildlife.” By now, I’m sure you know what ‘tax haven’ is. Any body would like to give it a go? What is the meaning of ‘tax haven’ then?
Yes, correct! In other words, we could say tax haven means a country or independent area where taxes are levied at a low rate or not at all. There are some countries/places known for tax haven, namely Panama, Switzerland, Bahamas, Monaco, Cayman Island, Luxembourg, etc.
Panama papers are one of the cases of tax haven that are leaked to public. There are about 11.5 million confidential documents of Mossack Fonseca that provide detailed information about more than 214,000 offshore companies. Actually, these practices are not illegal in the jurisdictions in which they are registered. However, it is found that some shell companies may have been used for illegal purposes, including fraud, drug trafficking, and tax evasion. Those data were leaked by a guy using pseudonym ‘John Doe’ to Süddeutsche Zeitung, a German newspaper in early 2015.
Many familiar names are listed as the share holders of shell companies of Mossack Fonseca, such as Lionel Messi, Amitabh Bachchan, Jackie Chan, Simon Cowell, Nicky Wu, and some world head of states.
Some of the well-known names of Indonesian nationality are Garibaldi Thohir, Sandiaga Uno, and Muhammad Riza Chalid.
That’s it for today guys, I thank you for being with me this evening.
You could check out our web for more information on English http://englishtips4u.com
See you tomorrow.
Compiled by @Wisznu, April 14 2016