The Business Blog – Panama Papers Investigation Updates Barbados Information
The International Consortium of Investigative Journalists (ICIJ) just released the latest tranche of information for public consumption as part of the Panama Leaks investigation. Of interest to Barbadians is that a browse of the information on the Panama Leaks website reveals the following linked to Barbados domicile:
- 35 Offshore entities
- 47 Officers
- 14 Intermediaries
- 57 Addresses
Here is the link to the Barbados page.
Barbados Underground 
Exclaimer May 10, 2016 at 5:04 PM # Goodbye offshore financing; hello the narcotic’s trade.
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A very apt statement. If the international business sector falls substantially, yes, you will indeed see Barbados become more like Jca, St.V in the drug trade and in all aspects.
Reality is, that money has to come from somewhere and Int’l Business is critical for the medium and long term survival of the economy.
Barbados does not have much local production otherwise.
As it is, the illegal narcotics trade, already here, is probably already pumping more into the local economy than Int’l Business.
Just a guess, but based on what I see daily.
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@Well Well & Consequences May 9, 2016 at 10:08 PM “What I am getting from this is the island is a low tax jurisdiction…”
Barbados is not a low tax jurisdiction for the rest of us poor black people. For us income tax starts at 16% and goes as high as 40%
VAT is 17 1/2%
If the great white north tried to tax its citizens at these rates the Revolution would begin…
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Political dribble, from the Toronto Star
Ontario Finance Minister Charles Sousa, who was joined by three other ministers at an announcement in Mississauga to outline broad new measures the province is taking to properly manage future growth. “It was neglected for far too long in previous regimes.”
Appreciate his party, have been in power continuously since 2003. That is 13 yeas and counting. But he can still find a way to lay the blame at “previous regimes”.
Makes ac look like an angel !!!
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Please can someone tell me what is wrong with my sweet piece. He is not usually away for so long. David, do you have any info on piece. And why have you not sent me piece’s email. I want to get in contact with him…that is my friend sniff sniff.
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Simple…the low tax/tax haven that Barbados is….it’s the offshore companies enjoy it, paying 1.5% in taxes for over a decade, bajans do not benefit from that arrangement because both political parties take bribes from offshore shell companies to keep the tax status of 1.5% in place.
Instead of now demanding the offshore sector start paying a fair share by raising the tax rate so that they pay 8.5% more, as it’s nothing compared to the billions these companies already made, would have to pay 25% in Canada, will now have international prosecutors with possible international arrest warrants up their asses for tax evasion etc…..the increased tax rates will benefit all bajans and the island…..INSTEAD…those a**holes in parliament raised THEIR OWN salaries by 10%….at the expense of the taxpayers and will still take the bribe to keep the 1.5% tax rate in place for offshore crooks.
Ya get my drift.
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@ Well well,
http://www.theguardian.com/politics/2016/may/11/nigeria-not-seeking-cameron-apology-wants-assets-back
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Lol….Exclaimer, Nigeria is right, the UK benefited from those billion dollar theft of assets from the people and tax evasion.
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“He called for a multi-state and multi-stakeholder agency to combat what he described as the hydra-headed menace of corruption. He announced that Nigeria would be joining the Open Government Partnership, an international body designed to make the activities of government more transparent, including over public procurement.”
Exclaimer…the above is my concern, if the international body come together as one and legislate to lock up governments worldwide who facilitate tax evasion, money laundering etc by offshore companies and local business people, the battle would have been won.
Countries like the UK are “fantastically corrupt” themselves or the assets would not have entered UK to begin with, but at least they are changing their stance, hence the Virgin Islands was not invited to the summit either and am sure neither was Barbados, they can now await their fates, after the international community makes it’s determinations.
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@Well Well & Consequences May 11, 2016 at 7:56 AM #
“Simple…the low tax/tax haven that Barbados is….it’s the offshore companies enjoy it, paying 1.5% in taxes for over a decade, bajans do not benefit from that arrangement because both political parties take bribes from offshore shell companies to keep the tax status of 1.5% in place.
Instead of now demanding the offshore sector start paying a fair share by raising the tax rate so that they pay 8.5% more, as it’s nothing compared to the billions these companies already made, would have to pay 25% in Canada, will now have international prosecutors with possible international arrest warrants up their asses for tax evasion etc…..the increased tax rates will benefit all bajans and the island…..INSTEAD…those a**holes in parliament raised THEIR OWN salaries by 10%….at the expense of the taxpayers and will still take the bribe to keep the 1.5% tax rate in place for offshore crooks.”
DD is not one to condone the low tax jurisdictions facilitated by various tax treaties including the Can/Bar treaties; but, for now, they are a fact of life.
The Gildans of this world structure themselves so their profits are domiciled in jurisdictions where they are able to legally minimize their income taxes.
If Barbados were to increase the rate of income tax for offshore/SRL companies to 10%; Gildan and others would, as I said before, simply pack their bags and move their domicile to another low (or no) tax jurisdiction – like Bahamas, Cayman Islands etc.
Then GOB would lose the modest tax revenue they generate, and the few hundred people they employ in Barbados would join the ranks of the unemployed.
GOB is stuck between a rock and a hard place; and with the scrutiny of tax avoidance being brought on by the Panama Papers disclosures it is going to get tougher.
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Here is a 2013 video that all, PM, MOF, GCBB, etc should watch.
Barbados Faces Debt Crisis as an Offshore Tax Haven.
If updated to 2016 the “Crisis” is much more severe.
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DD…..not if that world summit legislates that the tax havens worldwide including, Bahamas, Cayman, Barbadod, either have to raise the amount of taxes the offshore companies pay or the only place companies like Gildan can pack their bags and go is back to Canada to a 25% tax base.
The large countries are now responsible for what happens going forward, either balance the playing field or continue their hypocrisy.
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Here is something worth reading
“Gildan Activewear: How the government made it easier to avoid paying taxes
http://www.canadianbusiness.com/companies-and-industries/gildan-activewear-taxes/
Feb 27, 2014 Joe Castaldo, Mark Brown and Matthew McClearn
In 1999, Montreal apparel company Gildan Activewear established a subsidiary in Barbados to handle all of its international sales and marketing. Most of its foreign employees and manufacturing facilities were already located in the Caribbean, and Gildan’s founder and then CEO Greg Chamandy explained in a press release that the small island nation was attractive because of its high literacy rate and excellent telecommunications system. He then divulged a more important reason: “a good working tax treaty.”
“Good” understates the case. Canada’s treaty with Barbados, which dates back to 1980, essentially allows Canadian multinationals to bring their profit back home and pay no tax. Historically, treaties are signed with countries that have a similar tax system to ours and are meant to avoid double taxation. But Barbados hardly taxes income at all—the rate varies between 1% and 2.5%. In this case, the treaty is really more of an economic development tool, helping Canadian companies grow internationally by easing their tax burdens.
The Canadian government has since expanded this policy through an initiative that has received little attention. While the feds made an effort to curb corporate tax breaks a few years ago, they actually ended up making it easier for multinationals to pay less tax by doing business in offshore jurisdictions. “People think we are more aggressive with tax havens,” says Brigitte Alepin, an independent tax specialist at boutique firm Agora Fiscalité in Quebec. “But tax havens are really more open than ever for multinationals.”
Successive federal governments have lowered corporate taxes in a bid to boost the economy. Between 1980 and 2012, the share of federal revenue derived from corporate tax revenue fell to 13.6% from 15.2%. Canada has taken an even more generous approach with multinationals in recent years. In 2009 Canada started signing tax information exchange agreements (TIEAs) with offshore jurisdictions. It’s part of an international effort led by the Organization for Economic Co-operation and Development o curb tax evasion and secrecy. In practice, TIEAs allow the Canada Revenue Agency to crack down on citizens hiding money offshore by requesting information from foreign tax authorities. But the government also extended what’s known as “exempt surplus” provisions to countries that sign TIEAs, which now include Bermuda, the Cayman Islands and the Isle of Man. This means that a Canadian company with a subsidiary in Bermuda, for example, can bring back foreign profit tax-free in the form of a dividend—provided the subsidiary is carrying out active business, such as sales or manufacturing, and is not merely a P.O. box. This is the same arrangement that makes Barbados attractive for Canadian firms.
But Bermuda, unlike Barbados, imposes zero tax. In the end, the foreign profit of a Canadian corporation might not be taxed anywhere. Allison Christians, the Stikeman Chair in Tax Law at McGill University, says there is a “perversity” to the arrangement. “This really only works if the subsidiary is subject to tax in a foreign jurisdiction. If they’re not, why would you give an exemption? Now you’re giving a subsidy,” she says. “My concern is that every time you do this, you hollow out the tax base a little more.” When Canada signed a TIEA with Bermuda, even law firm Cassels Brock was puzzled. “This tax policy initiative seems to be at odds with Canadian international tax policy objectives to discourage taxpayers from deferring Canadian tax by the use of tax havens,” it wrote in a briefing.
More such deals are on the way, too. An agreement with the British Virgin Islands comes into force soon, and Canada is in negotiations with eight more jurisdictions including the Cook Islands and Gibraltar. Cayman Islands, a no-tax jurisdiction, is courting Canadian companies. In 2012, the country established the Cayman Enterprise City, a special economic zone to allow companies to quickly and cheaply form physical subsidiaries. A CEC backgrounder notes the zone should be of particular interest to Canadian companies because of the TIEA that went into effect in 2011. The CEC’s proponents anticipate some Canadian firms will move subsidiaries away from Barbados so as not to pay that country’s 1%–2.5% tax.
So what’s the logic behind Canada’s approach? Back in 2007, the Conservatives wanted to get rid of rules that allowed corporations to engage in what’s called double-dipping. Canadian companies could deduct interest payments on a loan to a foreign subsidiary, and then potentially bring profit from that same subsidiary home without paying Canadian tax. In the 2007 budget, the government called the situation a “problem” and said it amounted to Canadian taxpayers “indirectly subsidizing” multinationals. The government proposed eliminating the rules around interest deductibility that made this possible. As a kind of consolation to corporations, it extended the exempt surplus benefits to TIEA countries.
Still, the outcry was swift as businesses complained that throwing out the interest deductibility rules would cripple their ability to compete internationally. The government capitulated. A humbled Jim Flaherty backtracked and announced the creation of an advisory panel to examine Canada’s international taxation system. Arthur Cockfield, a professor of tax law at Queen’s University, was retained by the panel to research a number of issues, including interest deductibility and double-dipping. “This advisory panel was really set up, I believe, to bring back double dips,” he says. “It was filled with industry people.” The panel recommended maintaining the interest deductibility provisions. The government followed that advice, and also left the extension of exempt surplus to TIEA countries in place. Cockfield, in his report, wrote of the implications of this approach: “The gate would be left more open, and Canadian corporate taxpayers can pick and choose the most favourable tax haven.” The upshot is that the government first attempted to eliminate an important corporate tax break, changed its mind, and then bestowed businesses with another tax break.
Canada’s approach to taxation has benefited multinationals such as Gildan. The company’s expansion to Barbados helped it contend with the likes of Fruit of the Loom in a brutally competitive industry. Gildan employs 200 people in Barbados, with about the same number staffing its headquarters in Montreal. Last year, the Barbadian subsidiary generated nearly 70% of Gildan’s net sales. The company earned more than $1.5 billion before tax over the past 10 years and paid just 5.5% of that in cash taxes. Over the same period, Gildan has reduced its footprint at home. Between 2003 and 2007, it shut down a sewing plant, two yarn-spinning facilities and two textile facilities in Canada. Gildan no longer has manufacturing operations here.
Ultimately, Canada may have little choice in deciding how it taxes its companies. Other developed countries grant their multinationals all kinds of breaks, and provide exemptions with respect to foreign profit. Canada could be unfairly penalizing its corporations if it bucked the trend. In the recent budget, the government said it’s also looking at ways to prevent corporations from abusing treaties and claiming tax benefits they’re not actually entitled to. For many tax policy experts, however, the vexing issue is that taxpayers who have resources and are mobile will end up paying less. “This trend just pretends it doesn’t cost anything to have a society that makes this kind of multinational business possible, and it does cost something,” Christians says. “You’re just pushing the costs of the state onto workers and the consumer.” Concerns about corporate taxes often flare up when a country has a fiscal crisis. Witness the furor in the U.K. over the aggressive tax planning strategies of Starbucks, Google and Amazon. Even U.K. Treasury officials proposed blackballing such companies from bidding on government contracts.
At Canadian Business, we were curious about the tax-planning strategies of our domestic firms and decided to take a look. We identified companies that paid little income tax relative to their profits over the past decade, and selected several for further investigation. The results show that Canadian companies take full advantage of the tax opportunities afforded to them, and aren’t afraid to battle it out in court over their interpretation of the rules.”
So as I said earlier – If Barbados were to increase the rate of income tax for offshore/SRL companies to 10%; Gildan and others would, as I said before, simply pack their bags and move their domicile to another low (or no) tax jurisdiction – like Bahamas, Cayman Islands etc.
Then GOB would lose the modest tax revenue they generate, and the few hundred people they employ in Barbados would join the ranks of the unemployed.
Not only is GOB is stuck between a rock and a hard place; so is Canada.
But with the scrutiny on tax avoidance being brought on by the Panama Papers disclosures perhaps the developed countries will declare a truce on the tax break war to keep their multinationals on a level playing field.
In the meantime. us folks in the middle will continue to carry the burden.
It just don’t seem fair; but thats the way it is.
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“But Barbados hardly taxes income at all—the rate varies between 1% and 2.5%. In this case, the treaty is really more of an economic development tool, helping Canadian companies grow internationally by easing their tax burdens.”
Exclaimer. ..the tax havens kept undercutting each other until these offshore people are practically paying nothing at all in taxes, it’s my point that barring a few jobs, the tax arrangement does not benefit the island enough to keep it out of economic disaster…if the big countries would end their hypocrisy, there will indeed be a level playing.
That double taxation treaty only benefits Canada where their offshore nationals are allowed tax free money to circulate in the country, if they dont choose to use other tax havens to hide the money instead, because at some time or other Canada Revenue would find a way to tax it…
The only country being developed by the double taxation treaty is Canada..to a point. The bajan government burdens the local people with taxes to make up all their shortfalls.
I was not keeping track, but it appears the offshore business is relatively new to the island at least 15 years, the governments should never be so reliant on a few jobs and a few millions that they cant diversify and create jobs or open avenues for locals to become self sufficient in manufacturing, agriculture etc…..they display an inability to walk and chew gum at the same time and tend to become too reliant on the more fickle sectors,,, they like easy money without hard work or the use of any brain power, they will pay to learn that nothing lasts forever.
Something has to be done, this cannot continue, it’s no longer sustainable, they all put themselves in that position, because everyone wants to be wealthy at the expense of others and it’s always the people of the small islands being taken advantage of, because their leaders hide these unfair secret arrangements for campaign finance and a few dollars in bribes for their pockets.
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This is some information I came across written by an American, that does not surprise me one little bit Exclaimer.
“The Commonwealth of Dominica, a relative newcomer to the tax-have industry, paased the International Business Companies Act No. 10 in 1996…it had swiftly earned a reputation for efficiency and discretion. As a soverign nation, it was unaffected by American and European regulations, and the Act made it a criminal offence to reveal personal information , expressly including information about criminality. There were no controls on fund movements and no statutory oversight of businesses operating in it’s bailiwick.”
So I am saying, if these offshore companies are allowed to operate in the Caribbean as criminals without borders or boundaries, how is that helping the people who live on the islands who are not only arrested for attempting the same thing, but are overtaxed to continue the facade that these offshore entities and their tax avoiding, money hiding activities, are actually keeping small economies afloat.
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@Well Well & Consequences May 11, 2016 at 9:25 PM #
These offshore companies, Gildan et al, are not operating in the Caribbean as criminals without borders or boundaries, they are taking advantage of tax treaties to the benefit of their shareholders.
Please cite examples of people who live on the islands who have been arrested for attempting the same thing.
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WW&C
You seem to be fantasizing about a world where all is good and kind, and the rich guys help the poor folk.
But the reality is that it is a dog eat dog world.
After reading the following paragraph in the Canadian Business article above, I went Googling “Fruit of the Loom” to see if I could find financial data to compare.
“Canada’s approach to taxation has benefited multinationals such as Gildan. The company’s expansion to Barbados helped it contend with the likes of Fruit of the Loom in a brutally competitive industry. Gildan employs 200 people in Barbados, with about the same number staffing its headquarters in Montreal. Last year, the Barbadian subsidiary generated nearly 70% of Gildan’s net sales. The company earned more than $1.5 billion before tax over the past 10 years and paid just 5.5% of that in cash taxes. Over the same period, Gildan has reduced its footprint at home. Between 2003 and 2007, it shut down a sewing plant, two yarn-spinning facilities and two textile facilities in Canada. Gildan no longer has manufacturing operations here.”
It turns out the FOTL is a subsidiary of Warren Buffet’s Berkshire Hathaway Corp., so financial data is not generally available for FOTL.
I did see FOTL’s annual sales are US$5.5 billion.
If your competition is owned/controlled by the most successful investor in the world you better use all the advantages you can, including tax treaties; or you die.
That Gildan can profitably compete against FOTL suggests the management of Gildan is a good study, just to survive against a Buffet company.
The following is from a 2015 article at the following link, that illustrates the dog eat dog world of business.
http://www.kentucky.com/news/local/education/shortchanging-our-schools/article44563605.html
“JAMESTOWN — The jobs that underwear maker Fruit of the Loom once provided in Russell County are gone……………..
Fruit of Loom, formerly known as Union Underwear, is a subsidiary of billionaire Warren Buffett’s Berkshire Hathaway conglomerate. It is headquartered in Bowling Green.
The company was once the state’s second-largest manufacturing employer, reportedly reaching a peak of about 11,000 workers in the early 1990s at its headquarters and plants in Jamestown, Frankfort, Campbellsville, Franklin, Greensburg, Princeton and Bowling Green.
The Jamestown plant opened in 1981 and expanded through the decade, hitting a high of 3,200 employees in 1990 and transforming the economy.
“We always said it built a lot of houses in Russell County,” said Ford, whose father and other family members worked at the plant.
In the mid-1990s, however, Fruit of the Loom and other apparel makers in Kentucky began laying off thousands of workers and closing plants as they moved production to poor nations where they could pay people far less to sew garments.
The number of employees at apparel factories in Kentucky dropped from 32,200 in 1990 to an estimated 1,800 workers in 2014, according to the Kentucky Education and Workforce Development Cabinet. That figure included jobs at the Fruit of the Loom plant in Jamestown, but the 2015 count won’t. The company announced in April last year that it would close the plant, which had 600 workers, and shift production to Honduras.
The plant, where workers knitted and dyed fabric to be sewn elsewhere, was the company’s last manufacturing facility in Kentucky.
Russell County Judge-Executive Gary D. Robertson called the plant closure a “devastating blow” in a letter to Buffett in August.
In addition to the job losses, losing the plant would mean $200,000 less in annual occupational-tax revenue for the county and $1.2 million less in water sales for Jamestown, even as the city faced payments on a $12 million bond issue for a water plant built mostly to benefit Fruit of the Loom, Robertson said.
Robertson said he understood Buffett’s desire to maximize profits, but also knew his reputation as one of the world’s leading philanthropists.
“So how can you reconcile destroying the livelihoods of 600 families?” Robertson asked Buffett in the letter. “Surely greater profits can’t be more important than the lives of these people.”
Buffett did not respond, Robertson’s office said, and the plant closed. As a result, Russell County’s unemployment rate in January was higher than a year earlier — the only place in Kentucky where that happened, according to the Education and Workforce Development Cabinet.
The tax issue involving Fruit of the Loom’s former operation is rooted in a financing deal signed more than three decades ago, according to records and interviews with local officials.
The city sold $10 million in bonds in the early 1980s to finance construction of the factory. The city held title to the property and leased it to the company, which made payments on the bond debt, said county Attorney Kevin Shearer.
A 1983 lease put the end date of the agreement in December 2010 or when the bonds were paid off, whichever was later, with the company taking title to the plant for a payment of $1.
The company did not have to pay property taxes on the plant and land while the property was in the city’s name.
Fruit of the Loom took title to the building through a deed filed Jan. 2 this year. The deed said the company had paid off the $10 million bond, forgiven a debt of $112,500 the city owed the company and handed over $1.”
And that’s the way it works.
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Due….I am not sure those who actually launder money on a large scale in the Caribbean are ever brought to justice..I know from reading like everyone else there have been arests for money laundering, but those are local arrests, not offshore and only happen because they fall under the new legislation…..read Philip Nicholls and his money laundering charges, which turned out not to be money laundering at all…
But I bet you the money launderers for whatever reason known to them and the authorities. ..are never touched, charged or arrested. Cant say for other Caribbean islands, i dont keep up much with their news, but am sure either a St. Lucian or Vincentian female attorney who worked in one of the 2 islands as a Registrar was recently disbarred from all OECS states for theft and a money laundering chsrge…this is from memory so you may have to research and confirm.
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“The company earned more than $1.5 billion before tax over the past 10 years and paid just 5.5% of that in cash taxes. Over the same period, Gildan has reduced its footprint at home. Between 2003 and 2007, it shut down a sewing plant, two yarn-spinning facilities and two textile facilities in Canada. Gildan no longer has manufacturing operations here.”
DD…if I am not mistaken Fruit of the Loom been around before I was born…ya cannot go up against a dude like Warren Buffet and Berkshie Hathaway….there are youtube videos on the dude…and not have to resort to enslaving others or evading taxes to compete, look what Edwin Tisch and the oher 2 partners had to do to survive, take their money and run, just to retain control of the company, Gildan….which is still tenuous at best.
Under federal programs in the US, anyone can acquire buildings for $1.
While I am well aware how the busines model works you might try explaining that to the black politicians, that before they sign these offshore contracts, they make sure the island can actually benefit significantly from the agreements….the politicians are obviously not as business savvy as the Buffetts and Tisch’s etc and in desperation sign on not knowing the volume of funds these dudes intend to generate at everyone else’s3 expense…..to them 8 million Barbados dollars sounsds like alot when the offshore companies intent would be really to generate 800 billion per company per year.
So it’s the politicians who lack the business acumen and are really small timers who disadvantage the islands signing on to the first deal because they can see campaign financing and pocket money out of the deal.
I would do the same as the offshore companies, if I too met such incompetent embiciles.
Canada has to put the brakes on companies shutting shop becsuse they want bigger profits, no amount of billions will be enough for them, ensure they keep some manufacturing onshore, close the loopholes like Obama did, make it more difficult for small jurisdictions to give the companies no- tax concessions…..there are ways to stop those who take the opportunity to evade taxes, which is criminal and not a far jump to other criminal activities given that they are all so flushed with cash, once they close their onshore companies and move to no or low tax jurisdictions.
Why do you think Gildan no longer wants to see Canada…because they are basically no longer paying taxes, when Canada closes the loopholes which allows this, then ya will see a differnt Gildan…the shareholders will be seeing dividends so they wont complain, because after a while, you dont work for the money, the money works for you…
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WW&C
I give up
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DD…dont give up, that is what the likes of local politicians want so they can continue to not use their brains to develop the islands…..they want everything the easy way, which is not always the best way, as we are seeing, the easy way is not benefitting the people or keeping the island financially afloat, it’s benefitting offshore companies and politicians to the tune of millions.
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Did anyone hear the bizarre confession from Donville Inniss in yesterday’s Barbados today?
“Inniss not losing any sleep over latest Panama Papers leak”
http://www.barbadostoday.bb/2016/05/12/inniss-not-losing-any-sleep-over-latest-panama-papers-leak/
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Due Diligence and Well Well,
Don’t both government Nand corporations have lawyers and advisors when agreements are negotiated?
This is part of the disclaimer from the Panama papers website:
DISCLAIMER
There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly….
So what is the problem? I think the real disappointment for many of you here is that NO links to persons or company in Barbados have bee associated with any improprieties. Barbados has a clean bill of health despite too the predictors of doom and gloom.
Sorry guys, but the universe is unfolding as it should. The island is moving forward as predicted since 2014.
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Alvin …which part of there are worldwide investigations ONGOING that you dont understand , ongoing means not finished yet, both you and Dumbville who also obviously dont know what ongoing means either, need to stop crowing your ignorance before you start braying.
Are you and Dumbville the ones carrying out the tracking of money etc….no.
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Should any irregularities or criminal activities be found by investigators regarding any of the shell companies, their beneficiaries, directors etc…..will it be you and Dumbville making recommendations for arrest warrants or sanctions…no.
So until such time as everything is completed re Panama Leaks, hope for the best and wait for updates…Alvin, the two of you have no say on the outcome.
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Alvin
In case you missed it, I posted this to non-confidence blog
Interesting article “Inniss not losing any sleep over latest Panama Papers leak” at:
http://www.barbadostoday.bb/2016/05/12/inniss-not-losing-any-sleep-over-latest-panama-papers-leak/
Is this guy blind, naive or stupid?
“more than 40 listed companies were linked to Barbados.” If everything is above board, why do the names of 40 companies linked to Barbados appear in Mossack Fonseca’s files?
“Inniss said the real issue at stake was how the ICIJ obtained the information. According to international reports, the papers belonged to the Panamanian law firm Mossack Fonseca and were leaked by a source known as “John Doe” ”
It is called “Whistleblowing” defined in 1972 by Ralph Nader as “an act of a man or a woman who, believing in the public interest overrides the interest of the organization he serves, publicly blows the whistle if the organization is involved in corrupt, illegal, fraudulent or harmful activity.” Whistle blowing protection legislation has been passed in many jurisdictions, and in this electronic age whistle blowing is much more widespread and accepted than when defined by Nader in 1972.
“Nobody in the USA, Canada or anywhere else is talking about the real criminal act that has been committed here,” Minister Inniss said.”
That may be true; but Minister Inniss should certainly be losing sleep over how the rising tide of public opinion in the developed counties, USA and Canada included, against the whole concept of tax avoidance will effect Barbados’ financial services/offshore sector for which his Ministry is responsible.
No American or Canadian, or European, may go to jail over tax evasion in Barbados; but many will take their money and go home to avoid the reputation risk resulting from their being known as tax “avoiders”, even if their tax avoidance activities are within the letter of the law.”
So Alvin, the rising tide of public opinion in the developed counties, USA and Canada included, against the whole concept of tax avoidance is not going to go away, and the universe will indeed unfold as it should.
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In case ya still dont understand what DD posted…Alvin..Barbados will be damned either way, the big countries are losing billions to tax havens…the big countries do not like losing billions….capeche
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And if ya still having trouble understanding Alvin….plug in your earphones to listen to and watch a heavy dose of reality….I am sure Dumbville watched it yesterday and slept really, really well last night…lol
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Well Well,
So Big DeaL! It matters not what accusations are made. Companies from all countries in the world are “linked” to the companies listed in the Panama Papers. That cannot be avoided when you have an open economy. The important point is that NO company or country “linked” to Barbados has been implicated in any malfeasance. So chill out!
Since this “so called investigation is ongoing wait until there is solid evidence and then talk. All this premature huffing and puffing is just that. Huffing and puffing hot air!
As the film shows, there is NOTHING ILLEGAL about the offshore activities and agreements. There is nothing illegal about tax avoidance.
We have nothing to be ashamed of, because we have done nothing wrong or illegal. All these attempts to mislead the people will lead to a more devastating defeat of the BLP at the next election. The BLP supporters are hyper-agitated, and have been since 2013, but the people are not, because the objectives the Government sought to achieve are being attained. Slowly but surely. The economy is growing, the debt to GDP ratio is being reduced to manageable levels investments are still being made by overseas investors, and the agitation is being ignored as it should be. The plans to invest in more hotels along the Bay Street corridor are coming to fruition.
Mia still has not learned her lesson.The no confidence attempt failed (again); she was hoping to bring down the government by inducing some of the government members to support her, she was hoping to have the “revelations” resonate with the people, but they did not, and while she might get a lot of the BLP supporters to march with her, the population at large are not of the same mind. All this angst against Williams, Bjerkham Maloney et al, is mere evidence of the racist attitude of the BLP. All of these persons are BAJANS; WHATEVER THEIR ETHNICITY, AND HAVE AS MUCH RIGHT AS ANY BLACK BAJAN TO MAKE A LIVING; EVEN AN EXEMPLARY LIVING, AS LONG AS THEY DO IT WITHIN THE LAW. Nothing prevents a Black Bajan from rising to the top, and many have done it.
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All clients leaked does not make them guilty of anything.
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Alvin….I am not in the mood to read your nonsense tonight, maybe tomorrow, instead I post this factual information to fill your hard head….then maybe you will understand the reasons for Panama Leaks and why the offshore sector is being targeted…..
http://ow.ly/kNmw300bssh
vous pouvez partager l’ information avec les mannequins au parlement , afin qu’ils sachent que ce ne sont pas les petits jeux mesquins qu’ils jouent avec le peuple ignorant sur l’île, est scénarios du monde réel et leur connerie habituelle ne sera plus voler …. il y a des gros poissons impliqués sera juste les engloutir ….. comprende
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http://ow.ly/OzCH300bvZm
For the emptyheaded…a timeline of the how and why the leaks were sanctioned and the pressure being brought to bear for worldwide reforms, no one give two shits about 2 bit small island crooks with no moral compass, ethics, morals or care for their own taxpayers.
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Well Well,
Oui. Je comprend, mais;
Lack of morals exists in all peoples world wide. We are not unique. Your utopia does not and will not ever exist. Try to live in this world it is the only one you will ever have.
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You are correct Blogmaster all clients leaked does not make them guilty of anything.
Where the true test of guilt comes is in the financial information rather the financial transactions that accompany this one to one and one to many and manay to many.
To understand the nodes that are represented here in layman’s talk would put some perspective on guilt or innocence.
Take for example
MASSY TECHNOLOGIES LA LIMITED
Connected to 1 address
Connected to 1 entity
When you click on that entity I&G Technologies here is what you get
I&G Technologies Investment Corp.
Connected to 1 entity
Connected to 28 officers
Connected to 1 intermediary
Incorporated: 20-MAY-2009
Status: Active
Registered in: British Virgin Islands
Linked countries: Bahamas
At the top level we can “see” nothing but it is the nature of the sross links and who are the officers and who are the shareholders, and what is their percentage shareholding, and what paymments our commercial banks authorised to these parties, based on what documentation, and more importantly where, given that I&G has its Bahamas linkages, what monies were retransmitted to the bahamas for which beneficiary.
Then you overlay that with business trips, and assets, reported and “attributable” and assets for which customary and prolonged usage would suggest de facto ownership, since others do not use the asset.
Of course our forensics department of the RBPF and the FSC would have a handle on things like this and as such the criminals, IF THERE ARE ANY, do not have long to be on the loose because out RBPF “always gets its man.” (yeah right)
And if you beleive that you and me a both pieces uh rock.
THis is only part of the data that has been released.
The overlays are what has been withheld from the public and which will be causing the criminals to wonder when they will be released.
The data is comprehensive and has been amassed over a long time by a party who cognisant of what they were doing, sought to distance themselves from the implosion when they destroyed Fonseca.
THis is not “political” in the strictest sense, that is to say it is not instituted by a government, this is a financially motivated and orchestrated action which focused on disrupting and destroying the financial reputation of Panama.
So, in the absence of? the overlays, though they could be very much absent from our prying eyes but being acted on by specific parties, one would need to ascertain who would benefit from this action.
This really gets you wondering that this may not be a casual whistleblower like Snowden, if you disrupt Panama who stands to benefit?
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@ Alvin Cummins May 13, 2016 at 5:50 PM
“The economy is growing, the debt to GDP ratio is being reduced to manageable levels investments are still being made by overseas investors, and the agitation is being ignored as it should be. The plans to invest in more hotels along the Bay Street corridor are coming to fruition.”
The island is moving forward as predicted since 2014.”
Why don’t you prevent your overactive fertile imagination from its production of excessive droppings of cow dung across these hallowed pages of BU? Don’t you get it that BU is the only true representative of the Fifth Estate in Barbados and must not be continuously polluted with your biased political thuggery and blatant lies?
Moving forward to where? Social and economic dislocation which is bound to result from many years of lies, cover-up, corruption and mismanagement and deceitful governance which have not only devalued the international image of a once proud country but also creating the perfect storm conditions for the final devaluation trip to the IMF clutches.
Haven’t you been down this imaginary road before? Where are the investors you said in 2014 would be pumping millions behind the Four seasons Restart project and the Sugar Point Cruise Ship Terminal? What about the Pierhead Marina you have dropped like a hot potato and now claim it to be a private sector (Massy owned) project?
Don’t you know that the whole Lower Bay Street redevelopment project has been on the cards long before your discredited lying party came to office on the same Bay street?
Bridgetown is dying as a place to attract investment in the tourism and entertainment sectors. How can construction of high-rise environmentally obnoxious buildings fit in with the cultural, economic and architectural restrictions demanded of the holder of the designation “World Heritage Site”?
Maybe there is hope if only you and your destructive dirty lying party would demonstrate a bit more concern about the massively deplorable conditions that can be observed just a stone’s throw away from the same Bay Street.
Just do a walkabout in your boyhood district and see for yourself the growing threats to public health and safety.
What do you plan to do with the many dilapidated buildings turned drug dens? Turned them into a Bajan underground version of the red-light district called Little ‘Amsterdamned’?
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Alvin…tell me that again when all the companies are linked together worldwide and local business people and politicians names pop up in international queries of criminality, then you will have to take another look at your utopia of crookery and tax evasion…..take time Barney.
I am glad to hear the economy is growing so there should be no problem for the government to restore the thousands of jobs lost a couple years ago, just like they are rushing headlong to restore their own salaries first.
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Piece….glad to have ya back, ss ya can see we are still dealing with the idiots, it’s not even a fight anymore, thry are so easy…lol
….”based on what documentation, and more importantly where, given that I&G has its Bahamas linkages, what monies were retransmitted to the bahamas for which beneficiary.”
And more importantly, which US corresponding banks, clearing house”, if any, were used to transfer funds which gives the US all rights to holler “Money Laundering” and magically produce arrest warrants……lol
Research and invedtigating are wonderful things.
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@ Well Well & Consequences May 14, 2016 at 7:28 AM
“And more importantly, which US corresponding banks, clearing house”, if any, were used to transfer funds which gives the US all rights to holler “Money Laundering” and magically produce arrest warrants…”
Good point raised there, WW&C.
What Bajans should be concerning themselves with is the probable negative impact this whole scandal could have on its already tenuous hold on the country’s ability to maintain relationships with internationally reputable ‘corresponding banks / clearing houses’ and even institutional investors.
It can be convincingly argued that the actions of the current administration do not improve the image of Barbados as a reputable and reliable financial jurisdictions.
How can that administration which is protecting a well-known fraud, money launderer and tax evader called Greenverbs Parris expect international financial regulators to look favourably on Barbados as a ‘clean’ and well-regulated jurisdiction?
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Exactly Miller…but Donville and am sure his fellow ministers are more concerned about hurting the feelings of those who are avoiding paying taxes, because they themselves get a few million from the arrangements which cannot even begin to benefit the island as a whole, and from Donville’s foolish words would prefer see the journalists who exposed the billion dollar greed, locked up….while Parris and Harris, who are said by those who know, are not only united but are on the loose in Barbados, with Harris’ CGI insurance having a presence in three different mentions re Panama shell companies paper leaks.
That will be seen by the international community as collusion and enabling while they are trying to get back their billions and stop the haemorraging of taxes that are being avoided.
Of course none of the politicians on the island would want to investigate Harris to see if it’s the policyholder’s money from bot Clico and CGI he moved offshore….but….other people will.
You already know..Donville aint too bright, AC, is an asswipe and Alvin a jackass…lol
That’s why I been saying Bajans should never put their money in insurance companies.
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@Miller,
Let’s see now, your comment to me:” …BU is the only true representative of the Fifth Estate in Barbados and must not be continuously polluted with your biased political thuggery and blatant lie;” refers to me specifically. Let’s see how this adds up.
There is Miller, Well Well, Artax, Bushie,Donna, sss, GP, Vincent, D D, Exclaimer, Northern Observer, on this page alone who are anti-government. Ac and myself are the ONLY ones who defend the Government and you have the nerve to accuse me of “biased political thuggery”?What about your lies, disinformation, and untruths to make a point, and downright lies?
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Alvin…of course you will see it as anti-government. ..while intelligent people would see us as pro- people….pro-taxpayer while you are pro-corruption and pro-stealing from policyholders and taxpayers by politicians and insurance executives, which makes you pro-government.
BTW…what happened to your Cahill buddy Clare Cowan. …remember you were also pro-Cahill up to last month, are you still pro-Cahill….so what happened to Cahill.
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@ Alvin Cummins May 14, 2016 at 11:29 AM
“Ac and myself are the ONLY ones who defend the Government and you have the nerve to accuse me of “biased political thuggery”?What about your lies, disinformation, and untruths to make a point, and downright lies?”
You see what I mean! Not only are you undergoing the inevitable mental decline due to expected dementia in your contracting days but also afflicted with a bad curse of moral degeneration matched by no one else here on BU.
The people who are critical of the disappointingly poor performance of your government are not doing it out of any special hate of the DLP or undying love for the BLP but clearly doing it out of love for their country and patriotic concern about its future. They all know what the DLP has done for Barbados and what it is capable of doing for the development of the country under proper and visionary leadership.
How can you ever associate Bush Tea, SSS or WW&C with any yard-fowl behavior or obsequious devotion to the BLP as you and the other ac (asinine certified clown) patently demonstrate to all here on BU?
These are some of the biggest critics of the BLP and its current leader. Right now they have no alternative but to take a chance with the demon in white rather than continue with the current DLP dangerous lying devil for a leader who previously fooled them by pretending to be a preacher saintly regaled in Christian moral garbs.
No wonder the two ‘acs’ are in awe of the denuded emperor’s power of persuasive lies once encased in big words but now nakedly exposed to the world to see him for what he really is.
Just another arrogant pompous lying black jackass who through a stroke of mere misfortune has been placed in an office way above his moral rank and intellectual capacity.
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Alvin…admit it, you are anti-people, anti-taxpayer, you revel in seeing the business people disenfranchise the population, you enjoy watching your political party collude with thieves and crooks to stagnate the population from progressing, but all of you will have to answer for your wicked actions and there will be no politics to save you on the day of accounting.
Pensez à ce que…
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@ Due Diligence, Crusoe & WWC,
Quite frankly it does not interest me that the Americans have played some role in the Panama Papers leak. They are the biggest criminals on the block and clearly have a desire to monopolise this sordid industry. Let them have it! To the contrary, I am full of delight. Very shortly we will be using the past-tense to describe the status of the off-shore industry in Barbados.
There is another beacon on the horizon that I am carefully watching and that is the rise of the tourist industry on the socialist island called Cuba. She is currently taking in an extraordinary high number of tourists. I pray that this will spell the demise of our tourist industry.
Should these two events occur in unison then expect fireworks in “Little England”. The days of bribe money being paid both under and over the table will cease. With the virtual demise of the agricultural industry and the ensuing hungry mouths to feed; and a complete absence of a viable service industry or any other industry of value on the island; then it will be safe to say that the island of Barbados as it has been governed for centuries/or since independence will come to an abrupt end.
The role of government will become obsolete, the rolling fields monopolised by the minorities and the few will be terminated. The Negro proletariat will take note and conclude that these groups have become paper tigers. No amount of money, gated zones or security will save them from their fate.
So the revolution will happen from within. It will not require any outside forces. We have to thank our government, et al for creating the perfect conditions for these events to unfold. God willing, I will be witnessing these events from the comfort of my armchair somewhere in Africa. Retribution when it comes to the Negro will taste sweeter than the sugar that their slave descendants harvested over four centuries.
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Exclaimer…the black governments with their greed for paper and lack of self-consciousness as it pertains to their own people, but only cater for self and selfishness….are the ones who put the handwriting on the wall, in their own handwriting….they had 50 years to do better by their people..
I am not blaming the Americans in this, because everyone knows fully well their motives and have known for centuries.
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Will bet that even then, Barbados will still be a better place to sit in an armchair….
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@ Well Well & Consequences,
I forgot to add this link from one of my favourite journalists.
“Corrupt elites will fight hard to stop the dismantling of the looting machines from which they draw their vast wealth
States that get all their revenues from selling their oil, gas and minerals could easily turn into kleptocracies where the majority stay poor “.
http://www.independent.co.uk/voices/dismantling-the-looting-machine-of-global-corruption-is-near-impossible-and-ordinary-people-could-a7028011.html
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@Exclaimer
–on second thoughts – we need the revolution starting today —-
“Junior Tyrone Hobbs was sentenced to six months in jail yesterday, after he admitted stealing food items from a popular Christ Church establishment” – ND/BarbadosToday
Here is a story that is worth following up on. Is the prison in Barbados still managed by the government or has it been secretly privatize?
When people are facing a six-month prison sentence for stealing the equivalent of $3.50 US (in FOOD) one has to wonder who is benefits from dishing out these harsh prison terms for petty crimes.
When it is costs the government about $15,000.00 to incarcerate someone for stealing a burger then one has to wonder who benefits from keeping the prisons full. There has to be a story there.
There is the need to set up a fund to help those that are less fortunate.
How doe we help?
How do we support the place at Fountains Garden that gives out a free meal?
What is the name of the place?
Is there a number?
Is there and address?
Is there an account that one can deposit money in?
Tired of – he is racist; she is racist: he needs flogging; he is a thief; he is power hungry; she is power hungry; All bull dung, when the common man is being abused by the justice system.
Who benefits from giving such long sentences for petty crimes. The one thing that I am certain of – somebody is making a buck.
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Here is the real world..
http://bluenationreview.com/judge-sentenced-selling-kids-profit-prison/
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I have been googling but unable to come up with any information.
Do judges in Barbados follow a sentencing guideline or do they just sentence people according to what kind of day they are having?
Need help in locating the guidelines (if any).
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“people are as corrupt as the system allows them to be”.
Exclaimer…..The system has been corrupt for many decades, modern day corruption led by those same countries who created it,, UK, etc known as leaders in weapons sales, drug sales and tax havens…they created the worldwide mess, it just got away from them and they found themselves losing billions through loopholes created by lawyers worldwide, they are just trying to stem the flow.
It’s their monster they all created since the 60s, selling arms and making mischief, let them clean up the tax haven mess, that’s their Frankenstein monster….Cameron is a distasteful piece of nothing.
Take note that debt, credit card, etc, etc, is a very successful form of social control, as noted in the essay.
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Gazer…many people are not aware but after the abolition of slavery…Angola State Prisonm, formerly Angola Slave Plantation in the South quickly became a replacement for slavery, catching runaway slaves and dropping them in a chaingang, as ya can see, imprisoning people in the US is a very lucrative replacement for slavery, whether they are guilty of a crime or not.
Dont be surprised that the little copycat shithounds on the island are not trying their hand at selling people into prison.
The judge in PA is getting an upclose and personal relationship with his handy work.
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https://www.thestar.com/news/canada/2016/04/27/canadians-put-40-billion-in-tax-havens-last-year.html
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@ WW&C
Take note that debt, credit card, etc, etc, is a very successful form of social control, as noted in the essay.
+++++++++++++++++++++++++++++++++++++
Take note also that the same “debt, credit etc” that fuelled their materialistic machinations for the past 60 years is now about to become their worse possible nightmare….
Greece is only the very tip of a global iceberg that is about to create a chill of biblical proportions.
Money Brain has been very quiet on this, but Bushie is sure that he must be wetting himself regularly at the prospects of the coming global monetary collapse….
It will make 2008 look like a girl guides picnic……and all the signs point to an election year date with this inevitable crash….
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@Bush Tea May 14, 2016 at 10:21 PM “It will make 2008 look like a girl guides picnic.”
What happened in 2008?
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“Keep telling yourself that and dont investigate the backgrounds of those current companies and the individuals behind them, you dont know who is who because of the secret acts created to protect them, find out who is who first before you get defensive.”
This is a comment made to Inniss'”Barbados is no Tax Haven”….what is wrong with Dumbville’s brain that he cannot understand that the environment was created to reduce Barbados to the status of a taxhaven, the secret acts government in the Caribbean created specifically, which PROTECTS and ENCOURAGES offshore companies to use the islands as tax havens…Donville does not even know who all these people are, did any of the 2 governments do any background checks over the years…no…did they run their names through Interpol….no…but they creared secret acts to protect them though…so now Dumbville ya have to be more transparent cause the big countries are losing too many billions, ya seem to be ready to fight…have fun.
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Bushman….I been trying to coax MoneyB to this link for 3 days, but he wants no part of it…lol, so you know there is more in the mortar than the pistle..lol
Simple…ya need to get out more..lol
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LOL @ Simple
Bushie forgot that the ZR radios don’t do news…except it is ‘outa Jamtown’… 🙂
2000 – the year of the Dot Com bubble burst… just before US elections.
2008 – the year of the housing bubble burst… just before US elections
2016 – US dollar debt – the biggest bubble of all, is awaiting a pin…just before US elections.
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It appears that everyone knows. ..except Donville Inniss, minster of international business, that once those journalists got those 11 million Panama Leaks documents in their hands, attached were copies of ID cards, passports and other IDs of those smart asses evading taxes, they can separate the offshore companies no longer active from the criminals and noncriminals, etc and etc.
Now if Donville was smart, he would play nice with investigators to find out what the companies in Panama papers, linked to Barbados addresses, hint, hint…CGI Insurance etc, been doing down there, why is the name being used, the identities of those involved, how much money is being hidden, is it money leaving the Barbados economy etc, etc is policyholders money involved and does the link Panama, Barbados, China, Hong Kong lead to India and will policyholders lose their money again, like with Clico…
…..as soon as Donville thinks he can play hard ball, remember, the investigators already have the identities of tax evaders….and no one can stop corresponding banks from pulling out….but that is me being real, what do I know.
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Might leave myself vulnerable to others, but I am still going to walk the plank.
The penal reform act of 2014 could have been written by an A’level student.
I am not a legal eagle, but the sentence below should have the reform act nullified canceled / illegitimate / stuck down / tossed out….
“the need to deter the offender and others from committing similar offences;”
That is not making the punishment fit the crime, that is punishing the poor guy for possible future crimes and future criminals
At least it explains why stealing $7.70 worth of food is worth a six month sentence.
(Bear in mind that I am no lawyer or do not claim to be one)
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Forgive me if I have become an instrument with just one note. I fear that exposure to the writings of John, Zoe and the capital “AC” must have damaged me in some way.
If a citizen of Barbados was caught in the US or Canada with 29 lbs. of marijuana, I doubt if he/she would be fined and sent back to Barbados. I believe that detention and then immediate deportation would be the action taken.
I doubt that I with an American passport would be fined and then sent back to the USA. In fact, having an American passport might be seen as an act of treason and I can hear the average Barbadian arguing that any length of jail time would be just too short.
If the average Barbadian was found with a similar amount of marijuana, I doubt if he/she would be fined and then sent to his house.
This is why it is important to have clear and well defined sentencing guidelines. Arbitrary prison sentences help reinforce the classism/shadism/who ya know that is part of Barbados. If justice in meted out in an inequitable manner, then we are saying that not all are equal in the eyes of the law.
The poor, hungry Bajan who seeks to assuage his hunger is meted a punishment that is reminiscent of that imposed in earlier and darker times, whilst other are handed a sentence that makes a mockery of the word punishment.
As an exercise, the law students of Cave Hill should be given the task of trying to create sentencing guidelines; a task of making the punishment fit the crime; guidelines that mean two individuals committing the same crime will receive a similar punishment. These guidelines may never be used, but the exercise would open these students’ eyes to injustice being served as justice.
Are there no hungry lawyers in Barbados???
For the cause that lacks assistance, for the wrong that needs resistance, for the future in the distance, and the good that I can do.” George Banks …
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@ The Gazer,
You have raised some valid points. Take the example of our media. They tend to show the photos of a black suspect either in chains or being frog-marched to court surrounded by burly policemen. I have yet to see our media publishing similar photos of other groups. Perhaps it is only Negros who commit crimes on the island?
It is a Sunday, I would not waste your time carrying out any further investigation. All you need to know is that Barbados remains a truly sick society.
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Yes, it is indeed a sick society that wastes no opportunity to denigrate members of their own race with absolute glee, but can bend over backwards to enact secret legislation to protect all others….they are the biggest, dumbest asses ever spawned and the disease seem to afflict Caribbean leaders the most, the ones in Barbados are the worse, they show no mercy..
I am still trying to figure out the reasoning behind creating Secret Acts to protect offshore companies, without knowing the identities of those behind the companies and then have the goddamn nerve to create laws to arrest anyone talking about criminality associated with or commited by such companies…are these black leaders for real, are they cursed.
Well…party is over.
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http://ow.ly/pV2T300figl
Due…do you now see why newbie companies can never compete with established companies like Warren Buffett’s Berkshire Hathaway…the dude is seasoned, not just any company can buy 9 million shares in Apple.
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