Monthly Archives: February 2016

Just a Clerical Error?

The most interesting post I have read in 2016, thanks for this!

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Plastic buckets from the Czech Republic imported into the United States with a declared price of $972 per bucket! Bulldozers exported to Colombia at $1.74 each, Toilet tissue from China imported at the price of over $4,000 per kilogram! Perhaps the price includes outstanding royalties , since the Chinese are credited with the invention of toilet paper.

Of course they could all be  just clerical errors.

According to Nikos Passas, Professor of criminology and criminal justice, at North Eastern University,trade has been the weakest link in the anti-money laundering infrastructure built up since the 1980s. He was testifying at a a congressional hearing on Feb. 3, on money laundering and terrorist financing.

The hearing was specifically interested to learn more about Trade-Based Money Laundering (TBML) which is perhaps the largest and most pervasive money laundering methodology, according to the witness John Cassara, a former U.S. intelligence officer and Treasury special…

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The Truth about the CRA Voluntary Disclosure Program (VDP) that no one wants you to know

Much more benign that the IRS Voluntary disclosures – OVDP, etc.

inTAXicating

Before you waste time and money paying a “Tax Solution” company to walk you through the CRA’s Voluntary Disclosure Program (VDP), you need to read this post and learn the facts they don’t want you to know…

In order to “qualify” for the Voluntary Disclosure Program, there are some important facts which must be taken into consideration first;

  1. The disclosure must be voluntary, and by voluntary, the CRA means that the business or taxpayer must not be aware of or have knowledge of an audit, investigation or other enforcement action set to be conducted by the CRA, or initiated by the CRA, with respect to the information being disclosed.
  2. The disclosure must be complete, meaning that all information must be disclosed and all the outstanding years must be filed in this application.
  3. The disclosure must involve the application of a penalty, such as, but not limited to, Late Filing Penalties…

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Dear Michelle Obama

“Consider also sovereignty of foreign nations, something I can’t claim the US has ever respected. The US does not allow foreign countries to step in and tax its businesses and its citizens, its economic contributors. America’s practice of taxing its citizens is basically what Mr. Trump accuses Mexico of doing: sending its citizens to America to generate dollars to send home. It is a despicable concept which the Democratic Party has rightly laughed at, yet this is what you do with CBT, FBAR, and FATCA. You tax monies earned abroad by your citizens. You tax capital gains on private homes in the UK; you apply SS and Obamacare taxes on mom & pop businesses operating overseas; you tax lottery winnings considered tax free economy boosters in foreign lands; your actions pirate money from foreign economies and you pretend it is okay because we victims are American. We are not the only victims. Our families, our communities, and our host nations all suffer from your syphoning. You steal funds, jobs, and debt. You are the biggest tax cheater of them all, and the fact you justify it based on patriotism is disgusting to me and almost all the 8.9 million citizens abroad.”

Café Moi

I received the following email today. I get them all the time but rarely read them. When I do, I feel ill: my heart races, my fists knot, and I turn red. Sometimes I even curse at the senders. Today I noticed the bold line in the footer, so I wrote Michelle Obama a letter. First the email in question:

John —

At this very moment, some of the first votes of this election are being cast in New Hampshire. And before you know it, I’ll be asking you to go to the polls in the fall.

And even though you won’t see Barack’s name on your ballot this time, this election is just as important as those we’ve been through before. When we vote for Democrats in November, we’ll be voting to protect everything we’ve worked so hard for these past few years and to keep making the change…

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How Secrecy Is Driving Offshore Business to the US.

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Non-disclosure or secrecy is fast becoming the new competitive advantage for US-based International Financial Centres. Early indicators show that money exiting reformed secrecy jurisdictions, like Switzerland and the Cayman Islands, is heading to US tax haven-states, like Nevada and South Dakota. The attraction lies in the several public assurances made by US officials that the IRS is not about to comply with international disclosure rules if they do not want to.

Of course, the the US has a legitimate concern, and it is one shared by other countries. However, only the US may be given licence to act on its fears. The concern is for the welfare of tax-payers whose information is exchanged with countries whose confidentially record fall short of US standards. As a result such exchanges may expose these taxpayers (and their families) to extortion, kidnapping death and other unintended consequences of the exchanges.

In some cases these…

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