Taxwatch Update – 6 April 2016

It’s been a while since the last Taxwatch event, and so we are pleased to invite you to our next meeting on Wed 18 May at 2.00pm at 11 Hilary Road, Douglas.

Our guest will be Ms Nicola Guffogg, Assessor of Taxes. As such, Nicola is the top civil servant responsible for tax policy and revenue collection here. We’ve asked her to address issues of both offshore and domestic avoidance. She’ll be accompanied by her colleague Paul Martin. Do hope you can make it!

In the news recently:

  • The leaked ‘Panama Papers’ from the Panamanian law firm Mossack Fonseca include links to the IoM.

They have (or had) a Manx subsidiary at 6 Hill St, Douglas. Journalists have analysed the huge volume of revealed data, including a chart showing the jurisdictions with the most active intermediaries (accountants, lawyers, banks, CSPs etc). The IoM is listed 8th, with 5,058 intermediaries. https://www.theatlas.com/charts/Ey7ep7jAe
One example is the Manx corporate service provider, Bridgewaters (IoM) Ltd, which the leaks claim has links with a Tatiana Navka, wife of Putin’s spokesman Dmitry Peskov. Bridgewaters is based at Queen Victoria House, 41-43 Victoria St, Douglas, apparently employing some 10 people. Their website appears to have gone down.

http://www.theguardian.com/news/2016/apr/04/kremlin-reaction-putin-dmitry-peskov-panama-papers-putinphobia

  • You can still watch Monday’s BBC Panorama programme about the Panama Papers:

http://www.bbc.co.uk/programmes/b076vwwy

  • The local branch of Big 4 accountants PwC has kindly supplied their latest newsletter, covering the recent UK Budget and its implications for the IoM. Two points stand out: George Osborne is tackling a) the use of offshore structures to avoid UK tax on profits arising from the development of land & buildings in the UK, and b) disguised remuneration schemes based offshore. More details in the newsletter:

Tax Talk UK Budget Special

  • BBC Radio 4 ‘The Bottom Line’ is a useful and educational listen on company tax avoidance. Evan Davies & tax specialists discuss company tax avoidance. Guests are hardly neutral but nevertheless worth a listen.

http://www.bbc.co.uk/programmes/b071whgb

Finally, you may like to check out postings on the Taxwatch Facebook page – many thanks to Mo for administering this.

https://www.facebook.com/groups/265552826902505/

 

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