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Nairaland Forum / Nairaland / General / Politics / How To Explain Panama Papers Into Terms A 5-year-old Could Understand (38810 Views)
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Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by dancewith: 3:10pm On Apr 05, 2016 |
Like the illustration, there are good reasons one would use a tax haven to keep your savings and wealth. Tax avoidance is different from tax evasion and for me, I can do just about anything legal to pay less to a capitalist state that only knows how to take but frugal in giving As long as the monies were legally made, this whole panama thing is a big fat dust. Financial experts all over the world model daily on efficient and most effective ways of wealth enhancement, protection and quantum growth. Indeed a great deal of investment banking is devoted to doing just this, tailoring multiple and complex products to assist the rich to pay less tax and grow their wealth So what's the fuss If the funds invested there are stolen, are the authorities where they are taken from blind? Why haven't they noticed that money was missing before this leak?? It is dangerous to demagogue the rich amongst us simply because they are well off, unless we have proof of impropriety 3 Likes |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by unite4real: 3:13pm On Apr 05, 2016 |
CltrAltDelicious: Not everyone is Yoruba to understand Kolo. So the use of Piggy bank is more universal. 1 Like |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by deeway200(m): 3:16pm On Apr 05, 2016 |
I love this explanation. An average man will easily understand 1 Like |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by professore(m): 3:18pm On Apr 05, 2016 |
When u get a quarter,you put it in a piggy bank |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by macaranta(m): 3:37pm On Apr 05, 2016 |
Same model the cayman islands offshore accounts works..that's just life. |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by layla129(f): 3:39pm On Apr 05, 2016 |
feldido: Lol, kolo would have been better |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by xreal: 3:57pm On Apr 05, 2016 |
Abeg, wetin be piggy bank? |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by SmSolo: 4:03pm On Apr 05, 2016 |
Now, to all parents! Spare the rod and spoil the child also the child's child? Or Initiate the use of titanium metal to correct the child and let history be a lesson to the child's child? |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by Nobody: 4:23pm On Apr 05, 2016 |
Instead of piggy bank u for call am "saving box" 1 Like |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by bluecircle470: 4:44pm On Apr 05, 2016 |
The last time i heard of panama was in d movie titled: prison break |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by KingRex1(m): 4:45pm On Apr 05, 2016 |
Simplified.. but you failed to address the tax evasion 2 Likes |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by oxyG: 4:52pm On Apr 05, 2016 |
feldido:Even many adults here are confused |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by Tinyemeka(m): 5:03pm On Apr 05, 2016 |
feldido: It's not the simplest explanation; it's the simplest lie. If they were looking for secrecy, Swiss bank accounts would have been the only go to banks for stashing secret funds. The keyword is called Tax Haven. Certain countries such as Bermuda, Luxembourg, the Caymans and of course Panama, offer very low to zero percent tax on Income or capital gains. So these High networth individuals or companies go to these countries that offer tax shelters and create corporations that only exist on paper. Oyibo people call them shell corporations (as in empty shell, nothing inside). They then route all their financial transactions through theses shell corporations even though all the transactions originated and terminated in UK or US. Because those shell corporations were registered in those tax haven countries, these people now avoid paying tax that should have gone to those UK or US treasuries. Besides using these tax havens to dodge tax, people and companies use them to hide the true value of their assets. I register a shell corporation in Luxembourg, use my brother or wife or close pally as director or signatory and then use the shell Corp to buy and sell anything I like or hide any money I like and it will not be traceable to me. Bankers in those tax havens are very secretive and it's extremely difficult to extract any information on accounts that they manage or the people behind such accounts. Oyibo people in divorce cases also use these tactics to conceal the true value of their networth so that when it comes to dividing the assets, they don't get to lose everything. @OP, your explanation is very misleading and may even be viewed as sympathetic to financial crimes committed, to an extent. You can read further here: http://www.theguardian.com/business/2015/jun/19/tax-havens-money-cayman-islands-jersey-offshore-accounts http://www.abc.net.au/triplej/programs/hack/setting-up-your-own-tax-haven-shell-company-takes-10-minutes/7297094 3 Likes 2 Shares |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by delishpot: 5:04pm On Apr 05, 2016 |
And Delishpot will soon hide her piggy bank somewhere soon. *for a good reason o |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by Nobody: 5:14pm On Apr 05, 2016 |
In that case, lets use "Calabash" or "kpangolo" feldido: |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by Yusuphpedro: 5:16pm On Apr 05, 2016 |
zimoni:David mark was there |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by LordReed(m): 5:26pm On Apr 05, 2016 |
chrisandy100: Hmm another fan of Reddit ELI5 I see. |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by feedthenation(m): 5:32pm On Apr 05, 2016 |
Heads must roll...i mean literally... |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by excomarow(m): 5:51pm On Apr 05, 2016 |
Panamaphobia
|
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by KoldKash(m): 6:00pm On Apr 05, 2016 |
I really appreciate your satirical touch. |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by 4nobody4every1: 6:08pm On Apr 05, 2016 |
Tinyemeka:Spot on & succinctly put, the best explanation so far 1 Like |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by onelife97: 6:19pm On Apr 05, 2016 |
feldido:Just say "kolo",my Yoruba folks will understand. |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by lonelydora: 6:31pm On Apr 05, 2016 |
Op, thanks. Its now the news is making sense to me. |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by hadura29(m): 6:41pm On Apr 05, 2016 |
feldido: Kolo would have been better... |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by caniva(m): 6:47pm On Apr 05, 2016 |
Here is a piggy bank 1 Like
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Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by Worksunlimited: 7:21pm On Apr 05, 2016 |
feldido: I agree.. Op! Should have used the term "kolo'' instead of piggy bank in his informative piece.. Wonder if he knew if keeping via stealing wasn't kworruption.. |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by kingboy(m): 7:44pm On Apr 05, 2016 |
feldido: it is called KOLO (it comes in clay or wooden with a hole in the middle) now in Nigeria coins is of less importance....what is our children saving in their piggy bank |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by vicolurin(f): 9:44pm On Apr 05, 2016 |
Well understood |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by AceDomino(m): 11:46pm On Apr 05, 2016 |
Very nice and precise explanation My Money goes into the Piggy Bank |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by DipoDee: 6:54am On Apr 06, 2016 |
BabaAlabi: Cc Seun. Do you agree? Of course you do It's all about traffic and Alexa rankings. But BabaAlabi, On NAIRALAND, what is Panama Papers compared to Tonto Dike's boobs, Linda's bags, Snakes and Waje's pictures? Don't worry, Lala will soon be back from IG where he went to scout for celebrity pictures 1 Like |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by SFSNIPER(m): 10:00am On Apr 06, 2016 |
feldido:I didn't find much on your profile like your signature said. Just one picture no dedicated thread. WhatsApp me 08080330000 |
Re: How To Explain Panama Papers Into Terms A 5-year-old Could Understand by feldido(m): 1:14pm On Apr 06, 2016 |
SFSNIPER: Thanks, for showing interest. Never thought of Opening a Thread for it. Will do that ASAP. |
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