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08.07.01. Tax Schemes. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, August 7, 2001 - Vol. 3 No. 62
In This Issue:
* COMMENT: Tax Schemes
* OFFSHORE: Levin Attacks Again. OECD Deadline Dead. BVI Warns OECD. No Caymans Income Tax! Grenada Bank Mess. Cook Islands Trust in U.S. Court. Panama E-Commerce. Irish Impure Thoughts.
* WEALTH: German Tax Ruling. Thai Scam Fallout. Australian Tax Dangers. Russia Against Dirty Cash.
* PRIVACY: U.S. Finances Face Tech. US Secret Snooping. New FBI Director Likes Carnivore. South Africa Goes Too Far.
COMMENT: Tax Schemes
by Bob Bauman, Editor
Last week I complained about being victimized by a biased Wall Street Journal reporter. In its selective wisdom, WSJ "Letters to the Editor" column (Aug 6) printed my reply:
"Nothing Scheming About Tax Havens"
As a member of the bar for 37 years, I strongly object to your reporter's characterization of me... The use of the word "schemes" turns the simple reporting of facts into the suggestion that my work is in some way unsavory, as in: "'The heat on offshore tax havens seems to be cooling,' says Robert Bauman, a former GOP congressman from Maryland who writes a newsletter promoting offshore tax schemes."
In fact, neither I nor the Sovereign Society condone tax evasion. As an attorney, and specifically as legal counsel to an international membership organization of offshore investors, I am careful to explain in detail the IRS reporting requirements for all offshore financial activity.
The association of tax evasion with legal offshore financial activity by U.S. citizens is unfair in any context. It is especially so when presented in an ostensibly objective report." - Robert E. Bauman.
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Last month we commented on a United Nations recommendation for creation of an international tax organization (ITO), a sort of world IRS. The ITO would solve what the UN claims are problems caused by "globalization" that undermine "the territoriality principle on which traditional tax codes are based," i.e., high tax nations are losing revenues to low tax nations. LINK: Click Here .
Daniel MITCHELL of the Heritage Foundation and others take this UN scheme apart, bit by bit, in several recent commentaries.
LINKS: http://www.freedomandprosperity.org/Papers/un-report/un-report.shtml
http://www.freedomandprosperity.org/2001/un/un.shtml
http://www.prosperity-institute.org/projects/UN_ITO.htm
http://www.freedomandprosperity.org/Papers/zagaris-un/zagaris-un.shtml
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* OFFSHORE *
LEVIN OFFSHORE ATTACKS CONTINUE
WASHINGTON. Using the tired excuse of fighting dirty money laundering, Sen. Carl LEVIN (D-Mich) has introduced yet another bill which would severely restrict offshore banking and further reduce offshore financial privacy for US persons.
LINKS: http://www.miami.com/herald/content/business/digdocs/078941.htm
http://www.tax-news.com/asp/story/story.asp?storyname=4806
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O.E.C.D. - WHO CARES? DEPARTMENT
PARIS. Abandoned by the US, the OECD says it will extend its "deadline" for action against tax havens indefinitely.
LINK: Click Here.
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B.V.I. WARNS O.E.C.D.
ROAD TOWN, B.V.I. Ralph O'NEAL, Chief Minister of the British Virgin Islands, warns the OECD it had better consult small tax havens,or else!
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4790
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NO CAYMANS INCOME TAX
GEORGE TOWN, C.I. Although they pledged cooperation with OECD tax hounds, the Cayman Islands government categorically denies rumors of any plan to impose income taxes in the islands.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4784
For a new Financial Times survey of the CAYMAN ISLANDS, see
LINK: http://surveys.ft.com/caymanislands2001/
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GRENADA BANK MESS
The sordid mess left after the collapse of the 1st International Bank of Grenada is slowly being exposed.
Details at LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4810
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COOK ISLANDS TRUST IN U.S. COURT
BALTIMORE, Maryland USA. A local court is trying to find millions possibly stashed in a COOK ISLANDS trust.
LINK: Click Here .
And a reporter discovers the wonders of Cook Islands finances.
LINK: Click Here .
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PANAMA E-COMMERCE
A new law, the first of its kind in Central America, is expected to give Panama's e-commerce industry a much needed boost.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4759
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IRISHMAN'S OFFSHORE 'BAD THOUGHTS'
DUBLIN. A former government official says he used offshore bank accounts in the ISLE OF MAN to hide income, "probably because he had bad thoughts at the time." Perhaps even that traditional euphemism "impure thoughts"? LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4760
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Here's an opportunity to receive "BROADSIDE," the offshore e-letter your government doesn't want you to read. It's bi-weekly and it's FREE.
LINK: https://www.freebooter.com/exec/O2FAx8NLnxQAAAKzjGo/contact.html
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* WEALTH *
GERMAN TAX RULING
The nation's highest tax court rules that any anonymous cash transactions can be considered possible tax evasion, waiving bank confidentiality rules.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4781
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THAI STOCK SCAM FALLOUT
The very real dangers of "cold calling" stock sales to the gullible and what you can do about it.
LINKS: click here and here .
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AUSTRALIAN TAX DANGERS
Experts warn high corporate and other taxes open Australian companies to offshore takeovers.
LINK: Click Here.
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RUSSIA JOINS DIRTY MONEY FIGHT
By officially signing a treaty, it can freeze funds anywhere.
LINKS: http://globalarchive.ft.com/globalarchive/article.html?id=010802008491
http://globalarchive.ft.com/globalarchive/article.html?id=010805001050
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* PRIVACY *
U.S. PAYS FOR FACE TECH
Government millions finance application of face surveillance technology to military, intelligence uses and to you.
LINK: http://www.dallasnews.com/national/432858_privacy_01nat.html
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U.S. SECRET SNOOPING
The FBI uses ChoicePoint software to secretly obtain your personal info tied to your Social Security number.
LINK: http://www.wired.com/news/privacy/0,1848,43743,00.html
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FBI HEAD PROTECTS CARNIVORE
The new FBI head refuses to commit to an independent review of the Carnivore email surveillance system.
LINK: http://www.wired.com/news/politics/0,1283,45798,00.html
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SOUTH AFRICAN WEB SPIES
Protests grow in South Africa against wide ranging police authority to monitor online communications.
LINK: http://www.theregister.co.uk/content/6/20828.html
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CHECK OUT
Find the true owner of any web site domain name.
LINK: http://www.networksolutions.com/cgi-bin/whois/whois
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. E-mail to: info@sovereignsociety.com. * SUBSCRIBE FREE or send to a friend at LINK: http://www.sovereignsociety.com
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THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland. TEL: 353-51 844 068 FAX: 353-51 304 561. Copyright (C) 2001. All domestic & international rights reserved.
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