doskie:
PanamaPapers
Many people even friends n colleagues are asking me " What is dis
Panama saga ?" Thank God , I just got d simplest explanation to it :
Please enjoy it:
Here's how DanGliesack explained the Panama Papers leak to five-
year-olds:
When you get a quarter you put it in the piggy bank. The piggy bank
is on a shelf in your closet. Your mom knows this and she checks on
it every once in a while, so she knows when you put more money in
or spend it.
Now one day, you might decide "I don't want mom to look at my
money." So you go over to Johnny's house with an extra piggy
bank that you're going to keep in his room. You write your name on
it and put it in his closet. Johnny's mom is always very busy, so she
never has time to check on his piggy bank. So you can keep yours
there and it will stay a secret.
Now all the kids in the neighborhood think this is a good idea, and
everyone goes to Johnny's house with extra piggy banks. Now
Johnny's closet is full of piggy banks from everyone in the
neighborhood.
One day, Johnny's mom comes home and sees all the piggy banks.
She gets very mad and calls everyone's parents to let them know.
Now not everyone did this for a bad reason. Eric's older brother
always steals from his piggy bank, so he just wanted a better hiding
spot. Timmy wanted to save up to buy his mom a birthday present
without her knowing. Sammy just did it because he thought it was
fun. But many kids did do it for a bad reason. Jacob was stealing
people's lunch money and didn't want his parents to figure it out.
Michael was stealing money from his mom's purse. Fat Bobby's
parents put him on a diet, and didn't want them to figure out when
he was buying candy.
Now in real life, many very important people were just caught hiding
their piggy banks at Johnny's house in Panama. Today their moms
all found out. Pretty soon, we'll know more about which of these
important people were doing it for bad reasons and which were
doing it for good reasons. But almost everyone is in trouble
regardless, because it's against the rules to keep secrets no matter
what.
©Akin Ajayi-Obe

That's a very apt explanation for the very many Nigerians with five year-old brains who have been shouting themselves hoarse over "Panama Papers" when they don't even understand what it means but I don't agree that almost everyone is in trouble because it is against the rules. There is no law anywhere banning offshore companies. An offshore company is simply a company registered by a person in another country in which he or she has shares. It could be in Benin Republic, Ghana or Panama or Belize. For a private person who is not a public person such as Dangote who has been mentioned for instance, it only becomes a problem if he earns money with it which is taxable in Nigeria but he fails to pay such tax in which case it is the same thing like millions of Nigerians including the thousands on Nairaland foaming at their mouths over Panama papers who don't pay their tax too. Not all money earned by offshore coys are taxable as it is only the USA of all countries in the world whose laws mandate that its citizens must pay tax on all earnings including those made abroad; other countries including in Europe & Nigeria do not. Dangote has cement countries in other countries for instance. If he registers a company in Panama & uses it to open a company in Kenya, he has the obligation to pay tax on his earnings from such companies to the Kenyan authorities but not to the Nigerian authorities if he keeps those earnings in an offshore account. The full complexity of it is too much to go into here so let me restrict a little to public officers. The law is that public officials should not run companies not that they should not own them. This applies to all companies whether in Nigeria or offshore. What thousands of public officials in Nigeria who ran businesses do upon being elected or appointed to public office is simply to resign from any employment or directorship of a company they hold. They continue to hold into their shares in those companies which should now be run by other people provided they declare all the shares they hold in every company whether domestic or offshore. The illegality is in failing to declare or paying tax as appropriate & that has to be proved. For many who have offshore or shell companies & want to keep their privacy, they simply transfer their shares in such offshore companies to trusts or other family members other than their wives before it is time to declare their assets such that at the point of declaration of assets, they have no such assets to declare. Therefore the fact that a public officials' name appears in Panama Papers in respect of a company registered in 1999 does not mean that he has committed any offense because that official could have disposed of his interests in March 2016 before assuming public office in May 2016 & has thus broken no laws, ETC

jcflex:
The Federal Government has opened a file on all Nigerians whose names have been mentioned in the Panama Papers as operating offshore accounts in notorious tax havens.

Some of the individuals listed in the papers so far are the current Senate President, Bukola Saraki; and his predecessor, David Mark.

Others listed include Africa’s richest man, Mr. Aliko Dangote; his cousin, Saayu Dantata, and a former Minister of Defence, Lt.Gen Theophilus Danjuma (retd.)
It was learnt that the Economic and Financial Crimes Commission had been gathering reports from local and international media as well as the responses being given by those named.

It was also learnt that the EFCC would then carry out its independent investigation and involve INTERPOL if necessary.

German newspaper, Süddeutsche Zeitung, had last Sunday released the Panama Papers, the biggest leak in the history of data journalism, publishing online 11.5 million documents from Panamanian law firm Mossack Fonseca, which showed how some prominent people across the world criminally hid money using anonymous shell corporations across the world.

The Panamanian law firm, regarded as one of the world’s most secretive companies, according to the documents, has helped clients launder money, dodge sanctions and evade tax.

Already, the Nigerians involved have all denied complicity.

In an exclusive report by online medium,
Premium Times , it was alleged that about four assets belonging to the Saraki family, which included Girol Properties Ltd., Sandon Development Limited, and Landfield International Developments Ltd., were tucked away in secret offshore territories.

For instance, the report stated that Girol Properties was registered on behalf of Toyin by Fonsecca on August 25, 2004, in the British Virgin Island, a year after her husband became the Governor of Kwara State. But the assets were allegedly not part of the ones declared by the Senate President or Toyin when Saraki became governor and after he was sworn in as the nation’s number three citizen.
Mark

Similarly, at least eight offshore companies in the British Virgin Island have been linked to Senator Mark which he allegedly operated while holding public office, a criminal offence according to Nigerian laws.

An impeccable source told our correspondent that the Federal Government was studying the body language of the international community and looking at how other countries were handling investigations.

The source, who pleaded anonymity because of the sensitivity of the matter, said, “We are studying the matter closely. In fact, we have opened a file and all reports are being gathered.

“We want all the names to be released first before launching full investigations. The issue is a tricky one. After preliminary investigations, we will seek advice from the Office of the Attorney General because investigations of such nature will need foreign collaboration.”



http://www.punchng.com/panamapapers-efcc-interpol-to-go-after-saraki-mark-others/

na so we dey hear ever since

Having a foreign bank account at Panama is not illegal, I have foreign bank accounts, and its my hard earned money in there, EFCC you are invited, stupid people.

jcflex:


It was also learnt that the EFCC would then carry out its independent investigation and involve INTERPOL if necessary.


An impeccable source told our correspondent that the Federal Government was studying the body language of the international community and looking at how other countries were handling investigations.

Just negodu, studying body language. When is the zoo going to ever follow due process. What concern Interpol and investigating our own citizens. Abi the FBI or whatever agency they have in the US are also studying DSS body language. Rubbish!
Trying to steer us away from the suffering going on. Biko give us fuel.

olasmith10:
So far so good, 2016 hasnt bn a good year for saraki.. Seems the gods are tru with him!!!
His name appears on almost every monstrous list

Hmmmmm

Panama paper, who write am? With who? where the agreement Please I can write a paper push it out and call it a name n ppl with start talking, please investigate first n then we can see other presidents name are missing from the list mainly the military head of states.....

josite:


but tax avoidance is not a crime anywhere in the world.quote me.im a lawyer and in very deserving situations i will still advise clients to go offshore .

Not until they are exposed.

courage54:
Am very sure that some people from a particular region will start protesting when their trial begin.

I know u r referring to the East. I am a South Southerner and a Jonathanian. I don't give a Bleep if they are jailed. I personally want Saraki to be jailed. He was one of the whistleblowers during Jonathan's government. I could remember Jonathan saying " the most corrupt persons are same people shouting "ole ole" to cover up their mess. I am with EFCC or Buhari on Saraki's or anybody trial provided the rule of law is respected.

Dumb dictatorship FG grandstanding. They don't know offshore accounts are perfectly legal. They should first prosecute every foreign company that has an account in Nigeria. Change Change. No rule of law.

kenchylala:



Hmmmmm

Panama paper, who write am? With who? where the agreement Please I can write a paper push it out and call it a name n ppl with start talking, please investigate first n then we can see other presidents name are missing from the list mainly the military head of states.....

Am shocked at d bolded!!!
The que threw me off d balance!!!

Ghandi12:


One, we are bored and tired of media trials. We are also bored of unending prosecutions without judgements or evidence of loot recovery.
Dangote and Dantata are businessmen and may not have broken any Nigerian law except tax-evasion but who will prosecute Gen. Danjuma?

Why is Saraki still the Senate President? Because President Muhamud Buhari allows it!

dude u need 2 get familiar wt d nigerian constitution ASAP. Ignorance of d law is no excuse. D president isnt empowered by d constitution 2 remove d senate president (or any duly elected official). D only way saraki can b removed is by impeachment 4rm his fellow senators & d lyks of dino melaye & co seem 2 b behind him.

TijaniAbu:
Dumb dictatorship FG grandstanding. They don't know offshore accounts are perfectly legal. They should first prosecute every foreign company that has an account in Nigeria. Change Change. No rule of law.

Guy u no sabi basic 9ja law @ all. Dnt u kno dt public officers r nt supposed 2 operate foreign accounts whilst dey r in public office? & these men r accused of such. Mind u dey were nt fingered by EFCC or any nigerian organization dt u can claim witch hunting or federal persecution. It was leaked 4rm d firm helping dem 2 carry out their nefarious activities & 1st published by a german newspaper. Stop defending criminality. Some of these pple u r defending were engaged in @ least tax evasion & i wldnt b suprised if further investigation reveals dt those shell corporations were used in money laundering & theft of public funds. Imagine d PM of iceland who was named in those papers has resigned bt trust 9ja leaders. D word "shame" is absent 4rm their dictionary. Dey blv dt our corrupt system wld protect dem. I just pray dt INTERPOL & oda international crime fighters wldnt relent in investigating dis cesspool & bringing all guilty parties 2 book.

josite:


but tax avoidance is not a crime anywhere in the world.quote me.im a lawyer and in very deserving situations i will still advise clients to go offshore .

What crime was mob boss Al capone arrested & jailed 4? Was it nt tax evasion? In singapore, isnt death d penalty 4 tax evasion? I'm nt a lawyer o bt i dnt tnk u r ryt.

Bigchief46:

That's a very apt explanation for the very many Nigerians with five year-old brains who have been shouting themselves hoarse over "Panama Papers" when they don't even understand what it means but I don't agree that almost everyone is in trouble because it is against the rules. There is no law anywhere banning offshore companies. An offshore company is simply a company registered by a person in another country in which he or she has shares. It could be in Benin Republic, Ghana or Panama or Belize. For a private person who is not a public person such as Dangote who has been mentioned for instance, it only becomes a problem if he earns money with it which is taxable in Nigeria but he fails to pay such tax in which case it is the same thing like millions of Nigerians including the thousands on Nairaland foaming at their mouths over Panama papers who don't pay their tax too. Not all money earned by offshore coys are taxable as it is only the USA of all countries in the world whose laws mandate that its citizens must pay tax on all earnings including those made abroad; other countries including in Europe & Nigeria do not. Dangote has cement countries in other countries for instance. If he registers a company in Panama & uses it to open a company in Kenya, he has the obligation to pay tax on his earnings from such companies to the Kenyan authorities but not to the Nigerian authorities if he keeps those earnings in an offshore account. The full complexity of it is too much to go into here so let me restrict a little to public officers. The law is that public officials should not run companies not that they should not own them. This applies to all companies whether in Nigeria or offshore. What thousands of public officials in Nigeria who ran businesses do upon being elected or appointed to public office is simply to resign from any employment or directorship of a company they hold. They continue to hold into their shares in those companies which should now be run by other people provided they declare all the shares they hold in every company whether domestic or offshore. The illegality is in failing to declare or paying tax as appropriate & that has to be proved. For many who have offshore or shell companies & want to keep their privacy, they simply transfer their shares in such offshore companies to trusts or other family members other than their wives before it is time to declare their assets such that at the point of declaration of assets, they have no such assets to declare. Therefore the fact that a public officials' name appears in Panama Papers in respect of a company registered in 1999 does not mean that he has committed any offense because that official could have disposed of his interests in March 2016 before assuming public office in May 2016 & has thus broken no laws, ETC

nice one. but then; tje only reason such asset by public office holders is that of illegality of possession and not tax evasion. Nigerians are the greatest problem Nigeria has.

gemale:

What crime was mob boss Al capone arrested & jailed 4? Was it nt tax evasion? In singapore, isnt death d penalty 4 tax evasion? I'm nt a lawyer o bt i dnt tnk u r ryt.

tax evasion is when u dont want to pay tax,e.g saying you make no profit when you actually did or under-disclosing your income so you get away paying less tax or you lie in your tax returns to get tax concessions.

tax avoidance on other hand is you hiring a lawyer or tax planner or wealth planner who tells you rather than give a house to your son by deed of assignment ,you should just give him as a gift so you dont have to pay consent fee etc or you forming a charitable organisation,giving all your properties to the association whose goal will be giveing helps on a periodic basis to aged persons worldwide ,thereby qualifying yourself to receive income from the foundation when you are old.being an ngo,you dont pay the taxes you would have paid if those properties remains in your name or company's name.Further since nigeria charges so much as corporate tax,i can move my headoffice to cayman island where little or no tax is charged so all my offices in nigeria are just branches liable to return all profits to my head office in cayman.