EU Financial Services Chief Jonathan Hill is set to make a statement to the European Parliament on the highly topical subject of 'tax havens' today.
Hill is Britain’s most senior Commissioner and a close political ally of Prime Minister David Cameron who is under the cosh because of his family's involvement in an offshore fund, the existence of which, though known of before, has been highlighted by the leaking of the Panama Papers.
"This is a carefully thought through but ambitious proposal for more transparency on tax," Hill said in a statement ahead of the plan’s release, "While our proposal … is not of course focused principally on the response to the Panama Papers, there is an important connection between our continuing work on tax transparency and tax havens that we are building into the proposal," he added.
He's talking bollocks of course, a quick look at the details of what is the statement will contain reveals it has little to do with Panama but is mostly concerned with Jermeny Corbyn's hobby horse of choice, greedy multinational corporations who dodge paying their tax on profits in the various countries where they make their money, by using accounting structures that are perfectly legal whether we like it or not.
Those who draft laws containing loopholes so big even the Titanic could get through them unscathed should not castigate individuals and corporations that exploit the loopholes, instead the incompetent (or perhaps well greased, financially) buggers should do their jobs properly.
But we find it strange that the Soros-funded Panama Papers leak has scarcely mentioned a single EU apparatchik or American Republican or Democrat figure, focusing instead on non EU member state Iceland, and indeed Russian President Vladimir Putin? Coincidence, or are Eurocrats and US political hacks all magically above board with their tax affairs? Having read up on the lengths to which Hillary Clinton has gone to avoid revealing how much she was paid for a series of speeches to Wall Street Bankers, and knowing something of Donald Trump's track record in business, we think not.
Even the US business magaxine Forbes questions this ommission. Could there be some collateral damage in the papers in the conveniently partial leak of these documents?
It is very significant that rather than doing a Wikileaks style data dump, the lefty leakers, Goerge Soros front organisations the International Consortium of Investigative Journalists has chosen to decide for us what it is in our interests to know about.
Where’s the transparency from the partner organisations of the International Consortium of Investigative Journalists – the British Broadcasting Corporation (BBC), the Guardian, and Sueddeutsche Zeitung? (Anyone notice what these three have in common? Hint: They’re not exactly right wing, anti-EU outlets). Indeed Sueddeutsche Zeitung has already said it won’t publish all the files, arguing that not all are of public interest.
David Cameron has staked so much on keeping Britain in the EU that not only does his career rest on the success of the Remain campaign but if Bratain votes Leave his hopes of a well paid sinecure with one of the supra national bureaucracies. At the moment, thanks to the Labour party's obsession with the fact that Cameron's Dear Old Mum used a ploy that is older than David Cameron or even me to (legally) avoid paying death taxes on her estate, he is looking shifty and mendacious. (He is shifty and mendacious but we could have trapped him on a bigger issue than this, surely).
EU leaders are now busily trying to look as if they preside over a strong regulatory authority respondin to an issue of great public concern, in accordance with the views of the British prime minister. Funny that they have suddenly got all hyper over Pamama's tax haven status when they have tolerated Luxembourg, a far bigger tax haven than Pamama and a founder member of the EU for many decades. And let's not forget the special arrangements London offers foreigners who are shy about revealing their full income to tax collectors in their home nations. What are Dodgy Dave, his mate George Soros and the International Consortium of Investigative Journalists about exposing the tax dodging that goes on in those financial centres?
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