New Thought Paper Released by IFAC Tears Down the Risk Management Silo

by 108 comments ,
New Thought Paper Released by IFAC Tears Down the Risk Management Silo
Working with either Google’s spreadsheets or an MS Office’s Excel is a part of every single accountant’s daily working routine. Sorting and ranking the endless rows of data and digits there is another one. Many users often resort to simply sorting data in ascending or descending order. I’ll provide you all fellows with an alternative that uses the LARGE and SMALL functions to create a…

“I have no idea whether Ian Cameron, the Prime Minister’s father, was a tax planner, a tax dodger or a tax evader”. That was what a lot of people felt like during a polling, recently conducted among Londoners. Adam Smith

And to clarify our editorial board’s position on that, we’ll say that for once, we’re on a “David Cameron” team. A range of Sunday papers said that his mother’s gift of £200,000 was a tax “dodge.” The Mail on Sunday used that term in its front page headline. But the truth is that it can hardly be called that, at least when we analyze it legal-wise… The main problem here is that the issue goes deeper than this particular transaction. The whole “Panama Papers” leak drama has been bedeviled by inexact terminology and a sloppy language.

We’re sure that a majority, if not all of our readers know the precise difference between tax avoidance, and evasion. The former, which is legal, and the latter tax evasion, which is a prosecuted felony are cats and dogs different. The major newspapers though were mindful enough to describe most of the behavior disclosed by the leaked Panama documents as tax avoidance. Their stories, at the same time, regularly trot out a statement along the lines of “there is no evidence that this was illegal”. As we investigate through the matter, we believe that the behavior was wrongful in some ways, just not all of them…

But can we make that assumption sound little less vague? The problem lies within the “tax avoidance” term. It’s just too elastic… It allows journalists with not quite enough expertise or proof of wrongdoing to imply misbehavior. All while using the “no evidence” phrase as its weapon of choice for avoiding being sued for libel.

Still, we’ve got a new suggestion that just might solve this linguistic and ethical dilemma. Let’s ban the term “tax avoidance”! Instead, decide which of the two following terms apply. We should say “tax planning” when we’re talking about any tax related activities that are held in accordance with the spirit of the accountant. On the other hand, the “tax dodging” term must be invoked to ascribe activities that are technically legal. Though which are designed to circumvent the spirit of the accountant. “Tax planning” behavior involves more sophisticated actions. Examples are: registering an ISA account; sending money into a pension fund, and giving your son £200,000 more than seven years before you die. While “Tax dodging” is the kind of thing the comedian Jimmy Carr, among others, confessed to a few years ago. Specific path undertaken by Mr. Carr was called K2. That one helps high earners to “fake quit” their jobs and sign employment contracts with offshore shell companies. The offshore companies then pay them lower salaries but “loan” them money in addition. These loans are even written down as tax liabilities in their tax returns…

So now we have three, completely specific and technically (legally) proper terms. Firstly, the tax planning, which does not warrant criticism. Secondly, the tax dodging, which is morally wrong but technically legal. And finally, the tax evasion, which is straightforward criminal and is a prosecuted felony which goes against the state’s interests…

But where do Panama’s offshore trusts fit among these 3 categories? The truth is that, with too many unprocessed information contained in the Panama leaks, we can’t be sure yet…. Depending on the circumstances, an offshore trust, like the one PM’s dad have had, can assist in all of the 3 given schemes: tax planning, tax dodging or tax evasion. On its own, the existence of such a trust might arouse some legitimate suspicion. Still it does not legally prove either moral turpitude or a committed crime.

For example, the Inland Revenue has long accepted that Britons who earn money abroad may keep it in an offshore account. There its value grew in a tax-free environment. Of course, there’s a catch, provided that when that money is repatriated, it is taxed at that point. But if the owner of that money fails to declare it, or tries to repatriate it by a roundabout path in order to avoid tax, then, depending on specific circumstances, he/she is guilty of tax dodging or tax evasion.

I have no idea whether Ian Cameron, the Prime Minister’s dad, was a tax planner, a tax dodger or a tax evader. The evidence set out in the stories so far is not properly analyzed yet. Until and unless more specific evidence comes to light, we should avoid rushing to judgment. Let’s instead remember Sir Thomas Macaulay’s dictum: “We know no spectacle so ridiculous as the British public in one of its periodical fits of morality”.

About the
108 Comments

  1. … [Trackback]

    […] Here you will find 40117 more Information to that Topic: avioelectronics-company.com/2016/12/03/new-thought-paper-released-by-ifac-tears-down-the-risk-management-silo/ […]

    Reply

  3. … [Trackback]

    […] Here you will find 38133 additional Information on that Topic: avioelectronics-company.com/2016/12/03/new-thought-paper-released-by-ifac-tears-down-the-risk-management-silo/ […]

    Reply

  4. Very soon this web page will be famous among all blogging viewers,
    due to it’s fastidious articles or reviews

    Reply

  5. … [Trackback]

    […] Read More to that Topic: avioelectronics-company.com/2016/12/03/new-thought-paper-released-by-ifac-tears-down-the-risk-management-silo/ […]

    Reply

  8. For lack of having an IPv6 ISP, I set up a ULA on my internal network for the exercise of itIf you try to reason about it like an IPv4 network, you’re going to have a bad time You just need to embrace IPv6 for what it actually is, and then enjoy the benefits I would consider link-local IPv6 a clear improvement over IPv4 I don’t need to remember any IPv6 addresses because the vast majority of my devices support mDNS I just use hostnames internally

    Reply

  9. Thank you for this article I’d personally also like to express that it can end up being hard when you are in school and starting out to initiate a long credit rating There are many individuals who are just trying to pull through and have a protracted or beneficial credit history can often be a difficult matter to have

    Reply

  13. гадание на рунах совет одна гадание
    на таро на смерть онлайн снишься парню с пятницы на
    к чему снится что муж переписывается с другой девушкой во сне гороскоп рыбы на 23 февраля 2024, гороскоп
    дева 23 февраля 2024

    Reply

  16. банк ольшевского, банк пуповинной крови в
    казахстане ақыреттік дос деген не, дос туралы цитата тазалық туралы әңгімелер,
    тазалық уикипедия курс доллара
    в 1996 году в казахстане, курс
    доллара 1993 год казахстан

    Reply

  17. ремонт гбо кызылорда, газ орнату кызылорда 5
    кара соз магынасы, абай кунанбаев 7
    кара соз магынасы бумажные полотенца карина характеристика, бумажные полотенца карина оптом онлайн музыка
    2021, скачать песни из трендов тик
    тока

    Reply

  22. арман кітабы адам ұзын шашты өсірді қан элементтері, қан плазмасының ақуыздары музыка алыс жол, жол, мен уйге
    кайтам текст крупные компании алматы контакты, крупные компании алматы 2023

    Reply

  24. алғашқы өнертабыстар қай елдерден бастау алды,
    томас эдисон қазақша bahandi чей бренд,
    bahandi франшиза цена 0 2 кг
    жезден жасалған, 100 кг антрацит толық жанғанда декларация казахстан, декларация о доходах физических лиц в рк

    Reply

  25. денсаулық үшін құдайға күшті дұға,
    шипа сұрау дұғасы скачать рационал сандарды
    көбейту есептер, рационал сандарды көбейту презентация ариста белый зал, ариста караоке красный чай китайский, красный чай купить

    Reply

  27. Woah! I’m eally ejjoying the template/theme of thnis blog.
    It’s simple, yyet effective. A lott of timmes it’s challengong too geet that “perfect balance” between usability annd visuawl appearance.
    I mhst ssay that you’ve don a supefb jjob with this.
    Also, thee blog loads super qick for mee on Opera. Excepotional
    Blog!

    Reply

  28. біздер деген дұрыс па, сәлеметсіз бе сұрақ белгісі тур португалія, туры в португалию из астаны диваны барахолка алматы, диваны
    со склада в алматы недорого быстрая мойка в посудомоечной
    машине bosch, посудомоечная машина bosch инструкция

    Reply

  29. сөзжасамдық уәждеме, уәждеме теориясы
    166 приказ мз рк реабилитация, 120 приказ мз
    рк адилет халықаралық қатынастар маманы, халықаралық қатынастар қандай пән таңдау керек электроника элементтері,
    бір цикл сигналдың бітуіне кететін уақыт қалай аталады?

    Reply

  30. … [Trackback]

    […] Find More on that Topic: avioelectronics-company.com/2016/12/03/new-thought-paper-released-by-ifac-tears-down-the-risk-management-silo/ […]

    Reply

  31. Exhellent gooods ffrom you, man. I’ve undetstand your stjff previous to and you are jusat too excellent.

    I actully like what you hhave acquired here, certainly like
    what you’re saying andd the way iin which you say it.
    You make iit entertaining annd you still carfe forr to keep itt sensible.

    I ccan not wait tto read faar more from you. This iss actually a terrufic web site.

    Reply

  32. негізгі және айналмалы капитал, кәсіпорындағы негізгі капитал эссе капиталистическая партия, территория
    казахстана до ссср легкая степень опьянения казахстан наказание, алкогольное опьянение протокол рк қара кітап
    деген не, қызыл кітап туралы сұрақтар

    Reply

  33. казакша олендер жазу, казакша кушти андер скачать жаңақорған шипажайы туралы мәлімет, жаңақорған шипажайы бағасы формалар 10 сынып информатика, информатика 10 сынып кітап
    гуманитарлық бағыт chicken cat food, homemade chicken cat food

    Reply

  34. мука высший сорт 50 кг цена, мука 1
    сорт 50 кг цена поезд в астану расписание,
    расписание поездов нурлы
    жол аспан неше қабаттан тұрады,
    аспан сферасын оңтүстік және солтүстік
    жартышарға бөлетін жазықтық металлинвест шымкент прайс лист, металлинвест прайс-лист

    Reply

  35. как гадать картами таро райдера уэйта к
    чему сниться много воды на дороге гороскоп на завтра лев для школьников
    близкие по знаку зодиака магия все случаи жизни

    Reply

  38. Simply desire to say your article is as astounding. The clearness in your post is just excellent and
    i could assume you are an expert on this subject.
    Fine with your permission allow me to grab your feed to keep up to date with forthcoming post.
    Thanks a million and please carry on the gratifying work.

    Reply

  53. подработка тайным покупателем без опыта дом
    ребенка астрахань работа копирайтер работа
    в москве удаленно вакансии сайт для
    изучения английского языка бесплатно онлайн

    Reply

  75. егу бөлмесін тазалау, егу күнтізбесі
    алтын белгі алу үшін не істеу
    керек, алтын белгі 2023 өзгерістер
    умные очки xiaomi, xiaomi очки для компьютера алматы ағаның үйлену
    тойына тілек

    Reply

  84. … [Trackback]

    […] Info on that Topic: avioelectronics-company.com/2016/12/03/new-thought-paper-released-by-ifac-tears-down-the-risk-management-silo/ […]

    Reply

  98. поезд уральск – алматы тальго расписание, уральск – алматы поезд цена билета
    ана туралы күшті ән скачать, ана туралы күшті ән текст ішектегі ас қорыту, ауыздағы ас қорыту жадырап жаздай жаман соз айтпай,
    өлгендер қайтып келмейді толық нұсқа

    Reply
Leave a reply

Your email address will not be published. Required fields are marked *