v. July 18, 2022

Offshore activities - tax haven rules

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Offshore: Legal Tax Haven? ... like government-owned banks?
Many banks do reasonable parts of their business in offshore tax havens. Typically, there is only some individual administrator for a significant number of corporations. In the nearly best case, there is some pseudo bank - some small secretarial service.

(This text page should soon be reviewed by an English speaking person, to improve its linguistic level. Volunteers? Please send a mail to ok @ infos7.com.)


The facts: "Governmental" offshore banking?

Are activities like described here below illegal tax avoidance schemes?
It is not intended to supply here an answer for this complex question. It should just been stated how it might frequently happen. This is sufficient for legal defense considerations like described later here.

The crisis of the financial markets 2007...2012 enabled a unique disclosure of the habits of tax haven activities of banks dominated by public owners and/or administrators.

In addition, by rescue operations, the governments of various countries had become involved in such schemes without any such intention.
Evidently, these new shareholders had significant rights to require submission to the legal rules of the respective countries. Such banks were rescued by using taxpayers money. So a minimal requirement should be that rescued banks should correctly be submitted to the taxation rules of the specific country.

During the crisis 2007...2012, there was not a single statement that prosecution for illegal tax avoidance would have been initiated.
So far, in more than 1000 viewed press articles about the financial crisis (mainly German language), there was not a single statement that the legal status of owned offshore corporations for financial businesses of the rescued banks would have been contested.

Of special interest is the case of Germany.
Some major public banks (or banks mainly owned by public banks) were involved in doubtful offshore schemes - and generated a lot of losses. Most supervisors and some managers of these banks are active politicians or retired politicians.
Even loss-making businesses have to pay some types of taxes. So the question is if they did it, conforming to valid legal regulation.


Consequences for tax avoidance by private businesses

In case of legal problems:
The lawyers of accused taxpayers might study in detail the apparent non-prosecution in case of governments owning bank shares (directly or indirectly).

Especially in Germany, in case of detected tax fraud, lawyers might analyze cases of similar action or dissimulation within public banks.

In Germany it is the Federal Ministry of Finance, responsible for taxation which coordinated during the financial crisis 2007...2012 in Germany the rescue packages for protecting banks from bankruptcy.

Lawyers might check if offshore profits
had been declared and taxed properly in case of these banks or if otherwise investigation and prosecution took place.
Lawyers might check annual reports of the banks concerned if such offshore activities had been disclosed in printed manner. In this typical case, members of supervisory boards can not deny the obligation of having knowledge of the matter.

Lawyers might ask the offices of public prosecutors
(or Attorney General or Staatsanwalt or Procureur de la République or whatever they are named in the specific country): If prosecution took place.
If this was not the case and will continue to be not the case, lawyers might study if this non-prosecution is perhaps justified or not.

This can not totally settle problems of law violation by private tax evasion.
But it will result in a better balanced view of the matter: It can hardly be expected from citizens to have more legal knowledge than the supervisors and executives of major public banks. If citizens trusted in the legal character of action by public banks, like published by the media, their tax evasion fault might be submitted to a lower penalty level.

There is no right for tax evasion.

This short text should not be interpreted as a suggestion to apply tax evasion concepts.
It is only of interest as a legal defense argument in case of legal procedures related to tax evasion.

These legal arguments might remain valid for many years
after the crisis 2007...2013. The special effect of the crisis period was disclosure.
There is good reason to study at any later point of time the habits of public banks and of banks otherwise submitted to the directives of the citizens own government. Whenever the annual reports mention activities related to counties known for tax advantages, it might be useful to investigate the details.

► Suggestions for rectifications to: ok @ mrmio.com ► Consult / tariff? Please communicate the subject for a suggestion to: ok @ mrmio.com (Typical per hour rates: Like those for lawyers.)

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