The Panama Papers reveal an unprecedented and global campaign of corporate and government tax avoidance and evasion.
Here are 10 tips to protect yourself from the onslaught of data and data breaches.
Choose a tax haven The first thing you need to do is to ensure you are choosing a country that doesn’t have tax havens.
The International Consortium of Investigative Journalists (ICIJ) released a list of 25 countries in March.
In the end, the US topped the list with almost 40 per cent of the world’s population.
This is despite a US-led boycott of Panama in 2017 over allegations that the country had tax havens, although the Panama papers show US officials had been working with its tax authorities on the issue for some time.
In 2018, Panama became the first country in the world to ban the use of offshore companies.
In March 2018, it was also the first to ban foreign-owned companies from operating in Panama.
The Panama law will only apply to individuals, and the US Treasury has said that it will continue to enforce the law against foreign-run companies.
Choose an effective tax system As well as being able to hide from US authorities, companies in Panama can also avoid taxes in other jurisdictions, by moving assets offshore.
If you have investments in US property, for example, you may not be able to use US tax havens to shift that investment into another jurisdiction, unless you can use a tax-avoiding alternative, such as a Cayman Islands-based trust.
Choose your accountant If you are considering using a tax firm in Panama, be aware that you should first check that your accountant is competent and trustworthy.
It is very difficult to find a tax professional who is not an expert at tax law, so be wary of potential tax fraudsters and scammers.
If they don’t seem to be doing the right thing, be wary and look for another accountant, such a tax lawyer, who has an eye on the bigger picture.
Don’t use a personal email address When setting up an online account, it’s important to make sure that you are using the right one.
In Panama, it is illegal to send emails from your personal email account to other email accounts.
You can use an alternate email address if you do not have one in your account, but you can’t use multiple email addresses.
Avoid paying for things that you cannot afford Don’t be a victim of tax evasion.
You may not need the tax money, but it will certainly help you avoid paying for your debts, bills and utilities.
If a business needs money to meet its expenses, it can apply for a credit line from the bank or credit union.
If the credit line is approved, you can take out a loan.
However, there are some limits on how much you can borrow, such that the credit card company will not approve the loan if it is used to buy more than $10,000 worth of goods and services.
If there is no bank that can lend to you, use an online payment gateway such as Stripe, which allows you to pay in a currency other than the one you use to pay.
Protect your privacy If you suspect someone is using your account to evade taxes, you should report it to your tax agency, not the US government.
The Tax Information Center in the US has a detailed online guide on how to report tax fraud and avoid being a victim.
Choose to do your taxes yourself You can’t do your tax returns yourself, and it’s not as easy as sending a check or money order.
Instead, you’ll have to pay your taxes by using a company, such an accountant, or an accountant and tax professional.
The US Department of Treasury has launched a tax preparation and filing tool for US citizens, and US law allows you or a relative to do this for US residents.
You’ll need a bank account, a payroll provider and an account number.
You also need to pay taxes to the US Federal Reserve, which is required by law to deposit money in the bank account for US tax purposes.
Choose tax avoidance strategies If you’re doing your taxes online, there is a good chance you’ve already chosen some tax avoidance techniques, but here are some of the more unusual ones you should look out for: 1.
Using an offshore bank account The Panama laws do not allow you to open an offshore account, so you will need to use a bank to avoid paying tax.
However there are a few different ways to avoid tax.
You could set up an offshore savings account, which will allow you the flexibility to pay the taxes on your income in another country.
You do not need a US bank account to set up the account, however.
You might also consider an alternative to an offshore investment vehicle.
These are tax havens for investors that pay taxes on profits offshore.
You would have to establish your investments, and if the investment went bust, you could file a tax