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Everyone must pay tax, May on Paradise Papers
London, Nov 6 (IANS) British Prime Minister Theresa May on Monday said individuals and businesses should “pay the tax that is due” in response to Paradise Papers, a fresh leak of documents laying bare the financial affairs of the global elite including Queen Elizabeth II.
May refused to commit to introducing a public register of who own offshore companies and trusts in British tax havens or opening a public inquiry into tax avoidance, the Guardian reported.
May was responding to the disclosure of 13.4 million documents on Sunday which reportedly tie major companies and political figures to secretive overseas arrangements.
The Paradise Papers represent the biggest data leak since the Panama Papers release last year and have been analysed by almost 100 media organisations.
The world-wide probe was carried out by the International Consortium of Investigative Journalists (ICIJ). First obtained by the German newspaper Suddeutsche Zeitung, the revelations involve two companies, Bermuda’s Appleby and Singapore’s Asiaciti.
The leaks revealed that Queen Elizabeth II had 10 million pounds of her personal fortune invested in an offshore tax haven.
The documents said that the Duchy of Lancaster, which provides the Queen with a private income, holds funds in the Cayman Islands and Bermuda, the Independent reported.
This money is divested into accounts which are sheltered from UK tax, which then makes investment decisions on their behalf.
The papers revealed the Duchy made a small investment in the controversial rent-to-buy furniture firm BrightHouse, which was ordered to pay back 14.8 million pounds to its customers last week after the Financial Conduct Authority said it had not acted as a “responsible leader”.
The Duchy said its holdings in BrightHouse now equate to just over 3,000 pounds, the BBC reported. There is no suggestion that the Duchy did anything illegal or that the Queen had any knowledge of what her money was being used for, the report said.
The sum is just a fraction of her estimated 500 million pound private fortune.
Labour MP Margaret Hodge, the former chairwoman of the Public Accounts Committee, said she was “furious” with those who advise the Queen for bringing her “reputation into disrepute”.
She told the BBC: “Monarchy is one of the most trusted, loved and respected institutions in Britain and it symbolises that integrity of Britain in the world and to see it sullied by these sort of activities it outrageous.”
Anti-monarchy campaign group Republic said the Queen needed to account for the culture of financial secrecy surrounding the royal family.
Republic CEO Graham Smith said: “The Queen is responsible for her investments, she should have instructed her advisers to ensure her money was invested ethically, and that there was no tax dodging involved.”
Asked whether she (May) would insist on public registers for British tax havens and a public inquiry into aggressive tax avoidance, May said in London: “We have been continuing the work that David Cameron started and he started it not just for the UK but on an international stage as well, and that’s important.”
The Labour Party said a public inquiry was needed to restore public confidence in the tax system.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.