Re: Why Orgs never make a profit Nice trolling. Let the big boys have a go at it. It is hard but worth the effort, IMHO.
Re: Why Orgs never make a profit Those used to be called the "Honor Roll", although the status names are all changed now. See the early Clambake document. Operation Clambake presents: The Cost of Scientology
Cayman Islands agrees to report US citizens’ offshore assets under controversial law | RT Business November 30, 2013 The Cayman Islands has signed an agreement with the United States to combat offshore tax evasion pursuant to a controversial 2010 law that has caused some notable US expatriates to revoke their US citizenship. The US Department of the Treasury announced Friday the US has signed an intergovernmental agreement with the Cayman Islands to enforce the Foreign Account Tax Compliance Act (FATCA) in what it bills as an effort to promote transparency. In the Cayman Islands – one of the world’s largest offshore financial centers - foreign financial institutions (FFIs) will be required to share tax information about US account holders with the IRS via the Cayman Islands Tax Information Authority. Passed by Congress in 2010, FATCA seeks to snuff out Americans avoiding US taxes overseas by requiring FFIs to report yearly to the Internal Revenue Service (IRS) on US citizens holding over $50,000 at a year’s end. Should FFIs refuse to share the information, US financial institutions are ordered to withhold a portion of payments made to the FFIs. The FFIs can make agreements directly with the IRS or follow one of two kinds of agreements their host country signs. The Caymans’ agreement is a Model 1B agreement; a different agreement signed Tuesday with Costa Rica is a Model 1A. "By working together to detect, deter, and discourage offshore tax abuses through increased transparency and enhanced reporting, we can help build a stronger, more stable, and accountable global financial system. We look forward to collaborating with the Government of the Cayman Islands to further these objectives," said Julie Nutter, Minister-Counselor for Economic Affairs at the US Embassy in London, in a statement. Nutter signed the agreement for the US on Friday. The Cayman Islands signed a similar agreement with the United Kingdom early this month. Continued at http://rt.com/business/cayman-tax-report-agreement-505/
The U.S. was working on this agreement for a while.Department of Justice Office of Public AffairsFOR IMMEDIATE RELEASEThursday, August 29, 2013United States and Switzerland Issue Joint Statement Regarding Tax Evasion Investigations Switzerland Encourages Its Banks to Cooperate with New Program Which Will Require Significant Financial Penalties and Information Sharing from Banks That Aided Secret Account Holders The Department of Justice today announced a program that will encourage Swiss banks to cooperate in the department’s ongoing investigations of the use of foreign bank accounts to commit tax evasion. The department also released a joint statement with the Swiss Federal Department of Finance, stating that Switzerland will encourage its banks to participate in the program. Full statement at: http://www.justice.gov/opa/pr/2013/August/13-tax-975.html
Most of the IAS slushfund asset account lies deposited in Luxemburg banks last I knew. Hubbard took his money out of Switzerland in the early 1970's.
