Major Dutch Paper Discovers: Romney avoided $100m taxes through the Netherlands.

[Ichingcarpenter]

Sorry for the translate, the dutch paper is a mainstream paper in the Netherlands and the story is breaking.






The tax loopholes of Mitt Romney also run through the Netherlands. The private equity fund Bain Capital, which presidential candidate participates, via the Dutch would route some 80 million euros in dividends have dodged.

Presidential candidate Mitt Romney benefiting from the private equity fund Bain Capital from an advantageous tax route that runs through the Netherlands. Netherlands for the American Bain, which Romney was established as a link in his extensive international web of trusts and holding companies.

Through its investment in 2004 acquired Irish pharmaceutical company Warner Chilcott via the Netherlands to run, know Bain dividends and capital gains to avoid. Since the shares in the Netherlands are housed, was approximately $ 389 million (303 million) in dividends Bain and sold for over $ 334 million (260 million euros) in shares.

This shows by Follow the Money for the Volkskrant examined filings with the U.S. Securities and Exchange Commission (SEC), Romneys tax returns, the U.S. tech blog Gawker revealed confidential documents from Bain, and data from the Dutch Chamber of Commerce.


According to tax Jos Peters, who advise large private equity firms occurs, Bain with the Dutch route about 80 million dividend managed to dodge. "Bain also saves a lot of Irish capital gains tax if the shares are sold," said Peters. Bain nor the Romney campaign has responded to repeated requests for a comprehensive response.

While Romney Bain in 1999 as an active investor left, he was there as part of his severance scheme still participate. So he invested in 2004 with his wife Ann Romney also competed in the Bain Capital Fund VIII. This in the Cayman Islands based fund has a significant interest in Warner Chilcott. Of the 37.5 million shares that Warner Chilcott Bain in September 2010 in its possession, there are 25.7 million in the Bain Capital Fund VIII.

Romney, in his' public financial disclosure report "that his shares in the Bain Capital Fund VIII 'over a million' worth. From the tax returns of Romney and his wife that the couple in 2010 and 2011, more than $ 2.05 million in dividends from the fund received. Their shares rose in the same period by more than $ 5.5 million in value.

Romney receives a significant portion of the proceeds from the Bain Capital Fund VIII in the form of shares. On March 10, 2011 Romney donated 19,799 shares of Warner Chilcott (with a market value of approximately $ 450,000) to a non-profit association of his son, The Tyler Foundation. This avoided Romney taxation in the United States. Gifts of shares to designated non-profit organizations are excluded from capital gains tax. Moreover, the gift tax deductible.


By making use of the so-called participation exemption in the Netherlands and Luxembourg do Bain dividends and capital gains to avoid the proceeds of his shares safely bring in tax haven Cayman Islands. The participation exemption means that the profit from a shareholding of more than 5 percent is not taxed in the Netherlands. Netherlands is partly why an attractive location for holding companies of multinationals and financial funds. "We are world champions participation exemption ', says Jos Peters, tax specialist at Merlyn.

In the United States, Mitt Romney for months under fire from the media and his political opponents of the Democratic Party on the limited amount of his tax payments. The criticism forced Romney in September about the tax paid by him to reveal. It was already known that he benefits from tax ingenious shortcuts through the Cayman Islands, Bermuda and Luxembourg.

Netherlands came in that list not yet. Wrongly, it turns out.
Netherlands came rather as attractive tax junction in the news around include the shortcut tax of U.S. coffee chain Starbucks, which in England was great indignation.



goggle translate:

http://translate.google.com/translate?sl=nl&tl=en&js=n&prev=_t&hl=nl&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.volkskrant.nl%2Fvk%2Fnl%2F2680%2FEconomie%2Farticle%2Fdetail%2F3342442%2F2012%2F11%2F05%2FRomney-ontwijkt-belasting-door-sluipweg-via-Nederland.dhtml&act=url

[xchrom]

1. Du rec. Nt

[liberal N proud]

2. I bet we hear this on the news tonight

NOT!



It will not get mentioned in the United States "librul" media.

[Ichingcarpenter]

3. I say in a few weeks or after the next election.LOL

its just hitting the internet now

[Tribetime]

4. K/R hoping it has some impact, wish it came out earlier n/t

[silvershadow]

5. I don't expect to hear about this now. I will be shocked if it gains traction before tomorrow.

Great story! DU Rec!

[bloomington-lib]

6. kr

[magical thyme]

7. So everybody will know, soon, how much the 1% avoid paying their fair share

It would have been nice for it to come out before the election.

But at least as it comes out over the next few weeks, some people will realize how much we dodged a bullet. And hopefully will bring renewed demands for increasing taxes on the 1% as we approach the so-called fiscal cliff.

In a way, it will be better that it come out after the election. It may do more good in helping push the push for fairness...

[dchill]

62. To the 1%...

Any share is unfair.

[caseymoz]

8. I swear if he's elected

He'll be impeached in February. I hope those two unfortunate things never occur, because the words "President Ryan" are too catastrophic to contemplate.

[Lilma]

10. Do you really think

that the House of Representatives would bring a bill of impeachment against one of their own?

[pacalo]

67. No need to argue that point because RobMe will never be president.

[Diclotican]

9. Ichingcarpenter

Ichingcarpenter

Another proof, how the real wealty make their money - not by hard work and saving of money - but by sheating the tax holes - who for the most part you can drive a truck true, if you know where to drive the truck... I hope this can get out, in the US media, before the elections - it would blow Romney out of the water now, just before the election...


Diclotican

[TheMadMonk]

39. The where to drive is easy. It's having the right driver,...

...the right sort of truck and enough of the right load to make the drive worthwhile.

[Diclotican]

43. TheMadMonk

TheMadMonk

I agree - you have to know where to drive it true - and have the right driver to drive true... And of course, have the money worth driving true the tax holes..

It is sad, because it should NOT be like this - taxes should have been paid, in fair shares, from the poor, as for the rich ones - if anyone had paid their share to the society as a whole many experts on taxes have pointed out to the facts, that the taxes would have been far lower than it is today - specially for the middle class, and the working class.. A little more for the upper classes, who have enough to live even if they paid a little more in taxes every year... If you pay 2-4 percent more every year, and have 100 million US dollar in your savings account, I really doubt you will feel it.. The interest form the 100 million in your saving account, kind of offset the taxes you have to pay I suspect...

I was on the way to try to explain some of the reasons the USSR broke down, but then I got into a dead road, where my ability to write english kind of hit the wall.. Oh well I suspect others can explain it better

Diclotican

[freshwest]

51. Very true.

[willhe]

11. Does It Matter?

Mitt has so much dirt on him hes covered in mud but hes not black so its alright. The right in america is so deranged like i said before if they found out he was Sanduskying little boys or DeVilling puppies it wouldnt matter

[Barack_America]

31. If you care about our debt, tax cheaters do matter!

They are the ones who are truly bankrupting this country!

[MADem]

12. Another article in English as a first language!

http://www.rnw.nl/english/article/dutch-tax-dodge-mitt-romney

The story goes like this: In 2004, Bain acquired the Irish pharmaceutical company Warner Chilcott, which was originally registered in Bermuda but moved to Ireland in 2009 to avoid President Obama’s crackdown on Bermuda’s lax tax rules.

Then two years ago, Bain registered its interest in Warner Chilcott with the private Dutch company Alter Domus, which provides administrative services for multinational corporations and investment funds. If a Dutch company owns more than five percent of the shares in another company, than that other company is exempt from paying taxes on all capital gains.

Through exemptions like that and a host of other complicated tax treaties, the Netherlands offers huge tax breaks to companies like Bain, which is reported to have evaded 80 million euros in dividend taxes by running through the Netherlands.

....The investigation says that there is a discrepancy between Romney’s tax filings and the tax-exempt Warner Chilcott shares he donated to his son’s charity in 2011, worth about $450,000.

[Jim__]

13. Hopefully, this will discourage some romney voters from voting.

Hopefully, the American media will cover the story.

[Buzz Clik]

14. Not surprising, but the impact on the election will be minimal.

The timing is so very late that voters will not have time to digest it, and there will be a tendency to not trust it.

[Ichingcarpenter]

15. Another Link: Better English and 'How it works scam'

We’ve had the Cayman Islands, Bermuda and Luxemburg. Now there’s a new name to add to the growing list of countries that US presidential hopeful Mitt Romney allegedly uses to dodge taxes: The Netherlands.

According to an investigation by the website Follow the Money and the Dutch daily newspaper de Volkskrant, Romney has made millions of tax-free dollars through the private-equity company he established in 1994—during his pre-political days--Bain Capital.

Although Romney stepped down from Bain in 1999, he and his wife were reportedly still allowed to invest in the company until at least 2009, and were still reaping the benefits in 2010 and 2011.

And as part of his so-called “golden handshake,” the investigation says Romney got a severance deal that paid him in capital gains rather than salary, meaning the taxes he had to pay were significantly lower.

How it works

The story goes like this: In 2004, Bain acquired the Irish pharmaceutical company Warner Chilcott, which was originally registered in Bermuda but moved to Ireland in 2009 to avoid President Obama’s crackdown on Bermuda’s lax tax rules.

Then two years ago, Bain registered its interest in Warner Chilcott with the private Dutch company Alter Domus, which provides administrative services for multinational corporations and investment funds. If a Dutch company owns more than five percent of the shares in another company, than that other company is exempt from paying taxes on all capital gains.

Through exemptions like that and a host of other complicated tax treaties, the Netherlands offers huge tax breaks to companies like Bain, which is reported to have evaded 80 million euros in dividend taxes by running through the Netherlands.

Dutch tax haven

“The Netherlands is the world champion of participation exemption,” Jos Peters of tax consultancy firm Merlyn told Follow the Money.

By examining Bain’s filings with US regulators, Dutch Chamber of Commerce documents and those made public by Gawker, and even Romney’s own tax returns, Monday’s report says Romney has been able to financially benefit from the “Dutch route” as well.

The investigation says that there is a discrepancy between Romney’s tax filings and the tax-exempt Warner Chilcott shares he donated to his son’s charity in 2011, worth about $450,000.

The Tyler Foundation donates most of its money to the Mormon Church, of which Romney is a member.

Both Bain and Romney have refused repeated requests to comment on the issue.







http://www.rnw.nl/english/article/dutch-route-romney-dodging-taxes-through-netherlands

[Octafish]

22. ''The Netherlands is the world champion of participation exemption.''

That is saying something.

Thank you infinitely for a most important post, Ichingcarpenter.

[BB1]

26. That only goes for international companies.

As a Dutchie, we see taxes take a hike every year. This year even more than other years, because of the Greek bail-out.
Shit like this just makes me mad.

Mitt and his prancing pony.

[MrMickeysMom]

16. Yesssirrrr.... bringing millions of jobs to the US...

... They may be hand jobs, but hey.... who's telling the truth anyway?

[beac]

17. Romney wants me to vote "for love of country" (which I am-- for OBAMA!) and he

doesn't even LIKE his country enough to pay his fair share of taxes.

Romeny isn't fit to be dog catcher, much less president.

[Berlum]

18. Anyone paying attention knows Romney is a Tax dodger and a draft dodger

So this new damning information -- coming at the 11th hour as it does -- probably will have little impact on the election.

But one thing is for sure: Romney needs to be held accountable for failing to fulfill the responsibilities and obligations of being a US Citizen.

Scuzzbucketry (R) up the wazoo.

[kooljerk666]

19. I sent this to Bill Press @ 7:17 AM............

I will be watching carefully on my DVR'd show. Also sent in hostages at rally story.

Now I will send it to Stephanie Miller Show..............

[swayne]

20. I GUESS BETTER LATE THAN NEVER...BUT WHY CAN'T THE AMERICAN MEDIA DO A BETTER JOB?

They have let Romney get away with this nonsense.......

[Tigress DEM]

29. You can't MAKE a person SEE the TRUTH they are PAID to IGNORE. nt

[calimary]

54. And you have to ask - "who's yer daddy?" about ALL these entities.

Both corporate, and actual human.

[Tigress DEM]

21. Lying, tax evading HUMP.

KEEPING IT IN THE FAMILY > donate to son's Tax shelter that donates to Mormon Church. See bold section below.

This Follow the Money for the Volkskrant (shows) examined filings with the U.S. Securities and Exchange Commission (SEC), Romneys tax returns, the U.S. tech blog Gawker revealed confidential documents from Bain, and data from the Dutch Chamber of Commerce.


According to tax (advisor for large private equity firms) Jos Peters, Bain (managed to dodge about 80 million) with the Dutch route. "Bain also saves a lot of Irish capital gains tax if the shares are sold," said Peters. Bain nor the Romney campaign has responded to repeated requests for a comprehensive response.

While Romney (left Bain in 1999 as an active investor) he was (able) as part of his severance scheme (to) still participate. So he invested in 2004 with his wife Ann Romney also competed in the Bain Capital Fund VIII. This in the Cayman Islands based fund has a significant interest in Warner Chilcott. Of the 37.5 million shares that Warner Chilcott Bain in September 2010 in its possession, there are 25.7 million in the Bain Capital Fund VIII.

Romney, (has disclosed) in his' public financial disclosure report "that his shares in the Bain Capital Fund VIII 'over a million' worth. From the tax returns of Romney and his wife that the couple in 2010 and 2011, more than $ 2.05 million in dividends from the fund received. Their shares rose in the same period by more than $ 5.5 million in value.

Romney receives a significant portion of the proceeds from the Bain Capital Fund VIII in the form of shares. On March 10, 2011 Romney donated 19,799 shares of Warner Chilcott (with a market value of approximately $ 450,000) to a non-profit association of his son, The Tyler Foundation. This avoided Romney taxation in the United States. Gifts of shares to designated non-profit organizations are excluded from capital gains tax. Moreover, the gift tax deductible.

[Dalai_1]

23. DU rec n/t

[spanone]

24. k&r... this is why the business world likes him, he fucked over our govt.

[kerouac2]

25. Do you think the MSM will... oh, never mind.

Add this to the long list of things Mitt did that won't be hitting the scroll at the bottom of the TV screen...

[Coyotl]

27. It's as if a giant elephant in the sky dumps on Romney every few days

The shits just keep coming

[Tigress DEM]

28. Emailed Stephanie Miller and Ed Schultz of AM/950, Ed also has MSM show.

Fingers crossed maybe we'll hear something tonight.

[Generic Other]

30. So it isn't over on Tuesday

We need to bring this mobster to justice. Only then, will we curb the desire of multi millionaires and billionaires to try and buy their way into public office. They need to quake in their boots at how much it costs them. Expose, and prosecute.

[toby jo]

61. absolutely

[ProudProgressiveNow]

32. K&R nt

[justiceischeap]

33. The Irish economy is pretty much sucking too, right?

I'm starting to see a pattern... wherever Bain Capital goes, the economy ends up sucking.

BTW, found this thread on Twitter.

[woodsprite]

34. Great info! Thanks for posting.

I just wish this had been out in last weeks news cycle.

Bookmarking to post to FB at lunch. Can't post to FB from work.

[patrice]

35. Mitt Rongny is a parasite. nt

[thefrankster]

45. we do need better involvement in our elections!

http://freelyfrankie.com/2012/11/05/where-is-our-nation/

"Having OUR election monitored by outside groups is embarrassing for us. We were always the one country who touted the benefits of our democratic process to the world, always claiming to be the beacon of fair and civil government. Instead, we deign to lower ourselves to groveling for power like some third world country and by doing so we inflict the need to have our elections audited as well. W.T.F."

[patrice]

47. Authentic campaign finance reform + Paper Ballots +

Instant Run-off voting +
Encrypted receipts for voter's record of his/her vote +
Ballots counted in public +
National Voting Holiday that begins on a Friday morning, goes through the weekend including Sunday, and ends the following Tuesday morning.

[patrice]

48. + Voters' Guides like the ones used in Oregon, delivered to people's homes 2 months

ahead of the vote.

[demo dutch]

36. I speak dutch and the original link in the "Volkskrant" is here

The info was cleared through the Dutch Chamber of Commerce he was able to avoid paying 80 milionl Euro in dividend taxes

I hope it makes it into the evening news... but doubt it

http://www.volkskrant.nl/vk/nl/2680/Economie/article/detail/3342442/2012/11/05/Romney-ontwijkt-belasting-door-sluipweg-via-Nederland.dhtml

[Ichingcarpenter]

37. Thanks.. now major blogs are picking up the story

So its making progress on viral and then on to the tv news hopefully

And thanks for your translations.

[demo dutch]

40. The key is this part.... here is the translation

"Door zijn investering van de in 2004 overgenomen Ierse farmaceut Warner Chilcott via Nederland te laten lopen, weet Bain dividend- en vermogenswinstbelasting te vermijden. Sinds de aandelen in Nederland zijn ondergebracht, werd zo'n 389 miljoen dollar (303 miljoen euro) aan dividend uitgekeerd en verkocht Bain voor ruim 334 miljoen dollar (260 miljoen euro) aan aandelen.

Dit blijkt uit door Follow the Money voor de Volkskrant onderzochte deponeringen bij de Amerikaanse beurstoezichthouder (SEC), Romneys belastingaangiften, door het Amerikaanse techblog Gawker geopenbaarde vertrouwelijke documenten van Bain, en gegevens van de Nederlandse Kamer van Koophandel."

Volgens fiscalist Jos Peters, die als adviseur van grote private-equitybedrijven optreedt, heeft Bain met de Nederlandse route ongeveer 80 miljoen euro aan dividendbelasting weten te ontwijken. 'Bain bespaart ook nog een boel Ierse vermogenswinstbelasting als de aandelen worden doorverkocht', aldus Peters. Bain noch het campagneteam van Romney heeft gereageerd op herhaalde, uitvoerige verzoeken om een reactie.

----
Translation:
Because he let his investments of the Irish Pharmaceutical company Warner Chilcott,which were taken over in 2004, run through the Netherlands he was able to avoid dividend and income taxes. Since the shares have been routed in the Netherlands , approx. 398 million dollars (303 million euro) in dividends and the sales of shares by Bain for approx 334 million dollar (260 euro) have been earned.

The conclusion of the Follow the Money of the "Volkskrant" is based on investigating the deposits with SEC, Romney's tax returns, the confidential documents from Bain made public by American techblog Gawker, and data from the Dutch Chamber of Commerce.

According tax specilalist Jos Peters, who advises large private equity firms, Bain managed to avoid about 80 million in dividend taxes by using the Dutch route. "Bain also saves a lot of Irish capital gains taxes when the shares are re-sold," said Peters. Bain nor the Romney campaign has responded to repeated requests for a comprehensive response. "
----

[demo dutch]

44. Original article in "follow the money" incl. a display of scanned original documents to scroll thru

http://www.ftm.nl/original/bain-capital-en-de-holland-route.aspx

[kooljerk666]

38. oops wrong thread............

Last edited Mon Nov 5, 2012, 11:39 AM - Edit history (1)

[dipsydoodle]

41. The flaws lie in EU tax laws.

That's both in Holland and here in the UK too.

The issue is compounded by accountants who as fast as the laws are amended find fresh loop holes. It became clear last week that Apple are doing exactly the same thing and a few weeks ago Starbucks too.

[randome]

46. It's almost always the lax tax laws. These kind of loopholes should not exist.

[patrice]

42. Looks as though Mitt is a big FAT TICK on the Irish economy too! Will not be paying taxes there,

FOR WHAT HE HAS USED, either.

[Cleita]

49. Unfortunately, what happens in the Netherlands isn't going to

matter a whit to the tea baggers who will vote for him anyway.

[progressoid]

56. Yup.

[Initech]

50. If corporations are people - is Bain Capital a serial killer?

[Rosa Luxemburg]

65. YES!

[TBF]

52. I wonder how many countries this guy has hidden money in ... nt

[nichomachus]

53. It's called a "Dutch Sandwich"

With a Double Irish Arrangement

It's very popular with the one percent in the US, which is why you won't see any major "news" outlets touching it with a 10-foot pole. Their owners are probably involved in it too.

[KansDem]

55. Yet we're suppose to give up our Social Security and Medicare...

...among other "safety net" programs in order to pay off the deficit created by BushCo and his war of lies.

GO TO HELL!!!

[aggiesal]

57. We won't hear anything until ...

RMoney breaks the law in the US.

The RWingnuts will always say that if he has a way to legitimately avoid paying taxes the more power to him.
Beside, he took advantage of the system in a foreign country to avoid paying US taxes, which apparently is
perfectly league. Unethical and unAmerican but perfectly legal.

Now if he broke US law to take advantage of Dutch tax break, then US will get on his case.
But as it stands, the RWingnuts will just praise him for being able to pay less taxes.

[lexw]

58. Perhaps if all this R$ BS makes it into the media after Obama wins...

...it will put the final blow to the GOP.
Just wishful thinking.

[MissMarple]

59. Is this illegal or just unethical?

[demokatgurrl]

60. yeah no shock here

A guy who has the audacity to have "Believe in America" on his campaign signs but doesn't quite believe enough to keep his money here.

[bunnies]

63. We needed this two weeks ago.

sigh.

[bajamary]

64. Mitten paid no federal income taxes for ten years.

This story was in the Bloomberg News website on October 28th. As far as I could tell, only a few business media outlets covered this story.


Romney Avoids Taxes via Loophole Cutting Mormon Donations
By Jesse Drucker - Oct 28, 2012 11:01 PM CT
Bloomberg News

http://www.bloomberg.com/news/2012-10-29/romney-avoids-taxes-via-loophole-cutting-mormon-donations.html

[pacalo]

66. Interesting, although I'm not surprised.

I never, ever thought there could be a presidential candidate whose Watergate messes preceded his secured term to the White House. At least Nixon was forced out of office by bi-partisan efforts -- standards having been much higher then. It says a lot about how low the bar is for Republicans when they have the gall to run a candidate like Romney when he has such a sleazy record.

I can't wait to see his face when he loses the election bigtime.

[avaistheone1]

68. k&r Romney is a BIG-TIME crook.

People go to life in prison for much less.

[Sherman A1]

69. K&R

Thanks for posting.