first_imgMOST READ View comments CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA Typhoon Kammuri accelerates, gains strength en route to PH Formula One champion Lewis Hamilton avoided paying taxes on his private jet using an elaborate scheme that is now under investigation by British tax authorities, new leaked documents has revealed.ADVERTISEMENT Don’t miss out on the latest news and information. Excess guards for Gilas five LATEST STORIES QC cops nab robbery gang leader, cohort Lacson: PH lost about P161.5B tax revenue from big trading partners in 2017 PLAY LIST 03:46Lacson: PH lost about P161.5B tax revenue from big trading partners in 201701:24Group urges Senate to pass bill on liquor, vape tax hike before yearend02:28Groups urge swift passage of bill on higher tax on e-cigs, liquor01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Stronger peso trims PH debt value to P7.9 trillioncenter_img Brace for potentially devastating typhoon approaching PH – NDRRMC Representatives for Hamilton could not be reached by AFP for comment.His lawyers told the BBC a review by a tax barrister found the structure was lawful, and that some VAT had been paid through the arrangements.There is also no indication Hamilton was directly involved in creating the scheme, and simply followed professional advice, the Guardian said.‘Artificial scheme’EY said it does not discuss individual clients.ADVERTISEMENT “All our advice, whether in planning or compliance, is based on our knowledge of tax law and providing transparency to tax authorities,” it added in a statement.Appleby did not respond to a request for comment.The leaked documents showed as many as 50 such schemes involving the Isle of Man, according to the BBC.Its government announced on October 24 it had asked Britain’s finance ministry to help investigate business jet imports into the EU through its territory.A British treasury spokesman said it could not comment on individual taxpayers’ information.Tax specialists, who reviewed the leaks for the ICIJ consortium, confirmed to AFP that Hamilton’s arrangements appeared to be “at the very minimum, aggressive tax planning: an artificial scheme, designed to obtain a tax advantage.”Rita de la Feria, chair of tax law at the University of Leeds, added: “If the scheme is being used to disguise private use of the jet, then the situation is of a more serious tax avoidance scheme.”Hamilton, recently crowned world champion for a fourth time and one of richest sports celebrity in the world, bought the jet – a Bombardier Challenger 605 – for £16.5 million.He has frequently posted photographs of its use for holidays and personal trips on social media.Under European tax rules, a company or individual that imports an aircraft must pay 20 percent of the purchase price in VAT, which can be reclaimed only on business use. /kga Japan ex-PM Nakasone who boosted ties with US dies at 101 Kammuri turning to super typhoon less likely but possible — Pagasa The driver received a $4.4 million (£3.3 million or €3.7 million) value-added tax (VAT) refund in 2013 after his luxury plane was imported into the Isle of Man – a low-tax British Crown Dependency, according to the BBC and Guardian newspaper.The revelations are the latest to emerge from the so-called Paradise Papers, released by the International Consortium of Investigative Journalists (ICIJ) based in the United States.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutThe papers disclosed that accountancy firm EY and Appleby – the Bermuda-based law firm at the center of the leaks – assisted Hamilton and dozens of other clients in setting up seemingly artificial leasing businesses to get multi-million-dollar VAT rebates.The complex arrangements, which involved the individuals forming entities that rented their own jets, may contravene Europe-wide rules forbidding refunds for personal use, the media outlets said. John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Read Next MEXICO CITY, MEXICO – OCTOBER 29: Lewis Hamilton of Great Britain and Mercedes GP talks to the media after winning his fourth F1 World Drivers Championship after the Formula One Grand Prix of Mexico at Autodromo Hermanos Rodriguez on October 29, 2017 in Mexico City, Mexico. Clive Rose/Getty Images/AFPlast_img

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