https://www.scmp.com/rss/325712/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Six-time world champion Lewis Hamilton is the highest paid sportsman in Formula One history. According to Forbes, the British driver has banked US$489 million in career earnings, topping that of seven-time champion Michael Schumacher. Racing Elite reported that Hamilton made US$57 million from his Mercedes contract in 2019 from salaries and bonuses. He also has lucrative sponsorship deals with Bose, Sony, Tommy Hilfiger and Monster Energy. Hamilton’s net worth ranges from US$285 million to... https://www.scmp.com/magazines/style/news-trends/article/3075081/how-does-lewis-hamilton-highest-paid-racing-driver?utm_source=rss_feed https://www.scmp.com/magazines/style/news-trends/article/3075081/how-does-lewis-hamilton-highest-paid-racing-driver?utm_source=rss_feed Sun, 15 Mar 2020 00:00:15 +0000 Who would dream of putting an end to the culture of secrecy shielding multinational companies’ account books and fortunes hidden in tax havens? There are the usual suspects, of course: tax activists including academics, churches and trade unions, who are up in arms over revelations from the likes of the Panama Papers or Paradise Papers. But not only them. A recent consultation exercise by the Global Reporting Initiative reveals that the strongest advocates of tax transparency may be investment... https://www.scmp.com/comment/insight-opinion/article/3005484/tax-justice-all-one-solution-poverty-rising-inequality-and?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/3005484/tax-justice-all-one-solution-poverty-rising-inequality-and?utm_source=rss_feed Wed, 10 Apr 2019 06:00:04 +0000 The Macau government has strongly denied the city is a tax haven after the European Union put the former Portuguese enclave on a blacklist of those it deems guilty of unfairly offering tax avoidance schemes. A spokesman for the Macau government on Wednesday called the blacklisting “unilateral and one-sided” and did not speak the truth to the city’s reality. “[The government] reiterates that [Macau] is definitely not a so called tax-avoidance port or tax haven,” he said. The spokesman said the... https://www.scmp.com/news/world/europe/article/2123058/eu-puts-macau-blacklist-17-tax-avoidance-havens?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/2123058/eu-puts-macau-blacklist-17-tax-avoidance-havens?utm_source=rss_feed Wed, 06 Dec 2017 01:58:23 +0000 The EU pushed on Tuesday for Europe to draw up a blacklist of tax havens after the “Paradise Papers” revealed loopholes used by Apple and Nike as well as celebrities including Formula One champion Lewis Hamilton. While seeking to minimise taxes is not necessarily illegal, revelations from the 13.4 million leaked documents have already proved embarrassing to figures as diverse as U2 singer Bono and Queen Elizabeth II. Apple is the latest company to become caught up in the leaks, which show how... https://www.scmp.com/news/world/europe/article/2118872/eu-pushes-tax-blacklist-after-paradise-papers-leak?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/2118872/eu-pushes-tax-blacklist-after-paradise-papers-leak?utm_source=rss_feed Wed, 08 Nov 2017 03:34:21 +0000 U2 frontman Bono said he was “distressed” by leaked documents showing he invested in a Lithuanian shopping centre which may have broken tax rules, but welcomed reporting on the issue. The Irish singer owns a stake in a Maltese company that bought the centre via a Lithuanian holding company in 2007, according to the so-called Paradise Papers leaks reported by the BBC and The Guardian newspaper. The enterprise, in the Lithuanian city of Utena, is now under investigation for possible tax avoidance,... https://www.scmp.com/news/world/europe/article/2118712/u2s-bono-rock-star-champion-poor-distressed-tax-avoidance-claims?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/2118712/u2s-bono-rock-star-champion-poor-distressed-tax-avoidance-claims?utm_source=rss_feed Tue, 07 Nov 2017 03:23:07 +0000 Apple shifted much of its offshore wealth from Ireland to a tax haven in the British Isles, according to a review of leaked Paradise Papers documents. Apple confirmed the move in an online post, saying it served to “ensure that tax obligations and payments to the US were not reduced”. After the US technology colossus stated publicly in 2013 that it was paying its proper share of taxes, it moved the bulk of its untaxed overseas cash to Jersey, a British dependency in the Channel Islands, various... https://www.scmp.com/news/world/united-states-canada/article/2118701/paradise-papers-apple-says-it-paid-us35-billion-tax?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/2118701/paradise-papers-apple-says-it-paid-us35-billion-tax?utm_source=rss_feed Tue, 07 Nov 2017 02:30:30 +0000 US Democrats have called for an inquiry into Wilbur Ross’s business links to Vladimir Putin’s son-in-law, as politicians and campaigners urged leaders to tackle tax avoidance systems revealed in the Paradise Papers. Ross, Donald Trump’s billionaire commerce secretary, is under pressure after The Guardian and international partners revealed his holding in a shipping company that does lucrative business with a firm co-owned by Kirill Shamalov, who is married to the Russian president’s... https://www.scmp.com/news/world/united-states-canada/article/2118593/paradise-papers-democrats-want-probe-us-commerce?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/2118593/paradise-papers-democrats-want-probe-us-commerce?utm_source=rss_feed Mon, 06 Nov 2017 07:25:20 +0000 Indonesian authorities are investigating if former presidential candidate Prabowo Subianto and the children of ex-dictator Suharto, named in documents leaked from a Bermuda law firm, are in breach of the country’s tax laws. The tax office will scrutinise financial disclosures made by Subianto in the past to check against information contained in the massive leak of confidential information from offshore law firm Appleby Global Group Services Ltd., Hestu Yoga Saksama, a spokesman for the... https://www.scmp.com/news/asia/southeast-asia/article/2118570/paradise-papers-indonesia-probe-ex-general-subianto-and?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/2118570/paradise-papers-indonesia-probe-ex-general-subianto-and?utm_source=rss_feed Mon, 06 Nov 2017 05:28:41 +0000