Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study

The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.

The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.

Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund used the companies’ own financial filings with the Securities and Exchange Commission to reach their conclusions.

Technology firm Apple was holding $181.1 billion offshore, more than any other U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if it tried to bring the money back to the United States from its three overseas tax havens, the study said.

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar

The conglomerate General Electric has booked $119 billion offshore in 18 tax havens, software firm Microsoft is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer is holding $74 billion in 151 subsidiaries, the study said.

“At least 358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014,” the study said. “All told these 358 companies maintain at least 7,622 tax haven subsidiaries.”

Fortune 500 companies hold more than $2.1 trillion in accumulated profits offshore to avoid taxes, with just 30 of the firms accounting for $1.4 trillion of that amount, or 65 percent, the study found.

Fifty-seven of the companies disclosed that they would expect to pay a combined $184.4 billion in additional U.S. taxes if their profits were not held offshore. Their filings indicated they were paying about 6 percent in taxes overseas, compared to a 35 percent U.S. corporate tax rate, it said.

“Congress can and should take strong action to prevent corporations from using offshore tax havens, which in turn would restore basic fairness to the tax system, reduce the deficit and improve the functioning of markets,” the study concluded.

(The story was refiled to correct the name of the group in the third paragraph to Citizens for Tax Justice)

OOO

Henry Sapiecha

 

While share markets panic, this Japanese day trader makes $48 million while in his pyjamas

Day trader CIS IMAGE www.profitcentre.com

Day trader CIS. He likes to stay anonymous as he’s worried about robbery or extortion. Photo: Shiho Fukada/Bloomberg

While investors around the world were hitting the panic button during the global share sell-off on Monday, a Japanese day trader who’d made a big bet against the market timed the bottom almost perfectly.

Giving a play-by-play of the trade to his 40,000 Twitter followers, he claims to have walked away with $US34 million ($48 million).

As financial markets got crazy this week, many people turned cautious. Some were paralysed. Not the 36-year-old day trader known by the Internet handle CIS.

“I do my best work when other people are panicking,” he said in an interview Tuesday, about an hour after winding up the biggest trade of a long career betting on stocks. He asked that his real name not be used because he’s worried about robbery or extortion. To support his claims, he shared online brokerage statements showing his trades second by second.

CIS had been shorting futures on the Nikkei 225 Stock Average since mid-August, wagering it would fall. By the market close on Monday, a paper profit of $US13 million was staring him in the face. He kept building the position. When he cashed out late that night, a collapse in New York had caused his profit to double.

Instead of celebrating, he kept trading. He started betting the market had bottomed. When he finally took his winnings off the table on Tuesday, he tweeted, “That’s the end of my epic rebound trade.” His profit, he said, had almost tripled.

“It was a perfect trade,” said Naoki Murakami, who follows CIS on Twitter and whose markets blog has made him a minor celebrity in his own right.

Trash talking

Last year, when he was the subject of this profile story, CIS said that in a decade of day trading, mostly from a spare bedroom in a rented apartment, he had amassed a fortune of about $US150 million. At the time, he shared tax returns and brokerage statements to back up his claims. One document showed he had traded $US14 billion worth of Japanese equities in 2013 — about half of 1 per cent of all the share transactions done by individuals on the Tokyo Stock Exchange that year.

CIS became a cult figure among Japan’s tight-knit community of day traders by trash talking on internet message boards early in his career.

He’s notorious for lines like “Not even Goldman Sachs can beat me in a trade.” Last year he opened a Twitter account, on which he talks about video games and, regularly, his trading. It’s impossible to say how many of his followers are also day traders, and how many of those buy and sell in his wake. Those who do, of course, are quite possibly helping him make money.

Playing poker

During this week’s interview at a Tokyo coffee shop, where he had agreed to talk before continuing on to a poker game with buddies, he explained his recent trades step by step. Dressed in a plain gray T-shirt with a flannel shirt tied around his waist, he was monitoring a brokerage account on his iPad and had a $US1600 burgundy under one arm, a 2003 Domaine de la Romanee- Conti. (It wasn’t a celebratory bottle, he said; he drinks a lot of good wine.)

“Of course I’m happy about today, but you win some and you lose a lot, too,” he said, explaining the Greek financial crisis had cost him about $US6 million.

CIS said he has no idea whether or not China is going to drag down the global economy. He doesn’t even care. When he trades, he tracks volumes and price moves to follow the momentum. For him the basic rule is: “Buy stocks that are being bought, and sell stocks that are being sold.”

Latest trade

The latest trade began on August 12, when CIS noticed a shift in equity markets he hadn’t seen for a while. Shares in the major indexes were struggling to recover from sell-offs. He started shorting Nikkei futures: 200 contracts the first day and another 1300 over the following week and a half.

The stakes were enormous. With 1500 contracts at a notional value of about $US160,000 each, his bet against the Nikkei was about $US240 million. For every 100 yen move in the index, he stood to make or lose $US1.25 million.

The market was mostly flat over the next few days; CIS bided his time playing video games. Then last Friday, August 21, the Nikkei dipped. On Monday, the index plunged the most in two years, and the futures fell more than 1000 points to 18,410. By the close at 3 pm in Tokyo, his profit stood at about $US13 million.

Feedback loop

This is the point where most traders would take their money off the table and call it a year. Not CIS.

“I’m adding to my position,” he wrote on Twitter. “Then I’m going to go for a walk and prayer.”

He sold 100 more futures contracts. Two hours later, he sold another 100. His bet against the Nikkei had risen to about $US275 million. He would lose $US1.4 million for every 100-yen increase in the index.

His logic for hanging on to the trade until the US open, at 10:30 pm Tokyo time, was this: Panic would grip American investors returning from a weekend after they saw the scope of Asian selling, including Shanghai’s 8.5 per cent plunge. That would trigger selling, which, in a feedback loop, would pull Nikkei 225 futures down violently amid the thin volume of late- night trading.

“I figured there would be a lot of fear around the US open and that’s what I was aiming for,” he said.

On cue, the Dow Jones Industrial Average fell more than 6 per cent in early trading. Nikkei futures tumbled again, dipping 1250 yen below the 3 pm closing level. CIS, home in his pyjamas, finally cashed out his short position. His profit had hit $US27 million.

‘Too delicious

There was still more money to be made from the panic though. Some investors that night were willing to pay a hefty premium for options that protected against the Nikkei crashing below 10,500. That would be a collapse of almost 40 per cent. In CIS’s view, these investors were looking to buy insurance against a near impossibility.

He was happy to take the other side of that trade. The contracts were worth another $US250,000 to him. He made the first deal within 10 seconds of what would prove to be the market’s bottom at 10:34 pm.

“Too delicious,” he tweeted.

About an hour later, as he became more confident in a rebound, he started buying Nikkei futures. Now the play was the opposite of the short bet he’d started the day with. By 1 o’clock Tuesday morning, he’d accumulated 970 contracts, a $US145 million wager that the market would start to climb.

He made one more trade before bed: a few more option contracts sold to straggling panickers. Those were worth $US6,250. By now, at 1:40 am, he was a rich man stooping to pick up pennies.

He dashed off a last tweet at 2 am. “What a day. Still holding on to all my buys,” he wrote. “Time to sleep.”

The rebound trade

CIS returned to Twitter five hours later. Nikkei futures opened at about 18,000 and slowly recovered. Early that afternoon, he closed out his long position.

At the coffee shop later that day, CIS was pretty nonchalant for man who had made tens of millions of dollars in less than 24 hours. For him, it was just one trade out of thousands he would make this year.

“When a trade goes right I feel like bragging a little, but I don’t get on Twitter to talk about it if I lose,” he said with a laugh.

Bloomberg News

ooo

Henry Sapiecha

SIX BUSINESS PROFIT TIPS YOUR ACCOUNTANT WILL NEVER TELL YOU

Six business tips that could make you more money

Most business owners think the way to increase profits is by generating more sales. While this is true to an extent, it’s by no means the whole story. Good business is about working smarter rather than harder, so we’ve put together six tips to help you boost your income while making your business accounting easier and more efficient.

1. Boost profitability and make better decisions with a real time view of the finances

It’s no good using estimated figures. Know your exact gross profit margin at any given time. Begin by preparing your accounts to the last month-end using your MYOB AccountRight software. Your finance and business information will be in one place and up-to-date, making administrative tasks like banking, payroll and super more efficient.

2. Review your prices

Are you charging all your customers the same? If so, why? Find out which jobs are profitable and set special pricing to maintain a loyal customer base. You’ll invariably find that some are less price sensitive than others.

3. Tax and compliance made easy

Stay up-to-date with changes to the Government legislation and ensure to meet your compliance obligations such as GST, employee tax (PAYG) and super. AccountRight updates keep you completely up-to-date with any change to the Government legislation, making it easy to meet you tax obligations.

4. Save supplier invoices and bills securely in your accounts

There’s a smarter way to manage your bills, making record keeping easy by saving your supplier invoices and bills securely in your accounts. It helps you:

  • work with your accountant more efficiently
  • reduce the amount of paper filing
  • stay on top of your tax obligations.

5. Increase your security

It may sound obvious, but to protect your business, you’ll need to protect its data. With AccountRight all your records are stored in Azure’s local datacentres, so your most sensitive information remains secure and accessible only at your permission.

6. Stay competitive, get ahead

MYOB AccountRight uses Microsoft Azure to host its software in the cloud – saving you both time and money. With all your business records available at the touch of a button, you’ll be able to track your income and expenses whenever you need them as well as manage your stock to minimise theft and obsolescence.

ooo

Henry Sapiecha

START WITH ONE CENT & END UP A MILLIONAIRE IN 27 DAYS-SEE HOW

Image result for coin money images       Image result for MONEY IMAGES

If you had one cent and doubled your money every day you would be a millionaire in 27 days it is said. Perhaps we should all apply this theory to see what happens. Mathematically it should work.

OOO

Henry Sapiecha

LABOURERS IN INDIA FIND 200YEAR OLD GOLD COINS IN GROUND WHEN DIGGING A TOILET

ancient-gold-coins-found-in-toilet-in-southern-india image www.profitcentre.net

Construction workers have hit a pot full of 200-year-old gold coins while digging an eight-foot hole to be used as a toilet close to an ancient temple in an Indian village.

According to Bangalore Mirror, the excavation crew found 43 coins inside the buried crock and instead of telling the person who hired them about the discovery, reburied it and told the homeowner that they were unable to finish the work that day.

Later that evening, the men returned to the site and recovered the buried treasure. Then they made their way to the nearby town of Chamarajanagar (Karnataka), taking the coins to a pawnbroker to determine their value.

The lender allegedly sent the workers away, telling them those coins were fake and hence worthless. BM reports the person proceeded to call the local police and inform them of the discovery of ancient coins by a few labourers.

Further digging in the neighbourhood unveiled another 50 gold coins.

Experts are yet to determine the period of the coins but according to sources quoted by The Times of India, most of them are from the late 18th century and early 19th century when this part of the country was under Hyder Ali — ruler of the Kingdom of Mysore.

It is unclear whether the workers may face charges. It is also uncertain if the Archaeology Survey of India will continue to check the area in search of more coins.

Henry Sapiecha

Shifting sands: push for government to crack down on corporate profits

tax apple google twitter logo image www.profitcentre.net

Australia is now facing calls for a parliamentary inquiry into profit-shifting of its own.

Antony Ting describes it as “like finding treasure”. It was 18 months ago when the powerful US congressional committee blew the lid on Apple’s aggressive corporate tax structure, which allowed it to funnel $US44 billion dollars out of the countrythrough a network of tax haven subsidiaries.

Dr Ting, a senior tax lecturer at the University of Sydney Business School, had spent years trying to unravel the complex tax avoidance strategies of multinationals.

“All this information suddenly came out,” he recalls.

flying bag of money grab sketch image www.profitcentre.net

By forcing Apple to release and explain its global accounts, the hearings exposed for the first time the tactics that allows the tech giant – and other corporations – to successfully avoid paying tax on billions of dollars earned every year in the world’s biggest economies.

It also added steam to a global crusade against rich companies shifting profits overseas, avoiding the hands of tax authorities and depriving cash-strapped governments of much-needed revenue.

Australia is now facing calls for a parliamentary inquiry into profit-shifting of its own, with the opposition, Ting and advocacy groups saying it could help expose the tax minimisation tactics of companies operating here.

flying_money sketch image www.profitcentre.net

The calls come as Australia gears up to host the high-powered G20 finance ministers meeting, kicking off on September 18 in Cairns, where its efforts to tackle tax avoidance strategies will come under international scrutiny. That meeting is a precursor to the all-important G20 Leaders Summit in Brisbane in November.

Part of the G20’s agenda is to modernise the international tax system to keep pace with the way companies now do business.

Prime Minister Tony Abbott has pledged to have a “frank” discussion about the impact of digitalisation on tax revenues at the meetings in November. In January, at the World Economic Forum in Davos, he noted that “different national tax arrangements have not always kept up with the rise of services and the pervasiveness of digital technologies” .

So, the G20 will continue to tackle businesses artificially generating profits to chase tax opportunities rather than market ones,” he said.

The government stepped up its rhetoric on Thursday this week, with Treasurer Joe Hockey warning that the government would not stand “idly by” while multinationals avoided tax.

Hockey revealed he had asked Tax Office commissioner Chris Jordan to “double his efforts” and undertake more extensive inquiries and audits of multinational companies.

“As the Prime Minister and I have both previously said, you should pay tax in the country where you’ve earned a profit. That’s not just an essential tax principle, it is rational and fair,” Hockey said.

There is stark evidence that Australia’s corporate tax base is being eroded, with the burden of revenue falling increasingly heavily on individuals.

The proportion of income tax collected from business in Australia has shrunk over the past five years, falling from 23 per cent in 2007-08 to 19 per cent in 2012-13, according to the Australian Bureau of Statistics.

At the same time, the proportion of income tax collected from individuals rose from 37 per cent to 39 per cent.

Mr Jordan has estimated the government is losing up to $1 billion a year because of the tax minimising strategies of multinationals. Most of that is being lost, he says, due to weaknesses in the present tax system – and its failure to adapt to modern, globalised businesses with flexible arrangements.

The list of companies being exposed for their use of “flexible” cross-border strategies is long and ever-growing.

Airbnb is the latest company to admit that every dollar spent on its website in Australia is booked through an Irish subsidiary, despite the company’s new chief executive, Sam McDonagh, revealing that Australians were among the most prolific users of the popular apartment-sharing website.

“We do everything we can to comply with all the taxation requirements in Australia,” Mr McDonagh  said in an interview last week.

Google has pointed to the $15 million it pays in payroll and other taxes in Australia as part of its investment in the local workforce.

Similarly, an Airbnb spokeswoman says it contributed “$214 million in economic activity in one year in Sydney” by filling local suburbs with overseas tourists.

Fairfax Media has revealed that Swedish furniture chain IKEA paid just $8.3 million in local tax expenses last year on an operating profit of $92 million.

Most multinational tech companies operating in Australia are able to reduce their local tax bills substantially by billing through subsidiaries in low-tax jurisdictions, such as Singapore or Ireland.

This cat-and-mouse game is kept alive by the determination of low-taxing nations to remain competitive.

Ireland says its 12.5 per cent corporate tax rate helps it attract leading companies to set up on its shores and employ local people.

On a recent trade mission to Australia, its jobs minister, Richard Bruton, said the affairs of multinationals was “not an Irish issue”. “We believe that it is perfectly legitimate to have a low corporate tax rate,” he said.

Apple and Google have stolen the most headlines for these tactics. After deductions, the latter paid just $460,000 in tax expenses in Australia in the past financial year despite doubling its local profit to $46.5 million. And the practices are not confined to the tech industry.

“This is not just about Google hiding within the digital ether, but agribusiness and mining corporations too,” says Oxfam Australia chief executive Helen Szoke.

“They employ similar accounting tactics and avoid paying their fair share, and this is devastating to developing country budgets.”

Tax Office deputy commissioner Mark Konza has told the Centre for Economic Development of Australia that the agency is ramping up its focus on companies with “footloose”, or mobile, assets.

tax money image www.profitcentre.net

Part of this crackdown involved audits of high-tech companies that were suspected of breaching the law.

On Thursday, Jordan said the agency was looking specifically at the tech sector to examine whether companies were correctly reporting their income. “I appreciate the Treasurer’s encouragement to do more in this area and his statement reinforces the importance of our current work program,” he said in a statement.

But while governments – including Australia’s – are talking tough, some have doubts about the capacity or willingness of leaders to act on profit shifting and tax avoidance at this year’s G20 Leaders Summit in Brisbane.

Observers say the federal government’s record so far in tackling profit shifting has been mixed.

Even as Hockey, in his speech on Thursday, revealed he had asked the tax commissioner to “double his efforts”, he is simultaneously cutting the Tax Office’s staff by 10 per cent over the next 12 years. The agency lost 900 staff last year.

Hockey’s speech on Thursday outlined the government’s work to plug some of the loopholes being exploited by companies. But much of the work involves measures already announced, including changes to thin capitalisation rules that came into effect in July.

These rules are designed to prevent multinationals from profit shifting by allocating a disproportionate amount of debt in their Australian operations, claiming debt deductions in Australia and thereby reducing their Australian taxable income.

The changes, which reduce the “safe harbour” debt limit from 75 per cent to 60 per cent, were derived in part from Labor’s $4 billion multinational tax package, announced before it lost government.

Labor says about $1 billion worth of these measures are yet to be implemented.

The Tax Office is also ramping up its involvement in automatic exchange of information with tax authorities overseas. This involves sending financial information to international regulators in a bid to catch wealthy tax cheats.

But the opposition says cuts to the Tax Office undermined efforts and leave it “woefully underpowered” in the fight against big firms.

DOLLAR SIGN IN AUSTRALIAN FLAG DESIGN IMAGE www.ozrural.com.au

Labor’s assistant treasurer and former economics professor Andrew Leigh says the government’s failure to implement the rest of Labor’s reforms will mean multinationals will still be able to avoid more in tax than is being saved by many of the budget’s welfare tightening measures.

These reforms relate to delays in reforming Australia’s offshore banking regime, third-party compliance reporting and discrepancies between the tax footing of multinational corporations and domestic companies.

According to budget papers, they would amount to savings of $1.13 billion.

Dr Leigh accuses  the government of letting multinationals off the hook at a time when it is asking low-income earners to make significant sacrifices as part of its tough budget. “It flies in the face of the Treasurer’s rhetoric around the age of entitlement needing to end, and all of us needing to do the heavy lifting,” he says.

And Ting points to the government’s hesitation to stand by tougher transparency measures introduced under Labor, which will force the top 200 companies in Australia to publish the amount of tax they pay starting from July next year.

While Finance Minister Mathias Cormann has said he would retain these laws, tax experts said a repeal has been considered.

As well as clamping down on thin capitalisation schemes, the government says it is closing another loophole known as hybrid mismatch arrangements, which allow companies to flout tax by exploiting the differences in the treatment of entities or transfers between two or more countries.

The changes, which reduce the “safe harbour” debt limit from 75 per cent to 60 per cent, were derived in part from Labor’s $4 billion multinational tax package, announced before it lost government.

Labor says about $1 billion worth of these measures are yet to be implemented.

The Tax Office is also ramping up its involvement in automatic exchange of information with tax authorities overseas. This involves sending financial information to international regulators in a bid to catch wealthy tax cheats.

But the opposition says cuts to the Tax Office undermined efforts and leave it “woefully underpowered” in the fight against big firms.

Labor’s assistant treasurer and former economics professor Andrew Leigh says the government’s failure to implement the rest of Labor’s reforms will mean multinationals will still be able to avoid more in tax than is being saved by many of the budget’s welfare tightening measures.

These reforms relate to delays in reforming Australia’s offshore banking regime, third-party compliance reporting and discrepancies between the tax footing of multinational corporations and domestic companies.

According to budget papers, they would amount to savings of $1.13 billion.

Dr Leigh accuses  the government of letting multinationals off the hook at a time when it is asking low-income earners to make significant sacrifices as part of its tough budget. “It flies in the face of the Treasurer’s rhetoric around the age of entitlement needing to end, and all of us needing to do the heavy lifting,” he says.

And Ting points to the government’s hesitation to stand by tougher transparency measures introduced under Labor, which will force the top 200 companies in Australia to publish the amount of tax they pay starting from July next year.

While Finance Minister Mathias Cormann has said he would retain these laws, tax experts said a repeal has been considered.

As well as clamping down on thin capitalisation schemes, the government says it is closing another loophole known as hybrid mismatch arrangements, which allow companies to flout tax by exploiting the differences in the treatment of entities or transfers between two or more countries.

logo_australia_blue image www.profitcentre.net

Likewise, the US congressional hearings followed a detailed expose of Apple’s tax minimising strategies in the pages of The New York Times.

Ting is calling for an Australian parliamentary inquiry into the profit-shifting practices of multinationals, in the hope that it could prove as revelatory as those in Britain and the US.

“The last thing that practitioners would like to have is full transparency,” he says. “The more information the public has, and the ATO has, the better it is for the government.”

Changes to the law could give the Tax Office more powers to investigate, he says.

But the government has so far shied away from moves to introduce country-by-country reporting, which tax experts say is crucial in lifting the lid on where companies are hiding money offshore. Country-by-country reporting would force companies to publish a breakdown of their operations in each country in which they operate, including employee numbers, assets, sales, profits, and taxes, due and paid.

The government has also been criticised by Transparency International, a global anti-corruption group, for consulting with business before committing to a deal on the automatic exchange of information between it and other jurisdictions around the world.

On Thursday, the Treasurer said the Cairns meeting would review governments’ progress on country-by-country reporting, as well as other harmful tax practices.

It also firmly committed to a common reporting standard for automatic exchange of information.

Mark Zirnsak, a director of the Justice and International Mission of the Uniting Church Synod of Victoria and Tasmania and a representative of the Tax Justice Network, welcomed the commitment and encouraged the government to consider further measures to address profit shifting, including introducing a public registry of the ultimate owners of companies and trusts, and introducing legislation to protect and reward whistleblowers who expose corporate tax evasion and tax avoidance.

“This has been very significant in breaking through the tax evasion operations that were run by Swiss banks for US citizens,” he says.

Oxfam’s Szoke says the G20 should be actively promoting worldwide tax transparency by requiring multinational corporations to make country-by-country reports publicly available.

“This would have a deterrent effect and also assist with tackling tax avoidance in developing countries where tax authorities have limited capacity,” she said.

Meanwhile, advocacy group ActionAid urged the government to consider the impact of tax dodging on developing countries – not just Australian taxpayers.

“If this government is serious about protecting the interests of developing countries, they must lead further reform,” its Australian executive director Archie Law said.

Ting says it is a good time for Australia to consider whether it is worth having a US-style inquiry to grill multinationals about their operations here.

“If we had that committee, we could find out, for example with Apple, exactly what transactions Apple Australia has had with other related parties and all their financial statements,” he says.

Henry Sapiecha

GLOW IN THE DARK COIN MINTED IN CANADA

AWARD WON BY CANADIAN MINT FOR GLOW IN THE DARK FEATURE

royal-canadian-mint-gets-innovation-award-for-glow-in-the-dark-coin

Not only Toronto’s major Rob Ford is placing Canada’s name in the global news these days. The Royal Canadian Mint’s glow-in-the-dark quarter, featuring a dinosaur, has won the most innovative coin of the year award and become a “global phenomenon” since it was released in March 2012, the Mint said in a release Tuesday.

The coins features a Pachyrhinosaurus Lakustai, a new species of dinosaur discovered from a fossil found in Alberta, but once in the dark, a glowing skeleton becomes visible.

The Mint said this was the first photo-luminescent coin in the world and that subsequent releases in this “glow-in-the-dark” series have all rapidly sold out.

The award is presented by Krause Publications, a Wisconsin-based media company dedicated to collectibles. An international panel of medallists, journalists, and central bank and museum officials judges the annual competition.

AAA

Henry Sapiecha

gold dollar sign line image www.profitcentre.net

COULD THERE BE A $40B WINDFALL PROFIT FOR THE INDIAN GOVERNMENT SENT FROM THE HEAVENS – PRIEST TELLS OF VISION

BILLIONS IN GOLD HIDDEN UNDER TEMPLES SAY INDIAN PRIESTS

indian seers pray image www.profitcentre.net

The Archaeological Survey of India (ASI) began gold digging for a fabled treasure in Daudiyakheda (Unnao), about 150 km from here, on Friday. But at the end of the day, there was no encouraging news about any precious metal or object being unearthed. What further dispirited the mediamen and thousands of curious onlookers from nearby villages was word from the officials that there was no clue of any treasure and the excavation could go on for a month.

However, the saint, Shobhan Sarkar, who reportedly had the divine vision or dream about 1,000 tonnes of gold being buried under the Daudiyakheda fort, has sparked off more sensation with the prediction of an even bigger gold deposit at another fort. In his letter to the district magistrate (DM) of Fatehpur, Sarkar has said that about 2,500 tonnes of gold was buried under a dilapidated 500-year-old fort in Adampur village of that district.

That’s not all. He has also written to the Kanpur DM to get a survey done for treasure in the Chaubeypur and Parade Ground areas of Kanpur. The saint, known to have divine powers, has also sent the related information to the Reserve Bank of India. To assert his credibility, he has even written in his letter that he is willing to make a deposit of Rs10 lakh. He has stated that the deposit be forfeited and legal action taken against him if the treasure is not found. “We are only doing our duty towards this country. We are not obliging anyone,” Swami OmJi Maharaj, one of the saint’s oldest disciples, told mediapersons. He asked curious journalists not to be in a hurry.
“You just wait and see, each and every word of his (Shobhan Sarkar’s) predictions will come true. He communicates with divine powers,” he asserted.

At the Daudiyakheda site, a 12-member ASI team headed by deputy director SP Mishra started digging at around 10 am after an elaborate havan and puja as directed by Sarkar. Sources said the mysterious saint who strictly shuns cameras and media attention had himself started the ‘puja’ at 4 am and left before other people arrived. About 20 labourers are engaged in the digging in a 30 square feet area marked by the ASI. The fort is heavily barricaded and guarded by a heavy deployment of police and PAC men. No one is being allowed near the excavation site.

ASI official SP Mishra told reporters that the entire exercise is likely to take about a month. “At this stage, I can not comment on whether there is any treasure buried here on not. But we are indeed hopeful of finding articles of historical value during the excavation,” he said.

AAA

Henry Sapiecha

MAKING A ‘PROFIT’ IS NOT A DIRTY WORD

Welcome to Acbo Call Centre Sites. This site www.profitcentre.net has been set aside for matters concerning the making of profits  when dealing in any money transactions. The bottom line is at the forefront at all times when dealing with the almighty dollar & ways of achieving the highest profits will be sourced & revealed to you here for your benefit

So watch this site as it evolves

Henry Sapiecha

Fantasy Footwear