Kuczynski Admits to Offshore Tax Evasion

In a congressional committee investigation, Peruvian President Pedro Pablo Kuczynski admitted to using a company based in the British Virgin Islands (BVI) to legally avoid paying U.S. taxes, according to Reuters.

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In the seven-hour committee session, the current president revealed he registered the 2006 sale of his Lima house to Dorado Asset Management Ltd. – a company once based in BVI and managed by his daughter – for $US695,000. The company was later transferred to Peru and put under Kuczynski’s control in 2016, the year he took office.

The president, who will face congress’s second attempt at his impeachment, on Thursday, for “moral incapacity,” told committee members the maneuver helped him avoid paying U.S. taxes on his Peru property.

“Why would we pay Uncle Sam and Mr. Trump a bunch of money that’s here in Peru?” Kuczynski asked the congress members.

The president said “It’s very simple.

... read more at: https://www.telesurtv.net/english/news/Kuczynski-Admits-to-Offshore-Tax-Evasion-20180320-0031.html