Watchtower in the NEWS. DUBLIN: "Former top UBS executive joins Jehovah’s Witnesses’ new Ireland-based asset venture"

by Balaamsass2 13 Replies latest watchtower beliefs

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  Balaamsass2

  One issue that has popped up on the radar for Non-profits and Churches is PROPERTY TAX exemptions in INDIVIDUAL STATES. Evidently, individual COUNTY tax accessors have moved to impose PROPERTY TAXES on Religious and Tax Exempt organizations. While the USA's IRS has rarely moved against a RELIGION, it has happened to Scientology and a few others in the past.

  California has sanctioned the YMCA for making a small profit on SANDWICHES!!

  A California County, Alameda went after the YMCA for property Tax...from a complaint from for profit Gyms. It went to appeal. :https://law.justia.com/cases/california/court-of-appeal/4th/7/709.html

  The California legislature has been weighing TAXES on ALL organizations that "violate the civil rights of ANYONE...based on the standard areas and ADDITIONALLY gay and Trans individuals. If this actually goes into effect, expect the same from a number of other US States AND the EU. Watchtower could quickly lose tax free status for almost half their properties. I saw this announcement from Church legal consultants advertising on the web. I am sure this is an area that concerns them. https://southerncalifornialawreview.com/2024/07/18/bob-jones-university-in-the-21st-century-an-examination-of-charitable-tax-exempt-status-and-religious-exemption-from-title-ix-for-religious-colleges-that-discriminate-against-lgbtq-students/
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  FreeTheMasons

  https://youtu.be/shmVy2lvzJM?si=rugNmtgiD6giipCt
  
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  Jensus

  „German banking giant Sparkasse“

  Just to set the record straight: „Sparkasse“ is what each city and community has as a banking institution. Their main goal is not to generate profit and they are all independent. So, „banking giant“ reads a bit strange. Technically, they are not even a bank. Nevertheless, they have umbrella associations, he might have worked for one of those.
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  ThomasMore

  UBS focused on tax avoidance for its clients. However, WTC pays no taxes, so what is the lure of placing former UBS executives in the newly formed Ireland Corporations?

  Possible Answers: It appears that they are being used to receive all assets so that they can do one or more of the following:

  1. Leverage these properties to extract value without liquidating them. Meanwhile members continue to pay monthly payments for the use of the KHs they already paid for previously. These monthly payments go toward the equity draws that have been taken. Essentially they are now renting what they previously owned.

  2. Use the equity draws taken from properties under their management to "invest for profit". The Directors are former investment bankers. No doubt they were very persuasive in claiming that they could grow funds.

  3. Liquidate any properties that are not being adequately paid for by congregations. Take the proceeds and invest for profits. The congregations are displaced but who cares? They were not paying their share.

  4. Use one of the 3 corporations to manage payments (transfers) of funds IN and OUT. This is a complicated transactional business, calling for meticulous management to avoid money laundering prohibited by the countries that WTC operates in.

  5. Pay WTC what is needed, when it is needed. Such payments are tax-deductible of course. The current corporations used by WTC have/will have no accumulated assets because such were transferred into the Ireland Corporations. They will essentially be corporations on paper only for the most part. When a CSA lawsuit arises, there are no funds to be taken. The accuser has no standing to sue the Irish corporations that have the assets that USED to be in the PA Corporation, the NY Corporation, or the Christian Congregation of JWs. The accuser could go after the local congregation elders but that is almost always a dead end. Individual elders can declare bankruptcy.

  Any of the above provide WTC new protections from CSA lawsuits, and help them manage assets without fear of new financial attacks. As an internal safeguard, a board of directors on each of the 3 corporations is made up of loyal Bethelites who can monitor the CEO to make sure that funds are used as intended, even generating profit if the investments produce as planned. It is likely that any funds they receive personally will be donated back to WTC, which will then transfer those donations back to Ireland. The Bethelites will be within the guidelines of their 'vow of poverty'.

  Even though it is likely that WTC will not be breaking laws - it is NOT what members expect them to do with dedicated funds. What would Jesus do?