Monday, November 28, 2022
HomeWorld NewsTax Avoidance and Tax Havens; Undermining Democracy — World Points

Tax Avoidance and Tax Havens; Undermining Democracy — World Points


Creator and Web page data

  • by Anup Shah
  • This web page final up to date

We would not like the concept of paying taxes, however with out it, democracies will battle to perform, and might be unable to offer public providers. This impacts each wealthy and poor nations, alike.

People and firms all should pay taxes. However among the world’s wealthiest people and multinational corporations, capable of afford ingenious attorneys and accountants, have discovered methods to keep away from paying huge quantities of taxes. Whereas we will get into critical hassle for evading cost of taxes, even going through jail in some international locations, some corporations appear to have the ability to get away with it. As well as, if governments must, they tax the inhabitants additional to attempt to make up for the misplaced revenues from companies which have evaded the tax man (or lady).

Why would corporations do that, particularly when a few of them painting themselves as champions of the patron? The explanations are many, as this text will discover. In abstract, corporations search for methods to maximise shareholder worth. Multinational corporations are particularly well-placed to take advantage of tax havens and conceal true earnings thereby avoiding tax. Poor international locations barely have sources to handle these — many have smaller budgets than the multinationals they’re making an attempt to take care of.

But, corporations and influential people additionally pour a lot of cash into shaping a world system that they’ll hope to profit from. If the fitting stability can’t be achieved, not solely will makes an attempt to keep away from taxation and different measures undermine capitalism (which they declare they assist) they can even undermine democracy (for even accountable governments could discover it arduous to fulfill the wants of their inhabitants).

On this web page:

  1. Company Welfare
  2. Company Crime
  3. Tax Avoidance
    1. The dimensions of tax avoidance
    2. Why is tax income necessary?
    3. Why don’t poor international locations increase enough tax revenues?
    4. What are the impacts of tax havens on poor international locations?
    5. Why have tax havens within the first place and who advantages?
    6. How a lot cash is held in offshore tax havens?
    7. How a lot potential tax income is misplaced by means of off-shoring?
    8. What’s revenue laundering?
    9. How a lot revenue laundering is there?
    10. What’s Tax competitors and why is it dangerous?
    11. The place did the concept of tax competitors come from?
    12. How did tax avoidance come about within the first place and who’re the primary actors?
    13. Tax avoidance undermines capitalism
    14. Tax avoidance undermines democracy
  4. Tax Shelters and Avoidance within the US
    1. The dimensions of the issue
    2. Why an increase in tax shelters within the Nineties?
    3. Firms handle to scale back their tax burden
    4. Highly effective pursuits decrease Congress’s probability of robust motion
    5. Sheer amount of cash concerned implies drawback will stay
  5. Switch Pricing — Intercepting Wealth
  6. Privatizing earnings, socializing prices
  7. Tackling the issue, or pretending to take action?
  8. Wealthy nation governments lastly appearing as a result of it now impacts them?
  9. Extra Info

Company Welfare

Firms and corporate-funded assume tanks, media and different establishments are sometimes those that loudly cry on the disgrace of welfare and the sin of dwelling off the federal government and the way varied social applications needs to be reduce as a result of their prices. What’s much less mentioned although is the quantity of welfare that firms obtain.

Company welfare is the break that firms get each legally and illegally by means of issues like subsidies, authorities (i.e. public) bailouts, tax incentives and so forth. Firms can affect varied governments to foster a extra favorable setting for them to put money into. Typically, below the specter of transferring elsewhere, poorer international locations are pressured to decrease and even practically remove sure company taxes to those giant overseas buyers.

This distorts markets in favor of the massive gamers. As such affect spreads globally, it contributes to a type of globalization that appears much less like true free market capitalism that they discuss of, however extra like a contemporary type of the unequal mercantilism that prevailed throughout colonial and imperial instances.

Again to high

Company Crime

After we discuss crime, we consider the violations of legislation attributable to people, a few of that are horrendous. Nonetheless, nearly hardly ever talked about (particularly in corporate-owned media) is the extent of crime attributable to firms. Such crime contains evasion of taxes, fraud, ignoring environmental laws, violating labor rights, supporting navy and different oppressive regimes to forestall dissent from staff, together with violent crime towards staff, and so forth.

Within the US, for instance, again within the mid-Nineties it was estimated that company crime price the nation about $200 billion a 12 months.

Again to high

Tax Avoidance

Tax avoidance is typically differentiated from tax evasion. Avoidance usually applies to authorized means (reminiscent of loopholes and intelligent accounting strategies) to keep away from paying the total quantity of tax, whereas evasion is usually utilized to extra felony types of not paying tax.

As tax skilled Richard Murphy notes , tax evasion and tax avoidance can occur on the identical transaction for various taxes elsewhere and sometimes contain elaborate trails involving a couple of individual, firm or group.

The dimensions of tax avoidance

By means of offshore tax havens and fraud, and thru switch pricing, billions of {dollars} go untaxed. Estimates vary from $50 billion to $200 billion of income losses.

For instance, in 2000, Oxfam made a conservative estimate that tax havens had contributed to income losses for creating international locations of at the least US$50 billion a 12 months. Aspect Be awareThey usually stress that it is a conservative estimate because it did not keep in mind outright tax evasion, company practices reminiscent of switch pricing, or using havens to under-report revenue.

People too have been concerned in enormous quantities of capital diversions. For instance, former dictator of Nigeria, Sani Abacha, and his associates are stated to have diverted over $55 billion to non-public accounts in overseas banks — Nigeria at one level after that suffered a $31 billion exterior debt burden.

How a lot potential tax income is misplaced by means of off-shoring?

Tax Justice Community reviews that as a result of tax authorities proceed to be primarily restricted to powers inside their very own international locations, the consequence has been a large lack of tax income. In consequence, based mostly on the $11.5 trillion above, they estimate that $255 billion is misplaced every year to governments all over the world due to the no or low taxation of funds in offshore facilities . Importantly, they reiterate, this estimate doesn’t embody tax losses arising from tax competitors or company profit-laundering.

What’s revenue laundering?

Revenue laundering is the transferring of revenue from the international locations during which it was earned and the place it will incur tax, into tax havens. It’s only doable to do that if there’s secrecy to keep away from the tax authorities noticing it.

Apparently, Christian Assist notes that:

The UK authorities estimates that between 50 and 60 per cent of world commerce is accounted for by transactions between totally different components of the identical firm, creating ample scope for mispricing and, in consequence, the laundering of earnings.

The Shirts Off Their Backs; How tax insurance policies fleece the poor , Christian Assist, September 2005, p. 14

Not solely is globalization not likely world, however a big chunk of world commerce could embody laundering of earnings.

That is one purpose it’s possible you’ll sometimes hear of mispricing. Some examples Christian Assist famous included how:

  • Some TV antennas from China might be below priced at US$0.04;
  • Rocket launchers from Bolivia might be below priced at US$40; and
  • US bulldozers might be below priced at US$528

However different gadgets may be over-priced, for instance:

  • German hacksaw blades priced at US$5,485 every;
  • Japanese tweezers at US$4,896; and
  • French wrenches at US$1,089.

How a lot revenue laundering is there?

Christian Assist reported in 2005 that the entire estimated soiled cash flowing into the worldwide banking system is $1 trillion . Breaking that down:

Quantity siphoned from the creating world
$500 billion
Quantity of revenue laundered by multinational corporations
$200 billion
Quantity of revenue laundered by people and criminals
$250 billion
Quantity misplaced by means of corruption
$50 billion

What’s Tax competitors and why is it dangerous?

Briefly, tax competitors is about international locations out-competing one another to supply the bottom taxes doable to draw overseas funding.

Tax Justice Community describes the adverse affect that Tax Competitors has on creating international locations:

Confronted with the pressures of the globalisation of capital actions and the risk that corporations will relocate except given concessions on decrease regulation and decrease taxes, governments have responded by partaking in tax competitors to draw and retain funding capital. Some states with restricted financial choices have made tax competitors a central a part of their growth technique. This inevitably undermines the expansion prospects of different international locations, as they entice investments away from them, and has stimulated a race to the underside…. a current empirically based mostly research in the USA has discovered:

There may be little proof that state and native tax cuts – when paid for by decreasing public providers – stimulate financial exercise or create jobs. There may be proof, nevertheless, that will increase in taxes, when used to broaden the amount and high quality of public providers, can promote financial growth and employment progress.

If this conclusion applies to a comparatively excessive tax financial system like the USA, it’s much more relevant to economies in south Asia and sub-Saharan Africa, the place social and financial growth is held again by under-investment in infrastructure, schooling and well being providers. Proponents of tax competitors have by no means answered the essential query of how far it needs to be allowed to go earlier than it compromises the functioning of a viable and equitable tax regime. Taken to its logical excessive, unregulated tax competitors will inevitably result in a race to the underside, which means that governments might be pressured to chop tax charges on company earnings to zero and subsidise these corporations selecting to put money into their international locations. That is already occurring in some jurisdictions. The implications of this for tax regimes and democratic types of authorities all over the world are dire.

Tax Us If You Can , Tax Justice, September 5, 2005, p. 5

The place did the concept of tax competitors come from?

Tax Community Justice summarizes:

Many in enterprise and pro-business political actors argue that nations ought to compete with each other to draw inward funding from worldwide enterprise by providing:

  • Decrease tax charges on earnings
  • Tax holidays
  • Accelerated tax allowances for spending on capital belongings
  • Subsidies
  • Rest of laws
  • The absence of withholding taxes
  • Different types of tax inducement

This course of, referred to as tax competitors, has been broadly adopted the world over and has turn out to be a key component in shaping world-wide funding flows. The IMF, World Financial institution and EU have all, in various methods, inspired creating international locations to compete on this approach for sources.

Tax Us If You Can , Tax Justice, September 5, 2005, p. 17

However the Community goes on to say that that is essentially flawed as a growth technique as a result of it limits the management any nation can have over taxation insurance policies and creates dangerous distortions.

Along with being anti-democratic the notion of creating nations compete with different this manner doesn’t make sense for its citizenry (although it does for multinational corporations who can have a selection of which nation to put money into.)

How did tax avoidance come about within the first place and who’re the primary actors?

Tax Justice Community offers an honest abstract in the identical report talked about above (see chapter 3). Briefly, the primary gamers who promote what they name tax injustice are:

  • Accountants
  • Attorneys
  • Banks
  • Transnational firms
  • Tax haven governments
  • Tax avoiders and tax evaders

As well as, the Community says that this complete thought in all probability began with the US and the British Empire. The offshore phenomenon in all probability started within the US when states reminiscent of New Jersey and Delaware realised that they may lure companies from extra affluent states by providing tax benefits given that they register of their states. After which, The primary actual circumstances of worldwide tax planning occurred within the British Empire within the early twentieth century when rich folks began to make use of offshore trusts established in locations just like the British Channel Islands to take advantage of the curious British phenomenon of the separation of taxation residence and domicile.

Within the Nineteen Twenties, the UK discovered new methods for the internationally cellular individual to keep away from tax when a UK courtroom dominated that an organization included within the UK was not topic to UK tax if its board of administrators met out of the country and it undertook all its enterprise abroad. At a stroke, the idea of the separation of the place of incorporation of an organization and its obligation to pay tax had been created. This idea survived in UK legislation till the Nineties, by which era it had turn out to be the idea for the operation of most tax haven firms all through the world.

Within the Thirties Switzerland provided internationally cellular folks residency, solely requiring them to pay a set, pre-agreed quantity, every year, not various with revenue, and never disclosed. This idea has been broadly copied the Community additionally famous.

The Community continues by including that the opposite main Swiss contribution to tax injustice is banking secrecy, an idea which they developed on the time of the French Revolution (for the good thing about the French aristocracy) however which turned enshrined in Swiss legislation within the Thirties. The Swiss believed on the time that it offered them with a aggressive benefit as a small, land-locked state in a hostile European setting.

This all occurred not by probability, however, because the Community additionally notes, by plan: They have been thought up by attorneys and accountants and have been exploited by them and their bankers for business achieve.

Tax avoidance undermines capitalism

As Christian Assist notes, tax avoidance distorts markets, undermining capitalism:

The flexibility of multinationals to benefit from tax havens to keep away from tax and launder earnings distorts markets. It offers them an edge over nationally based mostly rivals, which has nothing to do with the inherent high quality or value of the products and providers they’re promoting. This undermines the essential notion of capitalism.

Even in wealthy international locations, multinational corporations are managing to keep away from paying tax. Latest analysis means that at the least 75 per cent of UK-quoted corporations don’t pay tax on the notional price of 30 per cent that applies to them. Some pay lower than half this price. Within the US, 60 per cent of firms with at the least US$250 million in belongings reported no federal tax legal responsibility for any of the years between 1996 and 2000.

The Shirts Off Their Backs; How tax insurance policies fleece the poor , Christian Assist, September 2005, p. 15

Tax avoidance undermines democracy

Right this moment, of the 72 tax havens, nearly half are British territories, dependencies or Commonwealth members. Britain alone loses some £100 billion (approx. US $170 billion) a 12 months in averted taxes. Even for a rich nation, it is a cheap sum when public funds are scarce and individuals are reluctant to see the federal government spending extra money on varied applications.

In impact then, tax avoidance can also be a risk to democracy, in response to Prem Sikka, a professor of accounting on the College of Essex, UK:

The tax avoidance trade is on a collision course with civil society. Elected governments take months and years to develop tax legal guidelines, however in pursuit of personal earnings accountancy companies can undermine them inside hours of a chancellor’s finances speech.

… The [accountancy] companies additionally peddle a variety of avoidance schemes within the UK, that are estimated to price the state £100bn every year in doable tax revenues.

… The federal government continues to award profitable public contracts to the massive accountancy companies. Their companions advise authorities departments on legislative design and enforcement. There has as but been no public investigation into the tax avoidance trade.

Main casualties of the tax avoidance trade are unusual folks, who’re pressured to pay larger taxes whereas firms and the wealthy keep away from theirs. People on the minimal wage should pay revenue taxes, however some 65,000 wealthy people dwelling within the UK are estimated to have paid little or no revenue tax. The highest fifth of earners pay a smaller proportion of their revenue in tax than the underside fifth. Company tax funds now account for simply 2.5% of nationwide revenue, the smallest share ever.

… With out enough tax revenues no authorities can ship its legislative program, present public items or redistribute wealth.

We will be persuaded to vote for governments that promise to take a position public revenues in schooling, healthcare or public transport. However the tax avoidance trade workouts the ultimate veto by shrinking the tax base and eroding tax revenues.

Prem Sikka, Accountants: a risk to democracy, The Guardian, September 5, 2005

Again to high

Switch Pricing — Intercepting Wealth

Switch pricing offers a multinational firms’ tax-avoiding dream. It permits the power to arrange offshore accounts and paper corporations by means of which most transactions happen, with out having to pay as a lot taxes. Inside accounting and costing is due to this fact adjusted to attenuate the prices and maximize the earnings.

A lot wanted income for social wants in a rustic is due to this fact misplaced this manner.

The next quotes summarize this fairly properly:

The post-Second World Battle interval witnessed not merely an increase in TNCs’ management of world commerce, but additionally progress of commerce inside associated enterprises of a given company, or intra-company commerce. Whereas intra-company commerce in pure useful resource merchandise has been a function of TNCs since earlier than 1914, such commerce in intermediate services is especially a phenomenon of current many years. By the Sixties, an estimated one-third of world commerce was intra-company in nature, a proportion which has remained regular to the current day. Absolutely the stage and worth of intra-company commerce has elevated significantly since that point, nevertheless. Furthermore, 80 per cent of worldwide funds for know-how royalties and charges are made on an intra-company foundation.

A Transient Historical past of TNCs, CorpWatch.org

(Be aware within the above quote on the sheer quantity of intra-company commerce as a share of world commerce. Bear this in thoughts the subsequent time corporate-media discuss concerning the rising commerce and prosperity for all.)

On this persevering with battle over the world’s wealth, switch pricing turns into an important facet within the interception of the wealth of each Third World and First World international locations. The multinationals both manufacture in a low-wage nation or buy cheaply from a neighborhood producer. The product, is then, theoretically, routed to an offshore company and invoiced (billed) at that low value. There the export bill is elevated to only below the promoting value of native producers. Nonetheless, the offshore firm is nothing greater than a mailing deal with and a plaque on the door. No merchandise contact that offshore entity; even the paperwork is completed in company house workplaces.

In 1980, there have been eleven thousand such firms registered within the Cayman Islands alone, which has a inhabitants of solely ten thousand. [Many of these funnel a lot of money out of Central and South America] … These firms are doubly insulated from accountability. …

These secret maneuvers of multinationals, and the large blocks of uncontrolled worldwide finance capital, make lots of the statistics on world commerce questionable. If the gross sales of offshore American manufacturing services had been handled as exports, the 1986 American commerce deficit of $144 billion would have turn out to be a commerce surplus of $57 billion. (Emphasis Added)

J.W. Smith, The World’s Wasted Wealth 2, (Institute for Financial Democracy, 1994), p. 138.

For example of company evasion, the next is about Rupert Murdoch’s Information Company:

In March 1999, the Economist reported that within the 4 years to 30 June of the earlier 12 months, Information Company and its subsidiaries paid an efficient tax price of solely round 6 per cent. This in contrast with 31 per cent paid by Disney. The Economist notes that fundamental corporate-tax charges in Australia, America and Britain, the three most important international locations during which Information Company operates, are 36%, 35% and 30% respectively.

The article factors to the difficulties of discovering out concerning the specifics of Information Firms’ tax affairs due to the corporate’s complicated company construction. In its newest accounts, the group lists roughly 800 subsidiaries, together with some 60 included in such tax havens because the Cayman Islands, Bermuda, the Netherlands Antilles and the British Virgin Islands, the place the secrecy legal guidelines are as enticing because the local weather.

The article continues, This construction, dictated by Mr Murdoch’s elaborate tax planning has some weird penalties. Essentially the most worthwhile of Information Company’s British operations within the Nineties was not the Sunday Instances, or its profitable satellite tv for pc tv enterprise, BSkyB. It was Information Publishers, an organization included in Bermuda. Information Publishers has, within the seven years to June thirtieth 1996, made round £1.6 billion in web revenue. This can be a exceptional feat for a corporation that appears to not have staff, nor any apparent supply of revenue from outdoors Mr Murdoch’s corporations.

Tax Havens; Releasing the hidden billions for poverty eradication, Oxfam, June 2000

Again to high

Privatizing earnings, socializing prices

One of many quotes above, is from J.W. Smith. There he describes the price of transfer-pricing. He goes on to clarify fairly properly the results and factors out that each high-wage and low-wage international locations lose out because the wealth is siphoned to offshore accounts to keep away from taxes. That is historic mercantilism to perfection by intercepting each the overseas nation’s wealth and one’s personal.

Nonetheless, as he goes on to level out, there’s a distinction in that immediately’s firms don’t have any loyalty to any nation, as a result of greed.

The final 20 years has seen the wealth of the USA diminished as firms hunt down cheaper and cheaper locations the place wages are much less and environmental, security and different regulatory measures are much less or non-existent. (This has the impact of miserable wages and labor rights in industrialized in addition to creating international locations and due to this fact impacts the wealth of these international locations.)

Disparities between the rich and poor proceed to rise, in essentially the most highly effective nation in addition to all different international locations. As Smith continues to level out,

Trying solely at their backside line, and listening to their very own rhetoric, the managers of capital are unaware they’re transferring society again in the direction of the wealth discrepancies of the early Industrial Revolution; this return to quasi-aristocratic privileges is a recipe for eventual contraction of commerce and destruction of their very own wealth together with that of labor.

J.W. Smith, The World’s Wasted Wealth 2, (Institute for Financial Democracy, 1994), pp. 164-165.

Again to high

Tackling the issue, or pretending to take action?

Whereas Smith wrote the sooner piece in 1994, it’s relevant immediately as properly, with wave of reports about company crime across the begin of 2000 and fascination of some CEOs and different executives as some main American corporations have confronted chapter or have collapsed.

But, the media, whereas providing an outpouring of reports and evaluation have by and huge focused on particular person characters and seemed for scapegoats (CEOs being the present taste!). The impacts of the underlying system itself has been much less mentioned and when it has, usually been described as principally okay, however simply affected by a number of dangerous apples. As media critic Norman Solomon describes,

On the floor, media shops are crammed with condemnations of avarice. The July 15 version of Newsweek contains a story headlined Going After Greed, full with a full-page image of George W. Bush’s anguished face. However after multibillion-dollar debacles from Enron to WorldCom, the same old media messages are literally fairly equivocal — wailing about grasping CEOs whereas piping in a form of hallelujah refrain to affirm the sanctity of the financial system that empowered them.

…Company theology about the free enterprise system readily acknowledges dangerous apples whereas steadfastly denying that the barrels are rotten. … (Let’s maintain folks accountable — not establishments, a current Wall Road Journal column urged.)

…Primary questions on wealth and poverty — about financial relations which can be superb for a number of, enough for some and injurious for numerous others — stay outdoors the skilled focus of American journalism. In our society, prevalent inequities are largely the outcomes of company perform, not company dysfunction. However we’re inspired to consider that religion within the present system of company capitalism might be redemptive.

Norman Solomon, Renouncing Sins In opposition to the Company Religion, Media Beat, Equity and Accuracy In Reporting, July 11, 2002

In some international locations, the enterprise group shouts quite a bit about authorities interference (of their earnings) and recommends that the federal government be diminished in paperwork. Whereas many governments are plagued with inefficiency, some is as a result of powerplay of teams together with varied industries.

Nonetheless, with out the assorted governments, complete industries and market economies wouldn’t have gotten began within the first place. Within the US, for instance:

  • The pharmaceutical trade acquired analysis and growth funds from the US authorities.
  • The Web was created with public funds, however is now handed to firms to revenue from.
  • Most main industries obtain some assist or bailout, together with:
    • Power industries
    • Agriculture
    • Biotechnology
    • Info Expertise
    • Telecommunications
    • Weapons/arms/navy industrial complicated
    • and so forth.

Whereas the non-public corporations revenue, any prices, reminiscent of social issues ensuing from environmental degradation, ensuing social degradation and so forth, are all socialized. Privatizing earnings, socializing prices is a standard phrase heard in essential circles.

And politics has gotten even murkier for the reason that aftermath of the September 11, 2001 terrorist assaults on the U.S. Some industries have used the September eleventh incident to say that has led to lack of enterprise and to attempt to ask for presidency help in consequence. Whereas it has certainly had an impact, for instance, within the airline trade, because the UK’s BBC 24 information program on September 27, 2001 at about 8:30pm in an interview, stated that earlier than the tragic terrorist assaults among the airline corporations reminiscent of British Airways have been already struggling fairly badly, and this tragedy offered an excuse to get out of it.

In fact, this doesn’t imply all corporations have been utilizing the excuse, but it surely does spotlight the issue of addressing these points throughout extremely emotional instances. Corporations are understandably going to attempt to use this to their benefit, if doable.

Economist and professor at MIT, Paul Krugman highlights this with the case of the extremely publicized Enron collapse, in a bit that appeared within the New York Instances, quoting right here at size:

Enron’s phantasm of profitability rested largely on mark to market accounting. The corporate entered into contracts that may yield earnings, if in any respect, solely over plenty of years. However Enron jumped the gun: it handled the capitalized worth of these hypothetical future features as a present revenue, which might then be used to justify excessive inventory costs, huge bonuses for executives, and so forth.

…the Bush administration has turned to the political equal of one other more and more frequent accounting trick: the one-time cost.

In response to Investopedia.com, one-time costs are used to bury unfavorable bills or investments that went unsuitable. That’s, as an alternative of admitting that it has been doing a foul job, administration claims that dangerous outcomes are attributable to extraordinary, unpredictable occasions: We’re making a lot of cash, however we had $1 billion in particular bills related to our takeover of XYZ Company. And naturally extraordinary occasions do occur; the trick is to take advantage of them, as a approach of evading accountability. (Some corporations, reminiscent of Cisco, have a behavior of incurring one-time costs again and again.)

The occasions of Sept. 11 shocked and horrified the nation; additionally they introduced the Bush administration with a golden alternative to bury its earlier misdeeds. Has greater than $4 trillion of projected surplus instantly evaporated into skinny air? Pay no consideration to the tax reduce: it’s all due to the warfare on terrorism.

Paul Krugman, Bush’s Aggressive Accounting, New York Instances, February 5, 2002

Again to high

Wealthy nation governments lastly appearing as a result of it now impacts them?

Again to high

Extra Info

I’ve not even scratched the floor of this challenge right here, at it’s giant and sophisticated. Because the September 11 tragedy, this challenge has ballooned extremely and I’ve hardly mentioned any of the problems arising since then. Nonetheless, there are a selection of organizations doing extra analysis on this, and critics have identified these points for a very long time. You can begin off on the following hyperlinks to be taught extra:

Again to high

Creator and Web page Info

  • by Anup Shah
  • Created:
  • Final up to date:
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments