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Tax Avoidance and Tax Havens; Undermining Democracy — International Points

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  • by Anup Shah
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We would not like the concept of paying taxes, however with out it, democracies will wrestle to perform, and shall be unable to supply public companies. This impacts each wealthy and poor nations, alike.

People and corporations all must pay taxes. However among the world’s wealthiest people and multinational firms, capable of afford ingenious legal professionals and accountants, have found out methods to keep away from paying monumental quantities of taxes. Whereas we will get into severe bother for evading fee of taxes, even dealing with jail in some international locations, some firms 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 firms 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, firms search for methods to maximise shareholder worth. Multinational firms are specifically well-placed to use tax havens and conceal true income thereby avoiding tax. Poor international locations barely have assets to handle these — many have smaller budgets than the multinationals they’re making an attempt to take care of.

But, firms and influential people additionally pour numerous cash into shaping a worldwide system that they may hope to learn from. If the proper steadiness 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 may also undermine democracy (for even accountable governments could discover it onerous 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 essential?
    3. Why don’t poor international locations increase adequate 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 via off-shoring?
    8. What’s revenue laundering?
    9. How a lot revenue laundering is there?
    10. What’s Tax competitors and why is it unhealthy?
    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. Companies handle to cut back their tax burden
    4. Highly effective pursuits reduce Congress’s likelihood of robust motion
    5. Sheer sum of money concerned implies downside will stay
  5. Switch Pricing — Intercepting Wealth
  6. Privatizing income, 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

Companies and corporate-funded suppose tanks, media and different establishments are sometimes those that loudly cry on the disgrace of welfare and the sin of residing off the federal government and the way numerous social packages needs to be in the reduction of on account of their prices. What’s much less mentioned although is the quantity of welfare that companies obtain.

Company welfare is the break that companies get each legally and illegally via issues like subsidies, authorities (i.e. public) bailouts, tax incentives and so forth. Companies can affect numerous governments to foster a extra favorable atmosphere for them to put money into. Usually, beneath the specter of shifting elsewhere, poorer international locations are pressured to decrease and even practically get rid of sure company taxes to those giant overseas traders.

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

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Company Crime

Once we discuss crime, we consider the violations of legislation attributable to people, a few of that are horrendous. Nonetheless, nearly not often talked about (particularly in corporate-owned media) is the extent of crime attributable to companies. Such crime contains evasion of taxes, fraud, ignoring environmental rules, violating labor rights, supporting navy and different oppressive regimes to forestall dissent from employees, together with violent crime in opposition to employees, 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.

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Tax Avoidance

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

As tax professional 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 growing international locations of a minimum of US$50 billion a 12 months. Aspect WordAnd so they stress that this can be a conservative estimate because it did not have in mind outright tax evasion, company practices comparable to switch pricing, or using havens to under-report revenue.

People too have been concerned in large quantities of capital diversions. For instance, former dictator of Nigeria, Sani Abacha, and his associates are stated to have diverted over $55 billion to personal 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 via 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 an enormous lack of tax income. Consequently, primarily based on the $11.5 trillion above, they estimate that $255 billion is misplaced annually 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 embrace tax losses arising from tax competitors or company profit-laundering.

What’s revenue laundering?

Revenue laundering is the shifting of revenue from the international locations wherein it was earned and the place it might incur tax, into tax havens. It is just potential to do that if there’s secrecy to keep away from the tax authorities noticing it.

Curiously, Christian Assist notes that:

The UK authorities estimates that between 50 and 60 per cent of world commerce is accounted for by transactions between completely different components of the identical firm, creating ample scope for mispricing and, because of this, the laundering of income.

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

Not solely is globalization probably not international, however a big chunk of world commerce could embrace laundering of income.

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

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

However different objects 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 whole estimated soiled cash flowing into the worldwide banking system is $1 trillion . Breaking that down:

Quantity siphoned from the growing world
$500 billion
Quantity of revenue laundered by multinational firms
$200 billion
Quantity of revenue laundered by people and criminals
$250 billion
Quantity misplaced via corruption
$50 billion

What’s Tax competitors and why is it unhealthy?

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

Tax Justice Community describes the detrimental influence that Tax Competitors has on growing international locations:

Confronted with the pressures of the globalisation of capital actions and the menace that firms 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 appeal to investments away from them, and has stimulated a race to the underside…. a current empirically primarily based research in america has discovered:

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

If this conclusion applies to a comparatively excessive tax economic system like america, 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, training and well being companies. 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, that means that governments shall be pressured to chop tax charges on company income to zero and subsidise these firms selecting to put money into their international locations. That is already taking place 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 income
  • Tax holidays
  • Accelerated tax allowances for spending on capital belongings
  • Subsidies
  • Leisure of rules
  • The absence of withholding taxes
  • Different types of tax inducement

This course of, known 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 growing international locations to compete on this method for assets.

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 constructing nations compete with different this manner doesn’t make sense for its citizenry (although it does for multinational firms who can have a alternative 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 supplies a good abstract in the identical report talked about above (see chapter 3). Briefly, the primary gamers who promote what they name tax injustice are:

  • Accountants
  • Legal professionals
  • Banks
  • Transnational companies
  • Tax haven governments
  • Tax avoiders and tax evaders

As well as, the Community says that this entire concept in all probability began with the US and the British Empire. The offshore phenomenon in all probability started within the US when states comparable to New Jersey and Delaware realised that they may lure companies from extra affluent states by providing tax benefits provided 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 use the curious British phenomenon of the separation of taxation residence and domicile.

Within the Twenties, the UK discovered new methods for the internationally cell individual to keep away from tax when a UK courtroom dominated that an organization integrated within the UK was not topic to UK tax if its board of administrators met abroad 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 premise for the operation of most tax haven companies all through the world.

Within the Nineteen Thirties Switzerland provided internationally cell folks residency, solely requiring them to pay a hard and fast, pre-agreed quantity, annually, not various with earnings, 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 grew to become enshrined in Swiss legislation within the Nineteen Thirties. The Swiss believed on the time that it supplied them with a aggressive benefit as a small, land-locked state in a hostile European atmosphere.

This all occurred not by likelihood, however, because the Community additionally notes, by plan: They had been thought up by legal professionals and accountants and had been exploited by them and their bankers for business acquire.

Tax avoidance undermines capitalism

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

The power of multinationals to benefit from tax havens to keep away from tax and launder income distorts markets. It offers them an edge over nationally primarily based rivals, which has nothing to do with the inherent high quality or worth of the products and companies they’re promoting. This undermines the fundamental notion of capitalism.

Even in wealthy international locations, multinational firms are managing to keep away from paying tax. Current analysis means that a minimum of 75 per cent of UK-quoted firms don’t pay tax on the notional fee of 30 per cent that applies to them. Some pay lower than half this fee. Within the US, 60 per cent of companies with a minimum of 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

Immediately, 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 prevented taxes. Even for a rich nation, this can be a cheap sum when public funds are scarce and persons are reluctant to see the federal government spending extra money on numerous packages.

In impact then, tax avoidance can also be a menace 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 income accountancy corporations can undermine them inside hours of a chancellor’s funds speech.

… The [accountancy] corporations additionally peddle a spread of avoidance schemes within the UK, that are estimated to price the state £100bn annually in potential tax revenues.

… The federal government continues to award profitable public contracts to the large accountancy corporations. 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 greater taxes whereas companies and the wealthy keep away from theirs. People on the minimal wage must pay earnings taxes, however some 65,000 wealthy people residing within the UK are estimated to have paid little or no earnings tax. The highest fifth of earners pay a smaller proportion of their earnings in tax than the underside fifth. Company tax funds now account for simply 2.5% of nationwide earnings, the smallest share ever.

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

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

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

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Switch Pricing — Intercepting Wealth

Switch pricing supplies a multinational companies’ tax-avoiding dream. It permits the power to arrange offshore accounts and paper firms via which most transactions happen, with out having to pay as a lot taxes. Inner accounting and costing is subsequently adjusted to attenuate the prices and maximize the income.

A lot wanted income for social wants in a rustic is subsequently misplaced this manner.

The next quotes summarize this fairly nicely:

The post-Second World Warfare interval witnessed not merely an increase in TNCs’ management of world commerce, but in addition development 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 characteristic of TNCs since earlier than 1914, such commerce in intermediate services is principally a phenomenon of current many years. By the Nineteen 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 degree and worth of intra-company commerce has elevated significantly since that point, nevertheless. Furthermore, 80 per cent of worldwide funds for expertise royalties and charges are made on an intra-company foundation.

A Temporary Historical past of TNCs, CorpWatch.org

(Word within the above quote on the sheer quantity of intra-company commerce as a proportion of world commerce. Bear this in thoughts the following time corporate-media speak concerning the rising commerce and prosperity for all.)

On this persevering with battle over the world’s wealth, switch pricing turns into a vital 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 an area producer. The product, is then, theoretically, routed to an offshore company and invoiced (billed) at that low worth. There the export bill is elevated to simply beneath the promoting worth 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 dwelling workplaces.

In 1980, there have been eleven thousand such companies 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 companies are doubly insulated from accountability. …

These secret maneuvers of multinationals, and the massive blocks of uncontrolled worldwide finance capital, make lots of the statistics on world commerce questionable. If the gross sales of offshore American manufacturing amenities 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 fee 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 predominant international locations wherein Information Company operates, are 36%, 35% and 30% respectively.

The article factors to the difficulties of discovering out concerning the specifics of Information Companies’ tax affairs due to the corporate’s complicated company construction. In its newest accounts, the group lists roughly 800 subsidiaries, together with some 60 integrated 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. Probably 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 integrated in Bermuda. Information Publishers has, within the seven years to June thirtieth 1996, made round £1.6 billion in web revenue. It is a outstanding feat for an organization that appears to not have workers, nor any apparent supply of earnings from exterior Mr Murdoch’s firms.

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

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Privatizing income, socializing prices

One of many quotes above, is from J.W. Smith. There he describes the price of transfer-pricing. He goes on to elucidate fairly nicely the consequences 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 at present’s companies don’t have any loyalty to any nation, on account of greed.

The final 20 years has seen the wealth of america lowered as companies 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 growing international locations and subsequently impacts the wealth of these international locations.)

Disparities between the rich and poor proceed to rise, in probably 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 shifting 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.

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Tackling the issue, or pretending to take action?

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

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

On the floor, media shops are crammed with condemnations of avarice. The July 15 version of Newsweek incorporates 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 sort of hallelujah refrain to affirm the sanctity of the financial system that empowered them.

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

…Fundamental questions on wealth and poverty — about financial relations which might be superb for just a few, sufficient for some and injurious for numerous others — stay exterior 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 imagine that religion within the present system of company capitalism shall be redemptive.

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

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

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

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

Whereas the personal firms revenue, any prices, comparable to social issues ensuing from environmental degradation, ensuing social degradation and so forth, are all socialized. Privatizing income, socializing prices is a standard phrase heard in essential circles.

And politics has gotten even murkier because the 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 because of this. Whereas it has absolutely 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 firms comparable to British Airways had been already struggling fairly badly, and this tragedy supplied an excuse to get out of it.

After all, this doesn’t imply all firms had been utilizing the excuse, however it does spotlight the problem of addressing these points throughout extremely emotional occasions. Corporations are understandably going to attempt to use this to their benefit, if potential.

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 might yield income, 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 may then be used to justify excessive inventory costs, large bonuses for executives, and so forth.

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

In keeping with Investopedia.com, one-time expenses are used to bury unfavorable bills or investments that went mistaken. That’s, as a substitute of admitting that it has been doing a nasty job, administration claims that unhealthy outcomes are attributable to extraordinary, unpredictable occasions: We’re making numerous 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 benefit from them, as a method of evading accountability. (Some firms, comparable to Cisco, have a behavior of incurring one-time expenses again and again.)

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

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

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

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Extra Info

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

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