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02/09 | by Kitty Miv, Editor - The Internal Revenue Service of the USA has been given the thankless task of implementing the FATCA legislation which was signed into law by President Obama this spring. This Foreign Account Tax Compliance Act was tacked onto the HIRE Act in March as part of a package of measures needed to pay for the job incentives contained in the HIRE Act. Under FATCA, any worldwide financial institution with US clients has to comply with onerous reporting rules; and that applies to all types of investment fund as well as to banks. Continued, below

Obama's Tax Reform Panel Issues Report
Last updated 8 hours ago | Thursday, September 02, 2010
The US President’s Economic Recovery Advisory Board, chaired by for Federal Reserve Chairman Paul A. Volcker, has issued a report on options for changes in the current tax system to achieve three broad goals: simplifying the tax system; improving taxpayer compliance with existing tax laws; and reforming the corporate tax system.
DIFC Announces Strong Growth In 2010
Last updated 8 hours ago | Thursday, September 02, 2010 Despite the economic downturn, the Dubai international Financial Centre is continuing to attract companies form all over the world, especially from Asia.
South Africa Rejects Mining Tax
Last updated 8 hours ago | Thursday, September 02, 2010 South Africa's Minister of Mineral Resources, Susan Shabangu, attending the Paydirt Africa Downunder Conference in Perth, has said that her country would not introduce a new mining tax, as is being proposed in Australia.
METI Sets Out Japanese Tax Reform Proposals
Last updated 9 hours ago | Thursday, September 02, 2010 After a period of consultation with industry, the Japanese Ministry of Economics, Trade and Industry has incorporated significant green elements in its tax strategy for 2011 as well as proposals designed to make business taxation more competitive internationally.


Lowtax Network Comment System

To ask a question or if you have an opinion you want to share: start a new thread, or reply to a thread below:


Topic: Cayman Islands
UK income?
My wife has been offered a job in the Cayman Islands for 2 years - we'll both be moving there in September. I will be her dependent. We are letting our UK house and will return to the UK rarely (if at all). I expect to satisfy HMRC that we are both non-resident.

I've handed my notice in with my employer as an IT worker - and my employment will cease before I move, however they have asked me to do some consultancy work from the Caymans. (I will physically reside in the caymans throughout).

What is the best way to set this up - tax wise? I've considered UK Company, LLP and/or cayman company... UK is best for setup costs - but I think a decisive break with the UK is best?

Am I right in thinking that a cayman company - which offers services to UK organisations - would be liable for UK tax on UK earnings?

Considering I'll be non-resident - what tax would I pay on this if me and my wife were setup as an LLP? (Would an LLP be any use at all??).  Nearly in Cayman
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Topic: Lowtax.net General
best b2c ecommerce offshore solution ?
I am setting up a new eShop that will sell consumer goods in Europe and Switzerland.
The suppliers are in Europe and the distribution will be handled by independent logistic companies.
I need for my eShop:
- a merchant account (credit card payments from customers)
- a bank account
- anonymity for both shareholder and director
I am now living in Switzerland (but ready to move) and looking for a budget solution.
What would be the best solution? Thanks in advance,
 Fritz
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Topic: Lowtax.net General
freezone company - move back to UK
I ama british national living in dubai for last 13 years, and currently have a UAE freezone company, all business is in the middle east region, (design consultancy)

I am considering my taxation liability if i decide to reside in the Uk again, but travel once a month to UAE to manage my business/staff in uae, then return to Uk in between

 
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Topic: Lowtax.net General
Offshore account and internet
Hi, i am confused a little.

I am from UK and have a very good income from ebay. I fear soon i will have to declare it, i dont want to be taxed or more important pay VAT.
Can i make an offshore account and still trade online, paying my profits into an offshore account and will it be tax/vat free ?

I get my wholesale merchandise with no VAT obviously, from USA. I really dont want to be taxed on my items, so will an offshore account be worth thinking about?

Thanks  David
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Topic: Lowtax.net General
UAE
I have worked in the UAE for the last 7 months and my interest is in the safety andlegal laws affecting the labourer here.  kazi
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Topic: Lowtax.net General
Please help
I will be selling software online. Where is the best place to open a company if I want zero VAT rates and minimal corporation tax? The company will trade online and should be able to accept credit card payments.I am not concerned about dividend taxation at this stage. Thanks  pete
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Topic: Lowtax.net General
Best option for my situation?
I have an e-shop and want to minimize corporation tax payable.My market is Western Europe. I am resident of Canary Islands . Where should I incorporate my company?I need a solution that would take credit card payments online.Thanks  steve
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Topic: Mauritius
New company setup advise
I am a UK resident and I want to setup a company that manufactures physical goods in Korea and sells/distributes them in Western and Eastern Europe and North America. The turnover would be in usd 1-2m region annually with profit at ~40%. Can this type of activity be classified as e-commerce (if we setup website)? What is the best place to setup such a company as well as offshore bank account for the partners so that the dividend is not repatriated to the UK.  Kristina
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Topic: Lowtax.net General
New place to live
I look for a place with good internet connection, nice weather, cheap to live, nice nature, low tax, good international connections (by air), good medical infrastructure & English speaking (or second language).

Any ideas?

 IT-guy
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Topic: Dubai
or dubai
Dois-je payer des impĂ´ts pour venir avec de l'or en poudre pour raffinage a dubai? quel est la procedure arrivee a l'aeroport?  debes
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Topic: Lowtax.net General
Best Jurisidction for E-Commerce Web-Site?
I am looking for the best jurisdiction for my e-commerce startup. It is important that it has a DTA with Denmark as the e-commerce startup should be a subsidiary of a danish holding. The main customers are in Europe. I am not looking for a Belize or Seychelles company or any other discount company formation service. Any advise?  
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Topic: Lowtax.net General
Consultancy services
Hi

If I provide consultancy services to customers situated in a number of jurisdictions through an offshore company, would this company be having a presence or some sort of permanent establishment in these jurisdictions? Do double taxation treaties help in this regard?  HH
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Topic: Lowtax.net General
Expatriate
My company needs to send some employees to a high tax, North European country for period of 1-2 years. We have established that they would not be liable to any earnings outside this country.

Can anyone recommend how we could set-up a "dual contract" arrangement so that they also have an employment in a 3rd (preferably European) country where they can receive earnings from the dual contract at a low or zero rate? We could arrange them to visit said country for conferences, training advice etc - so prefer it to be in Europe to keep costs low.  
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Topic: Switzerland
off-shore company in Switzerland
Intend to establish a domiciliary company in CH. The company will fullfil all the basic requirements:
• will be both foreign-controlled and managed from abroad;
• will have a registered office in Switzerland (i.e. at a lawyer's premises);
• will have neither a physical presence nor staff in Switzerland;
• will carry out all of business abroad;
• receive only foreign source income.
What federal / cantonal / municipal level of the corporate income tax rate may be expected? Thanks.
 
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Topic: Lowtax.net General
Less Tax
If anyone could give me some advice it would be great.

I am thinking of selling a house in Australia, and paying the necessary taxes.
This money will then be transferred to Europe.
I know that if you have cash or other earnings you will not be entitled to an Australian Pension untill that cash disappears.
So that no trace or so that the Australian Tax Office does not know I would still have the cash, where and how do you suggest I deposit it to use as I like when I like?
Is Switzerland safe? Malta? Litchenstein? Anywhere in Europe?
What do you suggest???

Thanks!  Aussie
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Topic: Lowtax.net General
US effectivelly-connected income
I am considering establishing an LLC in the US. However, I am not sure whether my services (actually combined into a product) will qualify or not as effectively-connected income. I will sell a magazine (investment advisory) to clients around the world. Will my proceeds from US customers be classified as US-sourced income?

Many thanks  
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Topic: Hong Kong
US Expat-HK company
I am a US citizen who formed a HK limited company as my home base for a publishing company. All of the company income comes from the US and the UK directly from distributors. I do not directly sell to bookstores or customers-I let the distributors do all of the legwork. I do not have residence in any one country and move about Asia regularly. The money is usually put directly into my company account in another country where I have established a branch office. I pay myself a (small) salary as the company rep in that other country. Local accountants have advised me on my tax responsibilities in these two Asian countries. I basically pay income tax in the second country (none in HK).

I have been operating under the assumption that my US tax responsibilities are limited to the small salary I am paid. I only own 10% of the HK company shares, and the rest are not claimed by anyone. Whatever extra money there is sits in the company account and I have not taken out any extra over what I am paid in salary.

Is what I am doing illegal in any way? It's not my intention to be breaking any laws, but one strange accountant recently told me that in her opinion my company should technically be paying 30% tax to the US because one distributor is there and HK has not tax treaty. The distributor does not give me any tax forms and says only that they interpret the law differently. I thought that sounded crazy, but I thought it best to get other opinions.  Thomas Leary
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Topic: Switzerland
SWITZERLAND
WHAT ARE THE REOMMENDATIONS AS TO SWITERLAND FOR OFF SHORE BANKING? HAS THE SITUATION CHANGED BECUASE OF THE UBS SETTTLEMENT SUIT?  
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Topic: Bahamas
UK to Offshore based consultant
Witholding tax, someone explain? A UK based business can't just pay a fee to a Seychelles or BVI company...they have to withold tax?

To elaborate a Seychelles based company owns a 20% stake in a UK start up. Instead of investing money th Seychelles company is providing advice and research and for this charges a 20% profit sharing agreement? The UK company has to write this down as a cost and the Seychelles company is based in a tax free environment. What are the problems with this?

Please feel free to comment or email timcarling@gmail.com if you feel you can provide a solution here.

Thanks all,  
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Topic: Cyprus
EU DOCTOR TO TRANSFER TAX DUTIES TO CYPRUS
Could a doctor who is practising in a EU country, transfer his tax duties in Cyprys, while he continues to practise in the other EU country?  JULES PASCAL
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"Who says the government doesn't have a sense of humor.
CARTOON ARCHIVE

Continued, from above. Although FATCA can be portrayed as just a way of tightening up on the collection of tax on overseas income streams, in reality it is a part of the package of 'anti-offshore' legislation which the Democrats have happily been pushing through now that (perhaps only until November) they can call the shots in the Congress. The pent-up head of steam they had developed while in opposition may have been released, but in the process they seem to have been blinded to the possible consequences of their legislation.

Since March, there has been a torrent of negative comment from the institutions and jurisdictions that will be affected, as well as from Republicans and business groups in the US. Many have said that the legislation is 'impossible' to implement, and that the result will be to exclude US investors, whether individuals or companies. Faced with the extra compliance costs of having American clients, institutions may simply turn them away.

Now the IRS has got to square the circle, and is inviting public comment before it issues guidance on how to implement FATCA. I imagine that it will be swamped with suggestions and criticism. Perhaps the IRS, in common with many investors, is hoping for a landslide in the mid-terms, and that Congress will reverse or moderate the law before it has to be put into effect, in 2012.

Ciao, Kitty.

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New On The Network Today

This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
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