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
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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. |
|
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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.
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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. |
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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. |
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| 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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New Thread |
| 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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New Thread |
| 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: 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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New Thread |
| 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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New Thread |
| 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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New Thread |
| 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: 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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New Thread |
|
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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L L
H G E W I N D F A L L
C A S H A X P E E U X L I
A C I K T R C N X W T F N
F S M C I I E H V C P Y C
L I B C N H A T E Z I I O
A F E G P A R U U Q T S M
T S E R E T N I J B U P E
I S V D Y E I I Q Z E E Y
P D J V V O N R F N L R R
A M E E Y X G G S Y A U N
C L R T B L S I W L S K D
T A X A T I O N A C C U O
E Q V R K N R S Y E N O M
Word
list
Capital, Cash, Duty,
Earnings, Exchequer, Excise, Financial,
Fiscal, Income, Interest, Levy, Money,
Pension, Price, Rate, Rebate, Revenue,
Salary, Taxation, Windfall
Quiz
One
of these words is not in the puzzle,
which is it?
Clue
Berate
the chancellor to recover your
tax?
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Kong Full PBTG Guide, added to Personal Business Tax Guide |
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- Another Hong Kong?, Investors Offshore special feature |
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Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
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