18/03
| by Kitty Miv,
Editor - Interesting that while most
larger countries set about increasing taxes left,
right and centre, they don't dare change corporate
tax rates, indeed some even talk about reducing
them. Smaller countries aren't waiting, but continue
the 'race to the bottom' with all speed. This
week, Panama
and Brunei both announced reductions in corporate
tax. Continued, below
|
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Ecofin Adopts Mutual Assistance Law
Last updated 6 hours ago | Thursday, March 18, 2010
The European Council of Finance Ministers has adopted a Directive aimed at better clamping down on tax evasion by strengthening mutual assistance between member states in the recovery of taxes. |
|
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Panama Cuts Corporate Tax
Last updated 6 hours ago | Thursday, March 18, 2010
Panama’s President, Ricardo Martinelli signed on March 15 a bill
to reform Panama's Tax Code, adopting several tax measures to lower the company tax burden, ensure fiscal sustainability,
and simplify the tax system. |
|
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Caymans Welcome Miller Recommendations
Last updated 6 hours ago | Thursday, March 18, 2010
The Cayman Islands government has welcomed the general thrust of the
conclusions of the Miller Report, particularly its main recommendation
that the introduction of direct taxation in the jurisdiction should be
avoided. |
|
Ireland 'Safe' From US Tax Plans
Last updated 6 hours ago | Thursday, March 18, 2010
Irish Prime Minister, Brian Cowen has said that companies based in Ireland
can expect to face no sanctions from the United States, despite the Obama administration's plans to tighten the tax treatment of multinationals with operations in lower tax jurisdictions such as Ireland. |
|
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| Topic: Lowtax.net General |
| What's the cheapest offshore company formation service? |
I'm from the EU, and would like to open a company (either inside or outside the EU) that would allow me not to pay VAT when buying Internet services from the EU (typically from Germany). It would also provide me with a more professional name to hold all my domains and Internet services, and help me keep my home address private.
Can anyone suggest a good service that will take care of this? Cheapest meaning it shouldn't be too expensive to open AND maintain, as I won't really be trading anyway (using services for my own benefit at the moment, so I also don't need bank accounts etc. for the company)... Anto |
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| Topic: Lowtax.net General |
| Incorporating a travel ecommerce business |
Hello,
I am in the process of finishing a commission based global vacation rental business online. We take deposits of 200 - 1000 dollars at a time online.
I saw in an article that Anguilla banks do not allow ecommerce transactions.
Whats the bets place uae?
We are expected to earn over 400 k and would prefer to leave it off shore but still need to pay freelance or part time employees in the us and Europe.
Whats the best way to do this? Jay |
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| Topic: Lowtax.net General |
| Danish video production company going offshore |
A Danish video production company (adult entertainment) is looking to move/outsource certain business functions to a low cost/low tax location.
Any suggestions from people with experience in outsourcing of activities, effective balance sheet management techniques, and redeployment of cash flows will be appreciated.
Please, keep in mind that this is more than just about taxes, and that given the nature of the business, a number of locations/banks may not be considered as an option even as an exercise in eccentricity.
Regards
Albert |
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| Topic: Lowtax.net General |
| online poker |
Hi,
I have the the qestion regarding online poker.
Individual who is tax resident in eastern europe country plays online poker and quite good at it. The winnings are transferred now into his bank account that is opened in the country of residence. Although the tax rate is not really high, there may be problems with reporting this proceeds to the tax authorities.
Could you please share your experience. Is it feasible to collect all proceeds on bank account outside country of residence free of tax and use debit card or online banking then. I believe that these arrangements should be common, isn’t it? If it is feasible, what is the right place to open and maintain such bank account? Any other solution that is worth of considering?
Thank you!
|
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| Topic: Lowtax.net General |
| Austrian resident/ foreign company |
Could anyone comment on the consequences of an Austrian resident owning a foreign/ offshore company?
I'm thinking about the application of controlled foreign company rules to the ownership of a foreign company and what the effects would be. Thank you |
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| Topic: Andorra |
| Open business in Andorra |
Hi,
I am interested to have my own company in Andorra, in order to continue my business there and maybe to move there. Now I am working like sales agency in Romania for the foreign producers. What I must do in this case and also to have the Andorian citizenship?
Thanks,
Marius Marius |
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| Topic: Lowtax.net General |
| Tax Advice |
We have a Limited company in Hong Kong, and I am a resident of India.
I'd like to ask, how I can bring my money to India from our Hong Kong Company by paying minimum tax.
I'll be really glad if you can advise us.
|
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| Topic: Lowtax.net General |
| UK resident, non-dom question |
Hi
I am a UK resident but was born in Malawi. I moved to the UK when I was a kid.
I am director of a UK registered Limited Company and also a Company based in the UAE free trade zone. Both companies trade internationally. We buy from one country and sell to another. Never does the product land in the UK or UAE. None of our clients or customers are based in the UK or UAE. Realistically, we could use any company structure in any jurisdiction to run this business.
Ideally, I would like to remain living in the UK but do not really like the idea of paying UK corporation tax or UK income tax. I have looked at having an IBC in BVI / UAE / Mauritius / Seychelles etc etc and using nominee shareholders and directors.
However, whichever way I look at it, it seems that I am unable to find a legitimate scheme (according to UK tax law) that allows me to live in the UK and continue my business without always being worried that there is some small chance that the UK authorities may investigate me.
There must be a totally legal way of trading internationally whilst living in the UK without being taxed by the UK authorities? There must be a country with a low or zero tax rate that has some sort of double taxation agreement with the UK or where the UK exempts the foreign structure from tax liability in the UK (as per the Foreign Controlled Companies rules).
If anyone has any ideas, please let me know!!
Sepp Bududa |
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| Topic: Panama |
| low tax |
| I live in uk I am starting to trade the forex market can I have the profit paid directly to an offshore acount without incuring uk tax. thanks |
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| Topic: Cyprus |
| Cyprus corporate tax at 10 % |
| for a consulting company getting fees of distribution and advisory how far can this 10 % be lowered? in other terms, how far can we use the interest paid to the parent offshore company (re any eventual thin capitalisation rule)? how far can people deduct consulting fee to offshore companies (not the shareholders) to the Cyprus company to lower taxable profit to nil-1/2%. How is the practice? |
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| Topic: Lowtax.net General |
| Where should I setup an offshore company? |
I sell software on the internet. My customers are all round the world. I am UK based at present, but I would like to move overseas.
Which country should I setup an offshore company in? I have considered a GBC2 company in Mauritius but can anyone recommend another country?
Many thanks in advance. James |
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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 |
| business with Africa |
I am French resident living in france (I can change if NECESSARY), I got business in some countries in africa : wood, gold,...and its time for me to creta a company ,I would to know what would the best case for my business in terms of low taxes,banking,... and my personal income too ! please it is urgent to get answer and meet someone who can set up all my administration...
Ralph |
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| Topic: Lowtax.net General |
| Best way to go |
Hi, I am struggling to identify the ideal place to form an offshore company. I am a UK citizen but have not lived in the UK 5+ years & am currently living in SE Asia. The business will buy products from a Japanese company & onsell into UK, EU & the rest for the world, perhaps through new co's formed in each country.
I wish the Corp profits to be offshore and as I have no permanent place of residence as such any payments to me to take place in an environment where there are little or very income taxes but satisfy tax law requirements.
Is there a country in Europe I can have tax residancy with low taxes (without having to spend the majority of time there) that will allow me to spend more than 90 days per annum in UK? I read about Bulgaria but is Switzerland an option?
Regards
John John |
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| Topic: Lowtax.net General |
| Offshore company incorporation / Offshore Bank Account advice needed - Futures trading / investment setup required |
Hi im looking to incorporate offshore for the following setup:
I am a UK citizen, currently living/domicled full time in the Netherlands (currently paying PAYE income tax in Holland from full time employment).
I want to set up up XYZ limited offshore (open to all suggestions). Which will operate a financial derivative trading (investment) account with one of the large futures trading companies in London. The trades can be physically done from anywhere in the world.
Individual A invests/lends funds to XYZ limited which then deposits the money with a marketmaker/broker in the name of XZY limited. XYZ then invests the money in various automated investment trading strategies. If the company successfully makes a profit, then funds are transferred from the trading account back to the offshore company. The funds can then be transferred back to Individual A (which will then be responsible for his/her own tax liabilities) and commissions/management fees will be built up offshore in the bank account of XYZ limited. Is there anyone that is familiar with this kind of set-up or can reccomend a more optimal way of doing this?
Requirements I have:
Zero tax offshore liabilities.
No annual reports / records required.
Cost effective i.e. relative to other jurisdictions
Privacy / no personal records kept on file.
minimal annual fees / maintenence.
confidential / privacy
fast setup
Bank account requirements:
With large respectable bank - safety of deposits.
online banking - easy wire transfers in/out of the account
ATM / debit / credit cards linked to account - large withdrawel limits.
Physical withdrawel of large amounts of cash direct from bank account (if so required).
Fully English speaking service - with absoloutly no doubt of safety of deposited funds.
Willing to set up anywhere in the world that best suits my need.
Anyone that can help/advice would be much appreciated. Please contact me with email/contact details and ill be in touch.
Regards
Rajesh |
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| Topic: Lowtax.net General |
| Permanent traveler tax advice sought |
Hi all, I am hoping some of the experts here can share some insight on my situation.
I'm a Canadian/UK citizen. I work as an engineer for a Canadian company earning low 6 figures, but doing more and more work abroad. My employer has agreed to move me to a full time remote work schedule, with no need at all for me to return to Canada. I would become a contractor and invoice my former employer for my services.
I am planning to adopt the lifestyle of a permanent traveler and trying to sort out the best way to arrange my affairs to facilitate this. My research shows that in order to escape Canadian taxation I will need to show that I have emigrated to somewhere else. I am thinking about Bulgaria for its 10% income tax rate.
I'm very flexible about where I go and able to locate myself wherever is most advantageous. Generally though I will be traveling most of the time so I'd like to avoid places that need a lot of days in country or purchasing a home to qualify for residence.
My questions are:
- Is establishing another residence the only way to escape Canadian tax? If so, thoughts or advice on the best place to reside?
- What is the best structure for me to set up for contracting my services? Should I continue billing directly as myself, or set up a corporation somewhere?
- Any other advice?
Thanks! PermanentTraveler |
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New Thread |
|
Continued,
from above.
According to KPMG,
average rates fell in the last ten years from
35.0% to 26.30%, although the pace of change has
slowed during the downturn, as would be expected.
Even in the EU, which
has amazingly and probably unlawfully been pressurizing
the UK's dependent territories to renege on their
'zero/ten' corporate tax rates, average rates
have fallen.
An interesting side-show
in the EU this week has been the sandbagging of
Algirdas Semeta, the new Lithuanian Tax Commissioner,
by the Community's accounting backwoodsmen and
Luddites when he dared to speak up for the Common
Consolidated Corporate Tax Base (CCCTB). This
harmless proposal, which would enormously simplify
tax accounting across the EU, is routinely and
most unfairly attacked as a step towards harmonized
tax rates by vested interests whenever it is brought
out for its annual inspection, after which it
is returned to pasture.
It's now the tenth
anniversary of the CCCTB proposal. In a sane world,
it would have been put through on the nod. What
company in the EU would not want to be able to
use the same rules to calculate taxable profit
in every Member State?
I suppose they'll
find it easy enough to agree on the CCCTB once
corporate tax rates have reached zero, which at
the current rate of progress should be in 2035.
Happy 35th birthday,
CCCTB!
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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This feed is published daily with selected new or updated
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| TODAY 18/03: New
Lowtax Editor Column, by Kitty Miv |
| 17/03 IO
Focus: Hong Kong,
Investors Offshore special feature |
| 17/03 New
PBTG Editor Column, Caroline, PBTG editor |
| 16/03 Hungary
Summary PBTG Guide, added to Personal Business Tax Guide |
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03/03  Personal
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