Tax haven - Factbites

Tax haven - Factbites
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Topic: Tax haven

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	Tax haven - Wikipedia, the free encyclopedia
		Switzerland is a tax haven for foreigners who become resident after negotiating the amount of their income subject to taxation with the canton in which they intend to live.
		A tax haven is a place where certain taxes are levied at a low rate or not at all.
		The UK is a tax haven for people of foreign domicile, even if they are UK resident (residence and domicile being separate legal concepts in the UK), in that they pay no tax on foreign income not remitted to the UK.
	en.wikipedia.org /wiki/Tax_haven (1171 words)

	tax haven - Hutchinson encyclopedia article about tax haven
		Tax havens are often used by companies from different countries that register in the tax haven in order to avoid paying tax.
		Tax havens include the Channel Islands, Switzerland, Bermuda, the Bahamas, and Liberia.
		Country or state where taxes are much lower than elsewhere.
	encyclopedia.farlex.com /tax+haven (121 words)

	Tax treaty - Wikipedia, the free encyclopedia
		Tax treaties tend not to exist when either party regards the other as a tax haven, for obvious reasons.
		For example, many tax treaties operate to provide tax relief to a corporate group when a state has imposed a corporate income tax on profits earned by a subsidiary corporation and another state otherwise would impose a corporate income tax on its parent corporation when those profits are distributed as a dividend.
		Tax treaties exist between many countries on a bilateral basis to prevent double taxation (taxes levied twice on the same income, profit, capital gain, inheritance or other item).
	en.wikipedia.org /wiki/Tax_treaty (598 words)

	The United States is a tax haven for the foreign investor trading shares on any one of the U
		Tax havens are used by hundreds of thousands of American and foreign businessmen and individuals all over the world.
		An IBC is not taxed in the Bahamas or Anguilla.
		Since this tax rate is higher than the top capitol gains tax rate of 28% (and is not deductible under 26 USC § 164), it is advisable to sell your securities beforehand, and transfer the proceeds in cash to the offshore (holding) company.
	www.tax-freedom.com /IBClaws.html (2822 words)

	SMS Panama As a Tax Haven Page 5 of 9
		The legislation amends the tax treatment of trusts so that income on property and on transfer of assets is exempt from taxation where a resident trust has foreign source income and/or foreign situs assets.
		Under the Temporary Incentives Tax Law 109 of December 30, 1974, industrial, service, agricultural and livestock companies may receive accelerated depreciation of fixed assets, dividend tax exemption if accumulated profits from previous years are reinvested, and a 25% deduction for reinvestments in assets used in producing income up to 30% of total tax payable.
		Tax exemption extends to transfer of immovable property and of cash, certificates and securities assigned to the founder's spouse or close relatives.
	www.offshore-protection.com /panamaHaven5.html (2518 words)

	Global Investing Tax Haven Glossary
		Tax Exchange of Information Agreements - often signed when a tax treaty is negotiated, this agreement allows for the IRS or another country's taxing body to obtain normally confidential information on a person or corporation in the tax haven who they are investigating.
		If the tax haven has a double taxation agreement with the United States, the U.S. citizen will receive a tax credit or deductions offsetting the tax paid to the tax haven.
		Tax Treaties- permits the corporate owner of a tax treaty country, such as a U.S. citizen, to take a tax credit or a deduction so that person is not taxed by both countries.
	www.craofamerica.com /giglosery.htm (792 words)

	SSRN-The Demand for Tax Haven Operations by Mihir Desai, C. Foley, James Hines
		Tax haven operations facilitate tax avoidance both by permitting firms to allocate taxable income away from high-tax jurisdictions and by reducing the burden of home country taxation of foreign income.
		The evidence suggests that the primary use of affiliates in larger tax haven countries is to reallocate taxable income, whereas the primary use of affiliates in smaller tax haven countries is to facilitate deferral of U.S. taxation of foreign income.
		Firms with sizeable foreign operations benefit the most from using tax havens, an effect that can be evaluated by using foreign economic growth rates as instruments for firm-level growth of foreign investment outside of tax havens.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=593546 (444 words)

	Tax haven life insurance policies under scrutiny
		Tax Commissioner Michael Carmody said it appeared these arrangements which are based in tax havens may not comply with the tax law on a number of levels.
		Tax haven based life insurance policies are the subject of the latest Taxpayer Alert issued today.
		Investors thinking of purchasing life insurance policies from life insurance companies based in overseas tax havens need to be aware the Tax Office is concerned about the claimed tax effect of these arrangements.
	www.ato.gov.au /content.asp?doc=/content/Corporate/mr2003032.htm (304 words)

	SMS Panama As a Tax Haven Page 1 of 9
		Once regarded as the Western Hemisphere's primary financial and trading tax haven, Panama's status as a banking and free trade zone sanctuary was severely curtailed in the late 1980's because of the infamous Noriega affair but has since recaptured its prominent position as one of the most attractive and successful offshore jurisdictions.
		The resurgence of Panama's stature as a tax haven was helped by more than a billion dollars of aid and the repatriation of hundreds of millions of dollars of refugee funds, which had sought other sanctuaries.
		In fact, Panama was declared a "harmful" tax haven in the OECD Report, placed on the "black list" of the Financial Action Task Force, and graded "uncooperative" by the Financial Stability Forum.
	www.offshore-protection.com /panamaHaven.html (884 words)

	OPM Tax Haves Resources & Data Base: Offshore Incorporations, Living Overseas, International Real Estate, Overseas Investments, Expatriate Resources,Overseas Retirement, Tax Havens
		Tax havens are one of the most important keys for the international investors, yet few professionals understand and use them properly.
		A TAX HEAVEN is a foreign country that as a series of unique characteristics, the primary one being relatively lower tax rates in comparison with other countries.
		While "tax evasion" is illegal, "tax avoidance" is not.
	www.taxhaven-opm.org (242 words)

	CCH Business Owner's Toolkit Your State Tax Obligations
		In our state tax discussions, you'll find information on initial formation and filing and licensing fees, the state taxes imposed on your business income, and the various sales and use tax issues specific to your state.
		Whether you take care of your own tax matters or have a tax professional that handles your obligations, you and your business are the ones on the line.
		We ask that you use our federal-level discussions of general tax issues (such as selecting a business entity and your sales tax obligations) for background when going through the state information.
	www.toolkit.cch.com /text/P07_4500.asp (439 words)

	Tiny Nations Home To Trillions - CBS News
		She compares the drive against tax havens with the civil rights movement of the 1960s, in which she participated, and the feminist and environmental movements of more recent decades.
		For example: When London's Tax Justice Network (TJN) reported a month ago that rich individuals worldwide had stashed $11.5 trillion of their assets in tax havens, it caused a fuss in Europe.
		They're tax havens: 70 mostly tiny nations that offer no-tax or low-tax status to the wealthy so they can stash their money.
	www.cbsnews.com /stories/2005/04/25/world/main690492.shtml (1048 words)

	Politics of Oil - The Center for Public Integrity
		Bob McIntyre, the director of Citizens for Tax Justice, a government watchdog that has studied the issue, says that big companies with tax haven subsidiaries are able to conduct complex transactions that shelter their profits.
		One expert says companies locate in tax haven countries for a variety of reasons, many of which are absolutely legitimate—and have little or nothing to do with avoiding taxes.
		Vice President Dick Cheney was also a big fan of locating subsidiaries in tax havens during his days as CEO of Halliburton Corp.
	www.publicintegrity.org /oil/report.aspx?aid=346 (1438 words)

	Should the Internet Remain a Sales Tax Haven? -- Revised 12/23/99
		Technically, the tax that is due on a purchase from a merchant in another state is a "use tax" rather than a sales tax.
		But a large majority of the sales taxes due on mail-order and Internet purchases made by individual consumers and a significant share of the taxes due on purchases made by businesses are effectively uncollectible.
		The combination of weak tax compliance by purchasers and a sharply limited tax collection obligation on the part of remote sellers is eroding the sales tax base of state and local governments.
	www.cbpp.org /12-13-99tax.htm (3147 words)

	Tax Prophet Hot Topics - August, 2000
		Tax havens will agree to information sharing with the OCED countries, but only when there is an actual tax or criminal investigation.
		These countries will have one year to develop a plan to eliminate their tax haven activities by abolishing their bank secrecy rules and their taxing regimes that do not tax capital and services of foreign corporations.
		Of course, imposition of these restrictions will run these countries out of the tax haven business, except for the hardcore international criminals who do not report their income or activities to their home countries in the first place.
	www.taxprophet.com /hot/aug2000.html (1019 words)

	New Haven Independent: Tax Hike Feels Inevitable
		I understand the wisdom of restructuring the tax system so that the burdon doesn't fall so much on the property owners, but that is a long way off.
		Dinnean pointed to a.46 percent growth in Grand List tax revenue, calling that a big plus to offset the past year’s expensive court cases, and toward recovery, still, from the deep dip into rainy day funds in '01-'02.
		He highlighted an increase in revenue from motor-vehicle taxes – but recognized the car tax as the hardest of all to collect.
	www.newhavenindependent.org /archives/2006/03/budget_mtg_take.html (723 words)

	Offshore banking, havens, jurisdictions & tax havens: Hungary, Ireland, Isle of Man & Israel
		The mild south is especially attractive as a retirement haven and for a select group like writers and painters, it is a zero tax haven.
		Most onshore countries have provisions within their tax legislation whereby any company, no matter where it is incorporated, which is managed or controlled from within their jurisdiction can be considered tax resident and taxable on worldwide income at local rates.
		Third party investigating tax authorities will be bound by the terms and conditions of the applicable tax treaty and clients will be protected against the almost ubiquitous reverse burden of proof employed by other developed nations.
	www.offshore-manual.com /223_6.html (2019 words)

	Tax Havens offshore services trust services asset protection financial planning tax free International tax planning Bahamas Anguilla
		Revenue Canada's library purchased a copy of Tax Havens of the World (8th edition/2003) direct from me the last week of July, and then faxed my invoice to me and said their check was in the mail.
		If you are an American taxpayer beware the tax consequences of any foreign trust formed by any bank or trust company in any tax haven.
		Telling the tax court you are not the settlor of a foreign trust is perjury.
	www.endtaxes.com (1833 words)

	Tax Haven B2B Definitions
		A nation offering low tax rates and other incentives for individuals and businesses of other countries to locate there.
	www.encyclopedia-wiki.org /encyclopedias/b2b-definitions/Tax-Haven.html (19 words)

	Tax Haven Reporter
		Order a subscription to the TAX HAVEN REPORTER ($200/12 issues) and receive FREE a copy of our 306 page book TAX HAVENS OF THE WORLD new 8th edition (2003) (reg.
		To order Tax Havens of the World ($80) or the newsletter - the Tax Haven Reporter ($200 yr/12 issues) write:
		I enjoy each and every issue of the "Tax Haven Reporter".
	www.endtaxes.com /offshorethr.html (391 words)

	Finding the perfect U.S. retirement tax haven (Page 1 of 3)
		That well-off retiree won't have the property taxes to worry about, but because of his resources, he could be hit harder by a state's income-tax rates.
		Some cities and boroughs (roughly equivalent to counties) also collect property taxes, although the first $150,000 of assessed value is exempt if it's owned by residents 65 or older.
		Just how hard the income tax hit will be depends not only on where you decide to retire, but also the source of your retirement money.
	www.bankrate.com /brm/itax/news/20051107a1.asp?caret=21 (505 words)

	CNN - New York the tax haven? For one week only, on clothes - Jan. 18, 1997
		For one week, starting Saturday, the state is waiving its sales tax of 4 percent on most clothes and shoe purchases under $500, plus whatever sales taxes municipalities choose to suspend.
		"This tax is the most regressive, most damaging tax to people who have limited incomes of any, because it doesn't respect the level of income that you have," said New York Mayor Rudolph Giuliani.
		The state takes in $6.7 billion a year in sales tax, with an estimated $600 million of that from clothing.
	www.cnn.com /US/9701/18/tax.free.week (458 words)

	NAURU
		Australian tax authorities have blacklisted the country because of its tax haven status.
		Nauru is one of the few tax havens that allow corporations to move in or out without dissolution.
		The costs for obtaining this type of license would be in the order of USD 20,000 and the time-scale would be one to two months.
	www.offshore-manual.com /taxhavens/Nauru.html (829 words)

	Your retirement plan: tax haven or trap?
		Is it a tax haven or a tax trap?" "Maybe both." I said, leaving him a bit bewildered.
		In light of the three year moratorium on the 15 percent excise tax, affectionately referred to as the "success tax," many are wondering if it makes sense to take large early distributions from their pension balances.
		Will Rogers said, "The major difference between death and taxes is that death doesn’t change every time Congress meets." Your retirement plan is also a tax trap, a triple tax trap.
	www.physiciansnews.com /finance/797.html (899 words)

	Offshore News and more tax haven info
		A tax haven is a place where certain taxes are levied at a low rate or...
		Tax Havens offshore services company and trust services asset protection financial planning tax free International...
		advantage of a tax haven is by moving to the tax haven.
	www.offshore-income.com /jp/tax-haven/tax-haven-info.htm (463 words)

	frontline: tax me if you can: uncovering schemes: haven or havoc? PBS
		Andorra, Liechtenstein and Monaco are currently on the OECD blacklist of uncooperative tax havens.
		While the tax agreements somewhat bolster the U.S. government's ability to prosecute corporations and individuals engaging in tax evasion, the agreements are limited, and in most cases do not allow the IRS to investigate suspected corporations or individuals unless there is a court order or strong evidence of criminal activity.
		European officials introduced the new directive seeking to discourage tax evasion and increase tax revenues in their own countries, and because Cayman is a member of the British Commonwealth it is required to abide by the EU directive.
	www.pbs.org /wgbh/pages/frontline/shows/tax/schemes/cayman.html (1368 words)

	TAXED TO DEATH: NI 220 - Tax-haven heaven
		In his paper to the Conference Johanssen took great pains to point out that job-based income is going to shrink over the next decades and if those who drew their income from stocks, interest and property escaped paying their proper share there would be little money left to support the poor and the unemployed.
		In recent years Johanssen had seen one of the world’s most equitable systems of income tax systematically dismantled in favour of what he regarded as a hare-brained system of indirect taxes that would hit those on fixed incomes and hit them hard.
		One problem is that tax-avoidance schemes rob local governments and put a disproportionate tax burden on the middle and lower income groups.
	www.newint.org /issue220/heaven.htm (1947 words)

	Tax haven clients turn heat up on their advisers - Business - Business
		The WA allegations illustrate the pitfalls of entrusting assets to tax haven service providers: it may be difficult to control the money or get it back.
		LAWYERS and accountants who allegedly recommended the secretive tax haven services of Jersey Islander Philip Egglishaw are being targeted by both clients and criminal investigators, court documents show.
		Businessmen who have contacted the Herald are awaiting the outcome of that action to shape their own defence against tax avoidance and evasion claims relating to dealings with Mr Egglishaw.
	www.smh.com.au /news/business/tax-haven-clients-turn-heat-up-on-their-advisers/2006/01/15/1137259944001.html (797 words)

	Accenture Looks to Secure Tax-Haven Status
		Senior congressional tax writers plan to make a tiny change to tax law that will ensure that the consulting company doesn't have to pay a tax bill in the U.S. that could run into the tens of millions of dollars annually.
		NEW YORK -- Accenture Ltd. is nearing a lobbying victory to ensure that the company doesn't have to pay a hefty tax bill in the U.S., The Wall Street Journal reported Thursday.
		Lobbyists for Accenture, which was spun off from Arthur Andersen in 1989, are quietly working to persuade lawmakers to add the measure to a normally innocuous measure called a "technical corrections" bill, which is typically reserved for fixing typos and correcting punctuation in the tax code.
	www.nysscpa.org /home/2005/705/2week/article39.htm (176 words)

	Foldvary: The Bermuda Tax Haven
		Incorporating in tax havens is not a pure gain to the shareholders.
		Some are incorporating in other tax havens, such as the Cayman Islands in the Caribbean.
		It is the U.S. tax system that is greedy and unpatriotic, not those who seek to escape government takings.
	www.progress.org /archive/fold249.htm (636 words)

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