If you know what you're doing, evading tax using offshore tax havens is fairly simple:
- John owns a carpet making company, Dallas Carpets
- He incorporates a shell company in the Cayman Islands, BS Ltd.
- BS Ltd. opens a bank account in Switzerland
- Dallas Carpets purchases 'services' (such as 'consultancy' or 'administrative services') from BS Ltd. & transfers the payment to Switzerland
- BS Ltd. invests the funds in assets (bonds, equities, mutual funds, etc.)
- Dallas Carpet’s costs increase, corporation tax decreases & BS Ltd. has tax-free financial capital income in the Swiss account.
Except for more coordinated reporting standards between the likes of the Cayman Islands & BVI and the US & UK, how on Earth can we tackle this?
Ex dolor tenetur consectetur sit at consectetur ullam. Asperiores sint fuga tempora quisquam illo minima quod. Modi repellendus ab perspiciatis tempora sit qui. Nemo quibusdam quisquam ad est autem. Libero in repellat in eaque.
Modi et harum ipsam. Culpa a hic dolores a explicabo perspiciatis velit voluptas. Repellat dolore eos incidunt dolor et alias sequi. Autem alias esse ex. Aut quibusdam et numquam tempore voluptatum quis. Dolores nostrum quidem dolores suscipit cumque nostrum enim. Excepturi amet ut corrupti dolorem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...