I just need to share this story. Why? Overwhelmingly surprised and in the same time, feeling highly appreciated.
I was contacted by my previous clients from Dublin a couple of days ago asking about the tax planning for their businesses. Previously, I remember advising them on the tax especially related to the entitlement of offshore tax haven thingy since they had some projects in exotic islands including Gibraltar. For a record, it is not something to do with the tax evasion though. This is completely LEGAL. Promise.
Normally for big and global companies, strategizing on tax regimes is a must top 3 business or corporate strategies. Ask Intel or Apple.
The offshore tax system or regime could be quite a complex concept. When I was working with one of the prominent investment banks in Canary Wharf, London, we had a dedicated team looking after tax and compliance matters including offshore tax. Certainly you may hear about offshore tax countries like Gibraltar, Isle of Man, the British Virgin Islands, the Cayman Islands and the Channel Islands.
For me, they 'labelled' as offshore tax havens as those countries could 'afford' to offer a lower tax regime. Their economies do not need that massive capital flow anyway. Just fishermen and a place to safeguard their money, virtually.
They have a good running business as hoteliers and a construction company. It just that taxes related to constructions are quite extensive to certain extends withholding was around 25%, to be kept on shore especially in Ireland.
Needless to say about double tax treaty agreements between offshore tax haven countries in which I think still have some rooms to be manipulated. At the end of the day, it is a choice of strategy.
Since some efforts made to get tax haven countries to sign tax information exchange agreements (TIEAs) and mutual legal assistance treaties (MLAT), my previous clients were a bit unsure whether their plan of actions are legally ok.
Well they just need to be cleared on tax planning part as well as the difference between tax shelter and tax evasion.
I was contacted by my previous clients from Dublin a couple of days ago asking about the tax planning for their businesses. Previously, I remember advising them on the tax especially related to the entitlement of offshore tax haven thingy since they had some projects in exotic islands including Gibraltar. For a record, it is not something to do with the tax evasion though. This is completely LEGAL. Promise.
Normally for big and global companies, strategizing on tax regimes is a must top 3 business or corporate strategies. Ask Intel or Apple.
The offshore tax system or regime could be quite a complex concept. When I was working with one of the prominent investment banks in Canary Wharf, London, we had a dedicated team looking after tax and compliance matters including offshore tax. Certainly you may hear about offshore tax countries like Gibraltar, Isle of Man, the British Virgin Islands, the Cayman Islands and the Channel Islands.
For me, they 'labelled' as offshore tax havens as those countries could 'afford' to offer a lower tax regime. Their economies do not need that massive capital flow anyway. Just fishermen and a place to safeguard their money, virtually.
They have a good running business as hoteliers and a construction company. It just that taxes related to constructions are quite extensive to certain extends withholding was around 25%, to be kept on shore especially in Ireland.
Needless to say about double tax treaty agreements between offshore tax haven countries in which I think still have some rooms to be manipulated. At the end of the day, it is a choice of strategy.
Since some efforts made to get tax haven countries to sign tax information exchange agreements (TIEAs) and mutual legal assistance treaties (MLAT), my previous clients were a bit unsure whether their plan of actions are legally ok.
Well they just need to be cleared on tax planning part as well as the difference between tax shelter and tax evasion.
