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You are here: MacNN Forums > Community > MacNN Lounge > Political/War Lounge > Ways to Avoid/Reduce Paying Taxes

Ways to Avoid/Reduce Paying Taxes (Page 3)
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Jan 30, 2011, 05:08 AM
 
Originally Posted by ShortcutToMoncton View Post
He's a journalist. Isn't this the kind of thing that most people would like journalists to do - put themselves in the middle of an area that's murky or poorly understood by most people, and let us know how it works "on the ground"???


I'm trying to figure out if you fully read the article. If so, you would have picked up on the fact that, several times, he was essentially told that it was "okay" to do things that other parties then told him was either illegal, or legally dangerous.

It's a "big deal" because it's skirting a very, very fine line.


For the record, from what I could see, what was in there was almost exactly what I've already argued in this thread - that to truly enjoy any significant tax benefits from using this method, you're probably going to have to move out of Canada in order to do so.
Hey, my name's ShortcutToMoncton. I read this article on the Internet, and I am therefore an expert in the subject. You can't save money on taxes in tax havens unless you 1) break the law 2) move out of the country! This guy who says he's an author has an accountant/friend who told him that this guy said that... whatever.

And the rest of the world moves on in reality, while you wave your hands in the air on an Internet forum. Sometimes I get the impression you're trolling.

There is nothing illegal about using tax havens in foreign countries to save money on taxes within the realm of law. This is a fact. There are tons of companies doing it, and reporting these structures to their respectives governments. Don't just label people mink coat border jumpers who use tax havens because you project your own bias and ignorance on the topic.

As long as you declare and pay taxes on your income in your home country... as long as you declare any assets you transfer to yourself from said business... as long as the legal structure and tax treaties with x country provide a legitimate framework to save taxes on net profits... you're not breaking the law.

There's nothing Canada, the US, or anyone else can do. The law is the law. They might not like it. You might not like it. But there's places in the world with literally zero income tax. After months of research, advice from accountants, and people in the field, I've figured out the best fit for me. And there's nothing illegal about it. I declare everything I am required to to the government. I'm not going to explain the legal structure here because it's not the place. If you do some research, you'll figure it out.

Of course, not every business is set up to utilize tax havens. Portability plays a role, and so do tax treaties. Look into it and get a good international accountant to see if a tax haven is right for you and your business.

Love them or hate them, here's a good example of a big company, as already posted, using, with the IRS's approval, a tax haven:

http://www.businessweek.com/magazine...1043146825.htm
( Last edited by freudling; Jan 30, 2011 at 05:23 AM. )
     
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Feb 1, 2011, 11:17 AM
 
When you're allowed back in, why don't you go ahead and explain the legal structure then? There should be no problems at all with you doing so - after all, like you said, everything's perfectly legal.

You're exactly right - the business is the key aspect. There's always an exception to every hard-and-fast rule, and that's the problem here: you didn't mention what type of business/income you have. So without that information your original question was, in retrospect, a stupid one.

Otherwise, your sarcasm is annoying and also stupid. I know a fair bit more about this subject than just "an article" on the internet. Unfortunately, my advice generally doesn't come free.
Mankind's only chance is to harness the power of stupid.
     
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Feb 7, 2011, 11:52 PM
 
Originally Posted by ShortcutToMoncton View Post
When you're allowed back in, why don't you go ahead and explain the legal structure then? There should be no problems at all with you doing so - after all, like you said, everything's perfectly legal.

You're exactly right - the business is the key aspect. There's always an exception to every hard-and-fast rule, and that's the problem here: you didn't mention what type of business/income you have. So without that information your original question was, in retrospect, a stupid one.

Otherwise, your sarcasm is annoying and also stupid. I know a fair bit more about this subject than just "an article" on the internet. Unfortunately, my advice generally doesn't come free.
Blah... I'm not going to explain the legal structure of my company to you here because it's none of your business.

But I will point this article out, and it does a good job of explaining how one very large, well-known company is operating in a tax haven, legally, and with the IRS's approval.

Oh, and as for your knowledge and advice on this subject, I'd suggest you might want to switch over to providing it for free.

The Tax Haven That's Saving Google Billions - BusinessWeek
     
 
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