IM and offshore companies

by Barry Walls 11 replies
What reasons are there (apart from ethical) not to run your IM business from a business in an offshore tax haven and pay zero tax?

I'm thinking about Panama...any comments?

Barry
#main internet marketing discussion forum #companies #offshore
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  • Profile picture of the author myob
    I don't know about in Ireland, but in the US, FEDS are cracking down.
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    • Profile picture of the author BlogBoom
      I've noticed a lot of companies going offshore and figured it was for tax reasons but also wondered how many are leaving to try to avoid FTC crackdowns, etc?
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      • Profile picture of the author myob
        There are advantages to operating offshore, including LOWER taxes. But operating offshore just to evade taxes as originally posted "tax haven and pay zero tax" is just asking for a whole lotta trouble.
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        • Profile picture of the author Richard Tunnah
          Originally Posted by myob View Post

          There are advantages to operating offshore, including LOWER taxes. But operating offshore just to evade taxes as originally posted "tax haven and pay zero tax" is just asking for a whole lotta trouble.
          Sorry I too was replying to the OP post about avoiding paying tax which is a dangerous route in many countries that can land you in a 6 x 4!

          Rich
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          • Profile picture of the author Barry Walls
            What about rescinding your domicility and moving abroad?

            Listen...google use Ireland as their European base for no other reason than it has the lowest corporation tax rate in the EU. 65% of US listed multinationals companies don't pay any corporation tax...that's a fact. If your business is virtual, why not draw a salary from an offshore company and accumulate your capital offshore...completely legal IMO.
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            • Profile picture of the author myob
              Originally Posted by bigjock View Post

              What about rescinding your domicility and moving abroad?
              There is no reason to physically move. Just register as a corporation in Panama or whatever, and be sure to FILE YOUR TAXES. There is nothing wrong at all in trying to minimize your taxes legally, and there are many other ways of doing this. Trying to evade taxes is going to get a retirement that you never planned on.

              You really need to seek better tax advise than Google.
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            • Profile picture of the author Steve Garrett
              Banned
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              • Profile picture of the author Barry Walls
                Originally Posted by Steve Garrett View Post

                Uhh .... no it isn't. It is an oft quoted falsehood.
                Uhh...yes it is...Erin pulled all the figures out last week on CNCB...figures...named and shamed. Im sure its on youtube somehwere....she pulled it from filings.

                Edit to say: US Corporation taxes and multi national companies...most US companies pay taxes, but the big boys don't pay taxes to the US. Merrill just recently posted a loss in London so big that they wont have to pay corp tax for >60 years or something last week as well. Not that its related, just interesting....they're a US company taking tax losses in London.

                http://business.timesonline.co.uk/to...cle4543223.ece
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  • Profile picture of the author eprenuer
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    it's not unethical to go overseas
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  • Profile picture of the author Richard Tunnah
    I can tell you that the UK government started raiding leading UK accountants to get details of people/companies using offshore companies/banks to avoid tax. I know this as my accountant was raided as they have some big name clients. I'd advise getting proper tax advise as there's many legal ways to limit your tax liabilities in many countries now.

    Rich
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  • Profile picture of the author VegasVince
    Originally Posted by bigjock View Post

    What reasons are there (apart from ethical) not to run your IM business from a business in an offshore tax haven and pay zero tax?

    I'm thinking about Panama...any comments?

    Barry


    Some of us would say it's unethical to let the United States government rape, pilage, our plunder are hard earned money via taxes....... to finance THEIR OVERSEAS VENTURES.

    Living Overseas - International Real Estate, Overseas Jobs - Expatriate Resources - Overseas Retirement (no affilliate...so don't sweat it.)


    Probably the best source of overseas information on the web.......




    xxx Vegas Vince
    The Vegas Vince Diary
    Living Life and Marketing Behind the 8-Ball.
    November 2008
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