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The Case For Tax Havens
There seems to be building publicity a case for so called Tax Havens which I totally agree with, but the label 'Tax Haven' is a poorly chosen description that causes the most emotional reaction from those and in particular politicians, who believe the citizens of the world should pay as much tax as possible to prop up free spending, inefficient and in some cases, corrupt Governments.
Those (and there are many) who support competitive tax rates around the world would be served better by ditching the words 'Tax Haven' and 'Offshore'. I watch so many films where the bad guys are hurriedly downloading millions into their 'offshore' account before they are caught. The reality is of course, the bad boys would not be open a Bank account in the first place under current due diligence rules.
The use of Private offshore accounts has really come to an end. The vast majority of clients trade internationally by using the perfectly legal IBC Company System. NOT 'OFFSHORE COMPANIES', a term used for dramatic effect. An International Business Company or as most commonly described as, an IBC Company is designed to trade across international borders free of tax and free of additional taxes such as the vicious European Value Added Tax or VAT. The current rate of VAT in the UK is 20%. Described as 'Value Added Tax'. Added valued for whom? It is beyond ridiculous to tax people on goods and services by using income that has already been taxed heavily in the first place.
The attack dog of the European Union and the USA tax authorities is the OECD (The Organisation for Economic Cooperation and Development). The OECD supported by The United Nations is trying to shut down IBC Company jurisdictions by threats of financial protectionism. There are around 70 so called tax havens in the world which include the US (Delaware Companies) and The United Kingdom.
Countries offering competitive tax rates to foreigners are a foil against governments imposing heavy tax rates on Companies. I find it amazing that the Irish Government in past years attracted thousands of Companies, including Blue Chip Companies to their shores whilst at the same time attacking their own citizens for doing the same thing in other countries. This is typical of the hypocrisy of politicians.
Countries offering competitive tax rates are some of the richest nations in the world. Their economies built on financial services and thus employing thousands of people enjoying high living standards, which otherwise would not exist. These countries also promote better governance not only in their own country, but also in those countries employing high tax rates.
Finally, I believe that these low tax countries assist high tax nations. Clearly national politicians have a somewhat captive audience when applying tax rates to their citizens, but often offer competitive tax rates and advantages, including citizenship to inward investors.
Article supplied by Charles Farran