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TwlLlghT: Lin Hong, a creature... finally author realize his inhumanly repetitive plot *clap clapThe Divine Nine-Dragon Cauldron · C226
TwlLlghT: Wow... a small antagonistic family brought about a less smaller fu*king governor. And there's the slow release rates tooThe Supreme Lord Donghuang · C34
The Supreme Lord Donghuang · C34
Why Are the Cayman Islands Considered a Tax Haven?
BY CLAIRE BOYTE-WHITE - Updated Jul 30, 2019
The Cayman Islands are one of the most well-known tax havens in the world. Unlike most countries, the Caymans don't have a corporate tax, making it an ideal place for multinational corporations to base subsidiary entities to shield some or all of their incomes from taxation.
In addition to having no corporate tax, the Cayman Islands impose no direct taxes whatsoever on residents. They have no income tax, no property taxes, no capital gains taxes, no payroll taxes, and no withholding tax. They are therefore considered tax neutral, although U.S. and UK citizens living in the Caymans must file income taxes with their respective revenue departments.
Instead of earning revenue through direct taxation, the Caymans earn revenue via fees related to stay-over tourism and work permits, financial transactions, and import duties. Duty taxes are levied on most goods imported to the Caymans, at a rate of 22% to 27%. Some items, such as baby formula, are exempt from duty taxes, while other goods, such as automobiles, are taxed at a higher rate based on the value of the vehicle. For expensive cars, the duty tax rate can be as high as 42%.
What Is a Tax Haven?
A tax haven is any location that has very lenient or even non-existent tax laws. There are numerous tax havens around the globe, including Switzerland, the British Virgin Islands, Bermuda, and Dominica. The specific tax laws in each location vary. While some simply tax income at lower rates, sometimes as low as 2%, others have virtually no taxes. The British Virgin Islands, for example, has no corporate tax, estate tax, inheritance tax, gift tax or sales tax, and it has an effective income tax rate of zero.
How Do Tax Havens Work?
Tax havens provide offshore banking services to foreign individuals and businesses that allow them to avoid paying income taxes in their countries of residence. For example, a large corporation might establish an offshore subsidiary in the Cayman Islands and direct all sales through the subsidiary rather than through the parent company based in the United States.
In this case, the shell corporation earns the company's profits and is subject to the tax laws of the Cayman Islands rather than the United States. Instead of being subject to the U.S. corporate tax rate, which stood at 38.9% in 2017, the company's profits are subject to whatever corporate or income taxes apply in the Caymans.
Tax Laws in the Cayman Islands
The Caymans have become a popular tax haven among the American elite and large multinational corporations because there is no corporate or income tax on money earned outside of its territory. This includes interest or dividends earned on investments, making the Caymans especially popular among hedge fund managers.
Instead of taxes, offshore corporations pay an annual licensing fee directly to the government. This fee is based on the amount of authorized share capital the company has.
Like all tax havens, privacy laws are paramount. The Caymans make it easy for individuals and business owners to shield their assets and identities from prying eyes.Scholar's Advanced Technological System · C277
TwlLlghT: Maybe this one will became that privileged thingy. Since it's not authorized yet, the chapter became free insteadScholar's Advanced Technological System · C0
Scholar's Advanced Technological System · C0
Divine Brilliance · C0
TwlLlghT: Even throwing computer!? Wtf they're rich all rightScholar's Advanced Technological System · C271
Scholar's Advanced Technological System · C271
TwlLlghT: Did he really need to crush her hopes like that lolScholar's Advanced Technological System · C270
Scholar's Advanced Technological System · C270
TwlLlghT: Bye novel. it was fun and face slapping while it lastedRebirth Of The Urban Immortal Cultivator · C138
Rebirth Of The Urban Immortal Cultivator · C138
WonderDuckie: Finally the author is letting the rest show up at once. He took pity on us when we were cowering fear at the thought of having to read 20 chapters of introductions that all sound the exact same as the one before...Rebirth Of The Urban Immortal Cultivator · C136
WhosaysIamaDaoist: Which is odd because he still has the offer as head instructor from the military.Rebirth Of The Urban Immortal Cultivator · C130
TwlLlghT: Zero point one percent... okay mtl for sure. And badly edited tooWarlord of Chaos · C1
Warlord of Chaos · C1
Lancron: Well it’s subtle but Chen Fan was a bit ticked off by the third wei son especially since he knew the guy bullied his friend weijun. So he’s just decided to break off from the wei family since there’s nothing he can benefit from his relationship with themRebirth Of The Urban Immortal Cultivator · C130
Rebirth Of The Urban Immortal Cultivator · C130
Rebirth Of The Urban Immortal Cultivator · C130
Scholar's Advanced Technological System · C260
TwlLlghT: Those appetizers looks more like main course to me... they seemed... a lot -_-Rebirth Of The Urban Immortal Cultivator · C127
Rebirth Of The Urban Immortal Cultivator · C127
The Supreme Lord Donghuang · C24
Scholar's Advanced Technological System · C257
TwlLlghT: Countering bad luck for being hit by truck... no isekai route thenRebirth Of The Urban Immortal Cultivator · C124
TwlLlghT: Only when you didn't have any clash of interest with them... but when you do... then you're either gonna beat the hell of their connections or be beaten instead (jailed, etc)Path of Medicine With a System · C29
True_Sheol: Corrupt politicians and bureaucrats (it's a public hospital) might not be bad personally, but they are still morally corrupt. The difference is whether you know or have evidence, or if you're blissfully ignorant. Many, if not most, local politicians are quite corrupt, but their local constituents only know him or her as a nice person that fights for their area. That's why they keep getting re-elected despite public investigations. Their voters want to act blissfully ignorant.Path of Medicine With a System · C29
Rebirth Of The Urban Immortal Cultivator · C124
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