OTTAWA — Defence Minister Harjit Sajjan stood by the Liberal government’s plan to re-examine ballistic missile defence following a flurry of NDP references to Star Wars — both the movie franchise and Ronald Reagan’s controversial plan to militarize space. The issue erupted on the floor of the House of Commons on Monday, after the Ottawa…
Google, Apple, Coco-Cola, Bank of America, Ford, General Electric, JP Morgan Chase, Wal-Mart, American Airlines and at least 285,000 others will tell you that this is their legal address.
In fact, more than 50% of all U.S. publicly traded companies and 63% of the Fortune 500 is incorporated in Delaware. Last year 133,297 businesses set up here.
A Company per Person
With a population of 907,135, the estimated 897,934 number of businesses in Delaware means that in that state there is almost one corporate entity per person.
The Blue Hen state is a domestic tax haven and for near three hundred years its mainstay has been the business of attracting companies from neighbouring areas like New York and New Jersey with its business-friendly corporate legislation; most notably its franchise taxes.
Delaware is an attractive ‘onshore’ tax haven for a number of reasons; here are the top three:
1. Ease of Incorporation
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“PM Cameron also ruled out blacklisting countries on the basis that they were zero- or very low-tax jurisdictions.”
“Asked about blacklisting tax havens, the PM said: “We’re happy to support blacklists but we don’t think we should draw up a blacklist solely on the basis of a territory raising a low tax rate – we don’t think that’s the right approach.”
Why do these two statements give PM pole-position?
For one its fair and balanced and recognises that you cannot legitimately engage in a tax rate debate when the EU and OECD have set down a tax rate which support’s Ireland’s international Financial Centre at 12.5% below which countries are deemed to be ‘tax havens’.
It is fair and balanced because we know the Us is now the leading International financial Centre in large measure because of their refusal to participate in the new Automatic Exchange of…
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The European Commission (EC) wants the same level of access to information as Switzerland has promised the United States under its FATCA agreement.
What is FATCA? :http://franhendy.com/2012/05/10/10-fast-facts-about-fatca/
The Swiss however remain steadfast in their opposition to extending similar treatment to its European neighbours.
According to European Union (EU) Tax Commissioner Algirdas Semeta, speaking in Le Temps newspaper, there are seven Swiss fiscal regimes – three cantonal and four federal – which are ‘problematic’ for Europe.
Importantly, Semeta does not believe that the ‘Rubik’ deals that the Swiss government have negotiated with a few EU members are compatible with European transparency principles.
Simply put though these ‘Rubiks’ allow the Swiss to remit a ‘withholding’ tax on assets held in their banks to the countries of which the account holders are taxpayers but without exchanging information on those bank account holders.
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So tonight’s PBBC Panarama programme on the Panama Papers was a total yawn.Besides the tepid reporting and comical ‘stings’ on a couple of people whose names turned up in the leaked files there was not much else to recommend it.
However, the post BBC news clip about the leaks which featured the now, well-worn innuendo about independent small state international financial centres, the sound bite by the Director of the OECD Centre for Tax Policy and Administration who has some oversight in the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and Automatic exchange of Information (the new standard) did shed some light on what, to my mind, is the bigger question..Why Now?.
The other by-product of the Panama Papers was to perhaps inadvertently provide further support for the US position that it will not exchange taxpayer information with countries that can’t…
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