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Perhaps one of the most notorious ways people hide money: opening offshore accounts. These are typically in tax havens, places with little to no tax liability, says Josh Zimmelman, owner of ...
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The Tax Justice Network ranks the US third in terms of the secrecy and scale of its offshore financial industry, behind Switzerland and Hong Kong but ahead of the Cayman Islands and Luxembourg. [2] The United States has been popular as a destination for offshore funds for Chinese investors, said Canadian financial crimes expert Bill Majcher ...
CORPNET's top 5 Conduits and top 5 Sinks are 9 of the 10 largest tax havens identified in 2010 by one of the academic founders of tax haven research, James R. Hines Jr. Hines' 2010 list of 10 major tax havens only differs in its omission of the U.K., which in 2010, had only just reformed its corporate tax system. [12]
Some tax shelters are questionable or even illegal: Offshore companies. Due to differing tax rates and legislation in each country, tax benefits can be exploited. Example: If Import Co. buys $1 of goods from India and sells for $3, Import Co. will pay tax on $2 of taxable income.
When it's time to settle with Uncle Sam at the end of the year, don't overlook some IRS-approved tax shelters that might lower your tax bill. A good tax shelter is a legal way for a taxpayer to...
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