The release of the Panama Papers last April certainly ignited a firestorm of controversy and made for some sensational headlines. However, chances are that not everything you’ve heard about this now-infamous leak is true.
On paper, the US has what is often said to be the highest corporate income tax rates in the developed world. At 35 percent, the US’s corporate income tax is the highest rate compared to all of the OECD industrialized nations.
Since their release in early April, the Panama Papers have been making waves. German newspaper Süddeutsche Zeitung reportedly obtained these confidential records from an anonymous source and then shared them with the International Consortium of Investigative Journalists.
As an individual working overseas or settling in a location for favorable taxation, international tax planning can be quite a hassle. The rules and regulations are often complex, and understanding what you need to do to comply with all necessary domestic and international requirements can seem daunting.
Malta has amongst the lowest tax rates in the EU so it is not surprising that you can found a company in Malta in compliance with community laws which offers a number of advantages that can be compared to those of offshore companies.
Each and every year, millions of Americans living abroad have to file their tax returns and pay what they owe to Uncle Sam. Believe it or not, the US is one of just two countries in the world to tax citizens living abroad.
The city of Amsterdam is reportedly planning to institute a tourist tax to curb the influx of visitors into the city. Tourism has increased dramatically in Amsterdam in recent years, sparking protest from locals. T
Andorra signed the agreement on financial transparency (based on the OECD AEoI) with the European Union. The aim of the accord is to prevent clearly the citizens of the EU member states to hide their wealth in the city-state.
In August 2016, the European Commission ruled that Ireland must recover up to €13 billion from Apple after it was discovered that the company was able to successfully avoid paying taxes to the country on virtually any profits.
Apple has long sparked criticism for its deference of tax payments of foreign earnings, facing allegations of hoarding its cash overseas to dodge tax responsibilities. In total, the company is estimated to hold a staggering 94 percent of its total cash holdings of around $294 billion outside of the U.S.