University of Florida Assistant Law Professor Omri Marian discusses potential tax abuses using Bitcoin.
Omri Marian speaks on Bloomberg Television’s “In The Loop.” Source: Bloomberg News.
Category Archives: Other Tax & Money Havens
Countries With Capital Controls
We have compiled a list of countries that currently have capital controls. However, notice that Belize have a two system economy. The local banks and the local economy with capital
controls,and the international banks with their international clients with no capital controls.
To some extent this is “more or less” the case with some other countries as well, like for example Cuba and Malaysia.
Great Blue Hole in Belize, a paradise for foreingers. Phone courtesy of Wiki Commons
Here are the countries with capital controls in alphabetic order:
Argentina
Brazil
Belize
China
Colombia
Cyprus
Cuba
Ecuador (1
Egypt
Iceland
India
Indonesia
Iran
Malaysia
Mexico (2
Russia
South Africa
South Korea
Taiwan
Ukraine
Venezuela
Description:
1.) Ecuador taxes you 5% on every wire, check, ATM or visa/master card transaction you make outside of Ecuador.
2.) Mexico have a limit on cash US Dollar transactions. However, Mexico is mainly a cash society.
Let us know if you are aware of updates to the countries mentioned above or other countries that should be added to the list.
The Arctic a New Tax Haven
Russia has confirmed details of tax breaks lasting from between five and fifteen years for new oil projects in the Arctic shelf from 2016, including an exemption from export duty and from VAT on the purchase of equipment. Offshore projects will also benefit from a 5% “Arctic” mineral extraction tax rate, in comparison to the usual 30% rate.
Russia creates a new Tax Haven in the Arctic. The Arctic consists of the Arctic Ocean and parts of Canada, Russia, Denmark (Greenland), Norway, Sweden, Finland, Iceland, and the United States (Alaska).
The announcement follows an agreement between Russian ministries over new incentives that had been first suggested in April 2012. At that time, then-President elect Vladimir Putin had promised a “stable and predictable” tax regime that would attract investment worth USD0.5 trillion over the next 30 years.
However, foreign companies looking to invest will have to be minority partners with Gazprom or Rosneft, as due to foreign investment laws licenses are available only to the two state-owned companies. Given the lamentable history of Russian state participation in oil and gas projects, it may be difficult for them to find partners.
Global Tax Rates Comparison
Hong Kong and Switzerland are attractive with relatively low effective tax rates. Many international corporations have relocated to these two countries the last decades.
The worst ones are Greece, Belgium and Italy. We expect both people and corporations to continue to flee these countries the coming years.
Click on the image to get a larger picture.
Source: Economist
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