Strange as it may seem today, in Ancient Rome, urine was a valuable commodity. It was collected from the cesspools where the lower classes of society emptied their small pots, and the public toilets which the upper classes used, and recycled. The Roman’s used the urine to bleach/clean clothes, make leather soft, dye clothes, make…
Many tax haven banks offer attractive rates of interest to attract capital into the developing countries financial system. As developing countries are higher risk than developed countries, they must pay higher rates of interest to attract foreign investment. An example, of those higher risks is the 2012–2013 Cypriot financial crisis. The crisis was a result…
This strategy involves purchasing a corporate box sponsorship package for the AFL Football, rugby, horse racing, speedway, etc. For fixed price sponsorship packages the business will normally pay one fixed price for the following benefits: Signage and advertising rights (This promotes the business’s name at the ground, on signage, on uniforms, on web sites and…
Tax farming was originally a Roman practice set up by Gaius Gracchus in 123 BC whereby the burden of tax collection was reassigned by the Roman State to private individuals or groups. The tax collectors were known as publicani. The best known is Matthew the Apostle, one of the twelve apostles of Jesus, who was…
Structured financial entities are established by financial institutions (banks and companies) to sell their debt securities to investors. This commonly involves the securitising of mortgages, credit card receivables, car loans, aircraft refinancing, etc. The issuers receive cheaper and more efficient funding combined with greater balance sheet flexibility, whilst the investors receive fixed income with a…
Holding a Christmas party on business premises during work hours is the most tax effective option for businesses. The cost of a light meal and drink will be tax deductible to the employer with no FBT liability incurred. The meal can be several courses and include a variety of foods, but must exclude alcohol. In…
The first income tax is generally attributed to Egypt where the Pharaohs collected taxes from their citizens. There is documented evidence of a biennial event, the ‘Following of Horus’, no less than a royal tour when the pharaoh appeared before his people and collected taxes. Egyptians did not have coined money, so their taxes were…
A captive insurance business is an insurance company that is wholly owned and controlled by the insured. The company’s objectives are to provide themselves with better insurance coverage at lower costs (by avoiding the commercial insurer’s expenses and profit margins). Cayman Islands is a leading offshore domicile for captive insurance companies as it has modern…
This strategy makes private pet ownership costs tax deductible (under certain circumstances). Having pets in the workplace involves the employer acquiring pets for the workplace (whether an office, factory or warehouse). The pets could be the standard, cat, dog, fish, ferret, bird, snake, or any other pet really. The business benefits of pets in the…
Under the Bala Tax, Mesopotamia taxed almost everything – livestock, grains, handicrafts, funerals, etc. The most burdensome tax though was the Labor Obligation. This was also called the ‘going’ or ‘burden’ in Babylonian languages. Under the Labor Obligation Tax, a free man, the head of his household, owed the government several months’ of labour service…
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2