Legal Reasons to Use a Tax Haven
Without doubt, the dominant legal reason to use tax havens is to save tax. Many taxpayers, especially multi-national corporations, can legally save tax by structuring their affairs to use a tax haven.
Apple, for example, has saved US$86 billion in US taxes by funnelling revenue through its tax haven entities and leaving the profits overseas. Currently they have $US246 billion sitting in tax haven bank accounts (which is 77% of their 2016 balance sheet assets).
Similar posts you may like
- Tax Planning Strategy 186 | Holding Companies
Tax planning strategy 186 A holding company is a parent corporation that owns enough voting shares in another company to control its policies and Read more
- Labuan is a base for more than 6,500 offshore companies
Capital city: Victoria Currency: Read more
- Living in a Tax Haven
The tax systems of most OECD and developed countries are very similar. Generally, individuals who are deemed to reside in their country will be Read more
- Who Uses Tax Havens?
Tax havens can be used by individuals, small businesses, large businesses, Fortune 500 companies, governments, charities, and non-profit organisations. The numbers are staggering, with Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2