Twelve no/low tax countries share data on companies with no substance with UBO's country
- Thread starter Martin Everson
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But if John Doe is only visiting UAE once every 6 months, just to keep his visa active, then he is spending his time on Thailand throughout the year. As a result his business is being "carried on" from Thailand. As such, his business income is attributable as Thai-sourced income, and fully taxable in Thailand. Isn't that right?
because probably are in a 0% region when having an offshore somewhere. The problem now is that this *** offshore is asking for 9% tax; so what to do? close it and say to habibis' bye bye or what?
Does this mean that opening an offshore company in any of these jurisdictions will get you reported to your country of residence automatically? Sounds it became useless to open a company there anymore unless you provide a residence in a country where you no longer live.
Yes if there is no economic substance and BO is non-resident.
Some people use offshore companies for many reasons where it will still serve a purpose unrelated to tax.
Some people use offshore companies for many reasons where it will still serve a purpose unrelated to tax.
thats why the uae became so popular. It is relatively speaking quite easy to acquire a lot of substance in the form of office space, director, ubo, shareholder having a residence visa and local apartment for a "now a thing of the past" zero tax.
I would never rule out a enforcement drive though - and the thing is Thailand increasingly is doing a few things that should have anyone thinking they can skirt around and nothing will happen.
- filing extradition and red notices (even for petty things).
- charging money laundering on anything and everything.
- opting for prison terms opposed to fines.
- filing extradition and red notices (even for petty things).
- charging money laundering on anything and everything.
- opting for prison terms opposed to fines.
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