Home
>
Political
>
Continuing Change in the Offshore World

Continuing Change in the Offshore World

The offshore financial centres have been forced in recent years to review almost every aspect of the ways in which they operate in response to the international anti- money laundering laws and initiatives by major economies such as the E.U. and the U.S.A. to increase co-operation in the areas of preventing tax avoidance and tax evasion. These pressures continue and it is clear that the only way forward is for these centres to eliminate, as a priority, all forms of discrimination between different classes of taxpayer. Some jurisdictions have taken active steps to secure their futures, but some have difficulty in doing so and some are having to give up the struggle.

Gibraltar's tax haven status to be scrapped

Gibraltar is an example of a territory with a discriminatory tax regime. A non-resident may form a company there, which pays an annual flat tax of between ?225 and ?300. The same company owned by a local resident may pay tax at 35% on its profits. Gibraltar is a member of the E.U. and a dependent territory of the U.K. It was recently announced that Britain, threatened by Court action, has given into E.U. demands to abolish the special tax regime.

The Gibraltar exempt company regime will accordingly close as from July 2006 and will be abolished altogether in 2010. In the intervening period the number of companies benefiting from the scheme will be capped at 8464 and any company, which changes ownership, will lose the benefit immediately.

Jersey

Jersey is another territory, which may encounter problems. It relies heavily on the financial sector for its revenue, much of which is generated from a flat corporation tax on companies, owned by non residents, but conducting their trading activity elsewhere, in much the same way as Gibraltar.

The Island is considering introducing a goods and services tax and/or a zero rate corporation tax as part of its solution to the problem. In the meanwhile the debate goes on. The local newspaper has reported that some fund managers would like to join the E.U. and a former Economic Advisor to the government has been quoted as saying that any clamp down on its tax haven status would force the Island to consider joining. In more colourful language, one of the members of a local professional body is reported as having said that the jurisdiction would "self-implode within three years" because "it is "staggeringly dependent on corporation tax".

Problems Onshore

It is not only the offshore centres, which are feeling the pressure. The E.U. is attacking the Dutch International Financing Activities scheme and the Belgian co-ordination centres scheme. In the U.S. the I.R.S. has forced Mastercard to supply records of transactions of U.S. residents with accounts in Antigua, Barbuda, the Bahamas and the Cayman Islands. The government has entered into exchange of information agreements with these territories and is negotiating agreements with Panama and the British Virgin Islands.

The Chesterfield Group provides a full range of trustee, and corporate advisory, formation and management services and invites enquiries. More particulars can be found on our web-site http://www.chesterfield-management.com REF=CH3EZ

car service from Midway Burlington .. Lockport Chicago limo O’Hare

In The News:

Tech expert Kurt “CyberGuy" Knutsson says a malware app called SpyLend is posing as a financial tool, hitting 100,000-plus downloads.

Tech expert Kurt “CyberGuy" Knutsson says Clone Robotics’ Protoclone mimics humans with 1,000 muscles – too human for comfort.

Tech expert Kurt “CyberGuy" Knutsson urges you to use Apple’s App Privacy Report to see what your apps are really up to.

Tech expert Kurt “CyberGuy" Knutsson talks about how to smoothly transfer your data from an old laptop to a new one using cloud storage or external drives.

Kurt the CyberGuy offers tips to safeguard your personal information as scammers become more sophisticated with scam texts and other methods.

WeRide's unmanned electric delivery van, the Robovan W5, has 194 cubic feet of cargo space and can carry payloads up to about 2,205 pounds

Kurt the CyberGuy recommends deleting 16 browser extensions immediately in response to a report saying more than 3.2 million web users were affected by a security breach.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

A robotics firm in China claims a robot has performed the world's first humanoid robot front flip, which is significantly more difficult than a backflip.

A digital ID may be even more secure than a physical ID. Storing your driver's license in your Apple Wallet is an ideal solution for commuters.

A cybersecurity firm has shed some light on just how common tax scams have become. Kurt the CyberGuy offers his advice for how to protect your refund.

Lifesize Plans offers immersive walk-throughs that allow customers the opportunity to tour a home's design before construction actually begins.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

A man invested $4 million in bitcoin and lost it all with a single click when he was targeted by a vishing scam, which uses phone calls to trick people.

Expandable's Touchdown is a designer trailer that promises a luxury off-grid living experience and unfolds into a home in about 15 minutes.

Major employee screening company data breach affects 3.3 million people. Tech expert Kurt “CyberGuy" Knutsson explains what happened and gives five ways to protect your data.

Kurt “CyberGuy" Knutsson reveals mind-blowing tech that gives you sunlight on demand.

New malware "FrigidStealer" targets Mac computers. Tech expert Kurt “CyberGuy" Knutsson offers four ways to stay safe from infostealer malware.

Kurt “CyberGuy" Knutsson talks about how lab-grown muscles power a biohybrid hand for scalable prosthetics and research.

Reports of task scams have significantly risen in the past four years, according to the Federal Trade Commission. Kurt the CyberGuy offers some red flags.

iPhones have a hidden folder that eats up storage without you knowing it. Kurt the CyberGuy offers some tricks to free up storage on your device.

A recent ransomeware attack targeted Zacks, an American investment firm, and a cybercriminal claimed to have stolen records for millions of customers.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Researchers unveiled a new soft prosthetic hand that combines the natural coordination patterns of our fingers with the decoding of motoneuron activity in the spinal column.

Accidentally deleting a text message on your iPhone or iPad is not a problem if you still need the message. Apple has a built-in way to recover it.

Continuing Change in the Offshore World

Political