Facebook only pays 4 percent tax on global profits. How much do you pay for your taxes? I’m sure it’s more than what Facebook pays. And yes, Facebook is not the only one who enjoys the leeway.
It’s no longer a secret that small businesses pay more taxes than their big bros. “Thanks” to complicated tax structures and advanced accounting practices, corporations seem to be able to get away from paying a fair amount of taxes. It sucks, really – but what a small shop on a small town’s high street can do?
Well, it seems that the adage “when there’s a will, there’s a way” holds true in business taxation. Just ask these local traders of Crickhowell, Wales, United Kingdom. With the help of BBC’s presenter, Heydon Prowse, they embarked on a near-impossible journey worth following: Seeking justice and fair play in business taxation.
The idea is this: If Apple, Google, Facebook and other large corporations can do it, why can’t small business owners do it, too? The first question to answer: How to pay less – even no – taxes like the big corporations do? The answer lies in where your assets located, which is most definitely mean offshore. It sounds like a James Bond movie, right? It even sounds like a Mission Impossible movie.
But hold on.
What looks impossible made possible by seeking proper help. Contacting the right consultant, lawyers and service providers – that’s what exactly the representatives of Crickhowell local businesses do.
The journey to DIY tax avoidance scheme takes them to the trenches – the locations of 30,000 multinational companies registered on the Isle of Man, the premise of 4,000 multinational companies registered in Amsterdam (you’ll be surprised!), and other “dark” places.
Just released in February 2016, this BBC documentary is worth-watching, even if you’re not dealing with anything related to taxes and offshore banking/company. You might want to, though, after learning how 😉
Have you watched the documentary? If so, I’m sure you’re amazed that avoiding taxes like the big bros is possible. It’s perfectly legal. The big question is, what about the ethics and moral issues related to tax avoidance?
Depending on your business’ financial planning strategy, going offshore with your assets might be a great solution – or not. Always consult with your trusted lawyers and consultants for the best route.
What’s your view on this? Please share yours!