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I don't want to pay tax

  • #161
  • Jan 31, 2007 6:05am Jan 31, 2007 6:05am
Quoting vlal21
If what you say true how come in Switzerland we have such a higher standard of living for a country that collects so little in tax from it's citizens? Over here if your wealthy you can just tell the government you want to pay the "slump tax" which allows you to make billlions a year in profit and only pay a tax at a fixed level of the value of your house/apartment you own or you rent. So your little rant just shows the lack of knowledge you have about how the US government spends your hard earned money. Also in Swiss we vote on everything as the only true democracy. We control the government they don't control us.

Allelujah to that!
Technically America is not a democracy even on paper - it's a republic...However, in current times it does not even live up to that standard...
  • #162
  • Feb 8, 2007 3:47pm Feb 8, 2007 3:47pm
Panamanian Corporations and Private Investment Companies pay no tax on their income. There are no tax reporting requirements to the Panamanian Government on forex trading earnings. No taxation laws include no income taxes, capital gains taxes, interest income taxes, sales taxes, tax on issuance of corporate shares, tax to shareholders, stock sale or transfer tax, capital stock tax, property or estate tax, gift or stamp tax, succession tax and inventory tax.
  • #163
  • Feb 8, 2007 7:15pm Feb 8, 2007 7:15pm
Quoting octopus
Panamanian Corporations and Private Investment Companies pay no tax on their income. There are no tax reporting requirements to the Panamanian Government on forex trading earnings. No taxation laws include no income taxes, capital gains taxes, interest income taxes, sales taxes, tax on issuance of corporate shares, tax to shareholders, stock sale or transfer tax, capital stock tax, property or estate tax, gift or stamp tax, succession tax and inventory tax.

Of course, only if you live in Panama.
  • #164
  • Feb 8, 2007 7:31pm Feb 8, 2007 7:31pm
Quoting vlal21
If what you say true how come in Switzerland we have such a higher standard of living for a country that collects so little in tax from it's citizens? Over here if your wealthy you can just tell the government you want to pay the "slump tax" which allows you to make billlions a year in profit and only pay a tax at a fixed level of the value of your house/apartment you own or you rent. So your little rant just shows the lack of knowledge you have about how the US government spends your hard earned money. Also in Swiss we vote on everything as the only true democracy. We control the government they don't control us.
Ah yes, a true democracy. We don't know the definition of that here in Australia. 1 example would be how we voted (TWICE!) against daylight savings, but our shitty state government (thanks labour) brought in a 3 year trial. I do not like our government, they are overpaid, underworked and don't listen to the public. Maybe I will see you in Switzerland one day.
  • #165
  • Feb 8, 2007 7:41pm Feb 8, 2007 7:41pm
check out this website http://www.lowtax.net

Enjoy
Ademac
  • #166
  • Edited Jun 6, 2007 9:46am Feb 9, 2007 4:07am | Edited Jun 6, 2007 9:46am
{merlin edits post at poster's request}
  • #167
  • Feb 9, 2007 4:39am Feb 9, 2007 4:39am
Hey vlal21,
Thanks very much for the info. No doubt the gov has gone mad. Some of the highest taxes in the world just isn't enough lol.
I was half joking when I said I might see you there, but I definitely intend on visiting sometime.
By the sounds of it, I'm not earning enough to live there anyway! :
  • #168
  • Feb 9, 2007 8:25am Feb 9, 2007 8:25am
Quoting bodge
Hey vlal21,
Thanks very much for the info. No doubt the gov has gone mad. Some of the highest taxes in the world just isn't enough lol.
I was half joking when I said I might see you there, but I definitely intend on visiting sometime.
By the sounds of it, I'm not earning enough to live there anyway! :
Maybe one day you will make enough. Best of luck with the pip hunt
  • #169
  • Feb 9, 2007 11:58am Feb 9, 2007 11:58am
Quoting WHTenn
Of course, only if you live in Panama.
Not exactly. Anybody in the world can own a Panamanian corporation which in return owns brokerage, forex accounts, real estate and bank accounts. Thatīs standard
  • #170
  • Jul 16, 2009 4:52am Jul 16, 2009 4:52am
Quoting nashanaas
Is there a simple 1,2,3 way of avoiding tax legally?

I have gone through the posts and there is so much useful information e.g. Green Company articles and other items alike (mainly US tax related). I am waiting on VWB-III as well. But if there is a simpler way, please share.

Nash

PS. Information with respect to Australian tax system will be highly welcomed!
Change where you live (different country) every 3 months.
  • #171
  • Jul 16, 2009 5:02am Jul 16, 2009 5:02am
In Italy Forex is tax free, ora at least, the law let you easily and legally get away with it, and you are not even offshore
  • #172
  • Mar 12, 2010 2:04am Mar 12, 2010 2:04am
Im curious about something, If a US citizen lives & trades in Switzerland(trader tax free) for example, does he still have to pay taxes in the US??

Thanks in advance!
  • #173
  • Mar 12, 2010 3:43am Mar 12, 2010 3:43am
Quoting vlal21
If what you say true how come in Switzerland we have such a higher standard of living for a country that collects so little in tax from it's citizens? Over here if your wealthy you can just tell the government you want to pay the "slump tax" which allows you to make billlions a year in profit and only pay a tax at a fixed level of the value of your house/apartment you own or you rent. So your little rant just shows the lack of knowledge you have about how the US government spends your hard earned money. Also in Swiss we vote on everything as the...
Sorry, but grossly misleading post: There never was a "lump sum tax" for swiss citizens. Just for foreigners who a) prove sufficient means for their living (min 2 mio USD) b) grant a tax of about 60000,00USD p.a. -even if you have heavy losses.......

Forex37
  • #174
  • Mar 12, 2010 9:32am Mar 12, 2010 9:32am
Quoting danielcallem
Im curious about something, If a US citizen lives & trades in Switzerland(trader tax free) for example, does he still have to pay taxes in the US??

Thanks in advance!
If a person is an American citizen then by law there is no where you can hide from the tax man. Living in a tax haven does not release an American citizen from their obligation to pay tax on their income to Uncle Sam no matter where the income was earned.
You can renounce your American citizenship, but this cannot be done for the reason of avoiding paying taxes.

Always seek out competent professional advice on Tax matters. You must do your DD on anyone offering services in regard to offshore tax matters. It is easy to have a flashy web page promoting these services. Just remember it will be you that ends up on the receiving end of the I.R.S. jack boots not them if they are incompetent.


p.s. support the FairTax Plan... Abolish the I.R.S.

(a quick guide to main points of the FairTax Plan below)
http://www.fairtax.org/site/PageServ...sics_thumbnail
  • #175
  • Mar 13, 2010 4:49pm Mar 13, 2010 4:49pm
Quoting Forex37
Sorry, but grossly misleading post: There never was a "lump sum tax" for swiss citizens. Just for foreigners who a) prove sufficient means for their living (min 2 mio USD) b) grant a tax of about 60000,00USD p.a. -even if you have heavy losses.......

Forex37

"grossly misleading post:" Forex37? You need to use your reading glasses before posting dude. We are talking about foreigners living in Switzerland. At no point did I say anything about Swiss citizens having the same option of using the lump sum tax program.
  • #176
  • Nov 17, 2020 2:59am Nov 17, 2020 2:59am
Quoting Rusty_forex
In Australia, if you are a professional day trader, and trading is where you earn your full time income - then unfortunately, you will be made to pay income tax. If trading is not where you get most of your money from - then you wont need to pay any tax on your trading income. You could probably keep this away from the Australian Tax Office (ATO). (And pray to god you dont get audited) If you claim you are making 45K a year, and are driving around in a brand new registered Ferrari. Then you will be investigated by the ATO, and receive a massive...

They rather go to jail.... This make me laugh ... : )
  • #177
  • Nov 18, 2020 2:19am Nov 18, 2020 2:19am
Quoting nashanaas
Is there a simple 1,2,3 way of avoiding tax legally? I have gone through the posts and there is so much useful information e.g. Green Company articles and other items alike (mainly US tax related). I am waiting on VWB-III as well. But if there is a simpler way, please share. Nash PS. Information with respect to Australian tax system will be highly welcomed!
The legal way to avoid tax is to move to a country with no income and or capital gains taxes on Forex trading. This includes the UAE (e.g. Dubai), other Arab countries and Gibraltar too interestingly enough. You'll also find island states, but may not want to move there. Good luck!
  • #178
  • Last Post: Dec 1, 2020 6:18am Dec 1, 2020 6:18am
A friend told me that we can avoid taxes by not mentioning our profits in the form. But what if someone complains about me doing this. Is there anyone else who has been doing this?
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