Can I get into trouble with this?

[manager]

If the local tax authorities find out that I am withdrawing the money of my offshore company will I get into trouble?


Will it count as personal income or will it still count as the income of the offshore company, meaning that I won't have any troubles even if they find out?

 

[JohnLocke]

If the local tax authorities find out that I am withdrawing the money of my offshore company will I get into trouble?

You will get troubles if you didn't made them aware that you own a offshore company that actually is earning money and that you don't pay tax from the money you take out, in some situations, you will even get troubles from the profits the company gain without reporting it to the tax authorities.

 

[orangeye]

Never withdraw the money from a offshore corporate account to your personal account, I'm still learning about all this, but I realised that this was one of the first mistakes one can do

 

[naomi]

Why is that so? If no one can see who the money is coming from then why not make the transfer.


Is it okay to withdraw the money in ATM?

 

[JohnLocke]

You can always withdraw the money in an ATM. The money can be traced back to you as the owner of the company if the authorities obtain the required court order!

 

[blainchain]

So best is to not withdraw the money in an ATM but how can we get our money without to pay tax then?

 

[JohnLocke]

You can withdraw the money in an ATM but just bear in mind that there is a risk involved if this card can be connected to you personally.

 

[stuntbiker]

If the local tax authorities find out that I am withdrawing the money of my offshore company will I get into trouble?
Will it count as personal income or will it still count as the income of the offshore company, meaning that I won't have any troubles even if they find out?

You will only face troubles if you don't pay tax from the money you withdraw! also it will "count" as personal income tax!

 

[stuntbiker]

You will only face troubles if you don't pay tax from the money you withdraw! also it will "count" as personal income tax!

Where do we have to report it to avoid any troubles?

 

[plunk]

To your local tax authorities like any other income.

 

[JohnLocke]

To your local tax authorities like any other income.

Correct, you will need to include the withdrawals you made when you file your personal tax.