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Corporate tax in UAE ‘is going to happen’
- Thread starter JustAnotherNomad
- Start date
Has anyone told them the ONLY reason businesses are in UAE is because its tax free? Do they think people actually like living or doing business under a one man dictatorship with no rights, voting ability or political representation and then have to pay tax for that privilege? Such GCC arrogance. They are having a laugh if they think taxation with no representation will work. Unless they have the lowest (> 0%) tax rate in the world it sounds ominous.
Then following that they will consider introducing personal tax.....lol. Hey good luck to them.
Then following that they will consider introducing personal tax.....lol. Hey good luck to them.
At least he expects the administrative fees to be lowered - but then again, if the overall taxes raised don’t increase, what would be the point.
They are having issues with OECD/EU wanting to strong arm them into accepting some kind of taxes so countries won't loose its rich cirizens from being taxed. It's called BEPS I think. Also current Covid 19 situation and economy is making things difficult for them more.
The Tax lawyers, CPAs themselves want to make money with this con game. Please reread the article who is making that statement. A lawyer.
Well it fits into a big overall picture. Thinking about a strategy to move to Malaysia which has territorial taxation system in place. You always have to get a plan B in place. Think why Andrew Henderson of Nomad capital moved to Malaysia. Yes UAE has 0 per taxation still but don't know how long it will survive.
Andrew Henderson lives in Georgia now. And according to his former assistant, he is breaking the law by effective managing his HK company from Georgia.
http://georgiatoday.ge/news/6447/OPEN-LETTER-on-Unfair-Dismissal-&-Alleged-Tax-Dodging
He’s a marketer. He’s not a lawyer. I would never work with someone like him.
http://georgiatoday.ge/news/6447/OPEN-LETTER-on-Unfair-Dismissal-&-Alleged-Tax-Dodging
He’s a marketer. He’s not a lawyer. I would never work with someone like him.
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Georgia does not have CFC rule though. Technically the problem of this dude is that he is dealing with customers on the Georgian soil, not just managing an HK company remotely.
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So he is basically a Peter Schiff i.e all talk sounds good but just wants your money. After his got your money you won't hear from him again. Sounds like same business model...lol.
That website is damning and sounds like the impression I get off him. His advice is never specific but damn obvious. You get 100 times more value and detailed info on this website or Mentor group than you will EVER get from Andrew Henderson and his youtube videos, blogs etc. I used to watch some of his stuff but realise he is a confidence trickster like Peter Schiff.
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CFC rules are not the issue. It is some sort of internet myth that CFC rules are that big thing and if a country doesn’t have them, you can do what you want. Nope, not true. They are only a “catch all” rule, “if you escaped all other rules and you’re STILL saving taxes, then this is how we’re going to screw you.”
It is also not an issue per se if he has clients in Georgia, though that of course makes it even more obvious.
But the effective place of management is the issue. Both in terms of corporate tax residency and permanent establishment.
In a country like Georgia, you can live tax-free off dividends paid by a company that you don’t manage from Georgia. But if your a*s is in Georgia and everything you do is done in Georgia, it does not matter where the company is registered or if Georgia has CFC rules. It also doesn’t matter where the customers are located - that’s only relevant when you don’t have PE:
“Legal entities incorporated abroad are normally treated as foreign tax residents (“nonresidents”) and are taxable on income from Georgian sources or income from performing business activities thorough their permanent establishment in Georgia.”
https://www2.deloitte.com/content/d...o Taxation and Investment in Georgia 2016.pdf
Of course they probably don’t enforce that for foreigners because they’re happy they bring some money into the country. But that doesn’t mean it’s what the law says.
It is also not an issue per se if he has clients in Georgia, though that of course makes it even more obvious.
But the effective place of management is the issue. Both in terms of corporate tax residency and permanent establishment.
In a country like Georgia, you can live tax-free off dividends paid by a company that you don’t manage from Georgia. But if your a*s is in Georgia and everything you do is done in Georgia, it does not matter where the company is registered or if Georgia has CFC rules. It also doesn’t matter where the customers are located - that’s only relevant when you don’t have PE:
“Legal entities incorporated abroad are normally treated as foreign tax residents (“nonresidents”) and are taxable on income from Georgian sources or income from performing business activities thorough their permanent establishment in Georgia.”
https://www2.deloitte.com/content/d...o Taxation and Investment in Georgia 2016.pdf
Of course they probably don’t enforce that for foreigners because they’re happy they bring some money into the country. But that doesn’t mean it’s what the law says.
Very true. I got info from you all and previous forum that was shut down by some unknown agency. Andrew only gives summarized info but he was helpful on my videos to make my offshore plans materialized initially. He
intially went himself for a Paraguay residency with the intention of getting a passport by paying someone which was pretty much all over YouTube as that person was a scam artist selling citizenship and advertising openly along with Andrew. I knew at the time the guy advertising was a scam artist. Interestingly, Paraguay is a territorial taxation country but its really not worth it to live there. Better option was UAE and Malaysia. Costa Rica is not worth it either as you feel kinda dead in Paraguay or Costa Rica.
Those bloggers are ok for some inspiration, but they really couldn’t care less about their customers. They do not give legal advice, they just tell you “I’ve heard Panama is good - here’s my Panama contact”. Then they get paid a commission. If Panama is a crappy solution or you get into legal trouble, you can’t go after them because they are just salesmen. Don’t work with them.
Everyone in the offshore world or interested in offshore knows about these people. Peter Shiff, Andrew Henderson, Jeff Berwick of TDV program. They are well known on YouTube. Andrew Henderson was also advertising Jeff Berwick a few years ago and retracted his statements in a later video. Never got burned by any of them but knew these guys.Martin - Sounds like you got burned by Peter Schiff.Tell me more.
Martin - Sounds like you got burned by Peter Schiff.
I dodged that bullet luckily. Came close to investing with him but found out he is a fraud, racist and and a bigot. Just watch his latest podcast before he takes it down again. He has no problem to lie to his investors and rip them off with no remorse lol. He charges people a hefty fee to get into his funds and also to exit also. He is the worst kind of human being who uses a cult of personality to stiff his followers out of money. Just google feedback also on people who have invested with him....lol.
That guy Jeff Berwick is another narcissist psycho scammer..lol. I remember him injecting himself with hormones or something on one old youtube video while looking high a s kite.
Peter, Andrew and Jeff all have something in common. They use an invisible enemy i.e the FED or USD etc to rip you off and then all move to places to spend your money they stole....lol. You have to be wise before going near these con artists.
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Exactly my point but I wouldn't take any criticism from this channel seriously. I have seen most of their views on world matters. They are too biased.I don't suppose the below helps either
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