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Is it time tax Loopholes for the Super Rich were closed?
Today is Tuesday 26th April 2016 and we are asking the question should tax loopholes be closed for the super-rich?
Just over a week ago Mossack Fonseca was revealed to the world as a Company which enabled the super-rich to hide their wealth and avoid paying taxes. This company is located in Panama however there are many more jurisdictions throughout the world which offer similar services and tax breaks, where the wealthy are known to invest or hide their money.
These include:
• The Cayman Islands
• The Bahamas
• The British Virgin Islands
• Dominica
• Nevis – forming the St.Kitts and Nevis Federation
• Anguilla
• Costa Rica
• Belize
• Barbados
Traditionally Switzerland and Lichtenstein were the preserve of such investors, however they have been at least matched, if not overtaken by those just mentioned.
So we are asking, is it now time that these loopholes were closed? – all it would take would be for national Governments to declare that any monies earned within their jurisdiction is taxed at their current rate, regardless of where that money is sent, or where the recipients reside or where the Head Office of that company is located.
What do you think?
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