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Are Tax Havens A Blessing or a Curse?
The German Chancellor, Angela Merkel, was voted the most powerful woman in the world, by Forbes Magazine. She is now hell bent on a crusade to rid the world of tax havens,[link widoczny dla zalogowanych], through the governments of the world uniting in a Tax Cartel. Bureaucratic opponents to tax havens from across the world, are conceitedly confident their cause is virtuous and are demanding a hard fisted crackdown in what could be called a 'Holy Tax War'.
Tax havens are a result of the necessity to attract foreign money to an economy. In particular,[link widoczny dla zalogowanych], third world countries who are willing to amend their tax laws. Countries which take advantage of a global demand for opportunities to engage in avoidance of crushing tax laws and regulations of other jurisdictions.
If you are living in a developed country, your taxes are in all probability lower than they were 30 years ago. Personal income tax was quoted in 1980 by OEDC, as averaging 67%. Now top personal taxes average only 40%. Corporate taxes have plunged from 50% in 1980 to a simple 27%. This is partly due to the presence of tax havens. They place pressure on high-taxed countries to reduce their tax rates, driving tax policy in the right direction through tax rivalry, causing a liberalizing process.
Asset rich people are often put under fire by repressive governments. In many cases freedom can only be maintained when personal information is kept from a government, particularly when it comes to persecution of a racial, political, religious or ethnic nature. These possible victims have an escape route through tax havens.
Tax havens have been with us since the Vatican City evaded tax in 756. Ancient Greece, around 1100 BC, used some of the Greek islands to avoid a 2% tax imposed by the city-state of Athens. Since the early 1700's American colonies traded from Latin America so as to avoid paying English taxes.
Taxes hiked sharply at the end of the World War I as war torn countries needed to reconstruct their devastated countries. Switzerland, having remained neutral, did not face the same costs. Low tax, new markets and cheap labor became the shout of the twentieth century, as the majority of the world's colonies attained independence. Quickly they developed their own tax and trade regimes, creating global economic disparities. Between World War 1 and World War 11, tax havens were primarily used to steer clear of having to pay personal taxes. From the 1950's onward, the use of tax havens by corporate giants to reduce their global tax burden grew phenomenally.
Some people attempt to claim that tax havens are designed for money laundering,[link widoczny dla zalogowanych], but the intensive international banking regulations makes money laundering almost an impossibility. The surprise is that America can be considered as one of the largest tax havens, in that there is no tax on interest and capital gains for foreigners who invest in America. It is estimated that there is more than $12 trillion of foreign investment in the United States.
Vanuatu a tropical island nation in the South Pacific, has long been a safe and stable political and economical tax haven. However, Vanuatu's financial status has been a subject of much controversy during the recent local elections. It was felt that Australia violated the sovereignty of Vanuatu through raids on legitimate companies, banks and private homes. Mail boxes were broken into and private letters opened. The arrest of well known identities followed and claims were made they had mastermind massive tax evasion schemes.
All this in the name of a classic movie type sting,[link widoczny dla zalogowanych], in an attempt to catch unsuspecting Vanuatu citizens and residents. People who were law abiding in the framework of Vanuatu, but according to the Australian Tax Office, they were breaking Australian law.
The questions have to be asked which law should take precedence in a country? The constitutional law of the land or the laws of a neighboring country? Finally, it is never a healthy situation when all competition, or opposition is squashed and checks and balances are done away with. Dr. Wendy and her husband Rick are CEO's of YouMe Support Foundation. Through a world first Blue Moon Opportunity they are offering Seachange Lodge Resort as an Internet Raffle. This could completely change your lifestyle. Take a few minutes and check it out at Win A Resort.Topics related articles：

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