Updated on November 23, 2018 by admin
The origin of low financial jurisdictions can be found during the middle ages when trade wars arose between different countries and regions competed amongst themselves for economic dominance. A clear example can be seen in the story of the Channel Islands initial development as an offshore tax haven. Indeed we can spot some common underlying themes in its development, which are shared with other low tax financial centres.
The firstly it is common that direct central control, in this case the Crown of England, remains loose and weaker in ties of geography and historic allegiance than the mainland. The Channel Islands whilst traditionally part of Duchy of Normandy since 1204, in actual fact following the loss of the rest of the monarch’s lands in mainland Normandy – were governed as separate possessions of the English crown. The separate jurisdictions of Guernsey, Jersey, Alderney and Sark are still all subordinate fiefs of the Duchy, and were never consolidated after the loss of the majority of Normandy in 1204 by King John. Control by Britain whilst solid today was often in the intervening years far from certain. Today the historic differences and separate legal status allows them to function as an offshore finance. Until recently it could be argues Jersey and Guernsey were arguably tax havens.
Likewise the Isle of Man with its turbulent history of passing between Viking, Welsh, English and Scottish dominance has evolved a separate legal status. Indeed to one extent or the other the island has always provided an offshore tax haven location for the more wealthy. This was firmly fixed after 1866, when the Isle of Man obtained a measure of at least nominal home rule. At the present day the benefits can be seen in the Isle of Mans rise as a prosperous community, with its evolving offshore finance centre and low tax jurisdiction status.
In both the case of Gibraltar and Malta a complex, shifting history of allegiance and various form s of legal independence has allowed them to develop offshore finance centres and low tax regimes.
Into the modern period it is commonly accepted that the definition of a tax haven and/or low tax jurisdiction was first formed around the time of just after World War I. For example Lichtenstein was hands-on in the mid 1920’s in trying to attract foreign investments and established its Offshore Trust Law. Further a field Bermuda created Offshore Company Laws about ten years later and began some of first moves in endeavouring to be a Corporate Tax Haven. Most tax havens were associated with individual avoidance of tax, or at least the reduction of tax liabilities. However, in the post war years, companies became over-burdened by taxation. This is when Corporate Tax Havens and the offshore tax industry were born. Companies could take advantage of tax treaties between their home nation and the offshore tax jurisdiction to reduce their liabilities. This worked for a while, but the technicalities that permitted this were eliminated as the home jurisdictions once …
Updated on November 10, 2017 by admin
If you are operating, or plan to operate, a professional service in Florida, then you should consider doing so as a professional corporation. This entity is a type of corporation which is organized to render a specifically designated professional service. Examples of services rendered by a professional corporation, just to name a few, are certified public accountants, chiropractors, doctors of medicine, architects, attorneys and life insurance agents. These types of professional services, as noted above, can operate through the vehicle of a professional corporation in Florida. You should note that a professional corporation is also referred to as a “P.A.” or professional association.
To form a professional corporation in Florida, you must take the following steps:
– The first step is to prepare articles of incorporation and file the articles with the State of Florida. The articles of incorporation must state the name of the entity, address of the corporation, the name and address of the registered agent, and must state the specific purpose for which the corporation is organized (e.g., chiropractic medicine, Certified Public Accountant, etc.). Please note, the name of the professional corporation must contain the words “chartered” or the words “professional association”, or the abbreviation “P.A.” Once the articles are prepared, you must file this document with the Florida Division of Corporations along with the state filing fee of $70.00.
– Once the articles of incorporation are filed, you should then obtain a tax identification number for your entity through the Internal Revenue Service. You can apply for a tax ID either online at http://www.irs.gov or call the IRS. Their contact information can be found on the IRS website.
– Next, you should elect “S” corporation status for your entity. To do so, you must complete and submit Form 2553 to the IRS. You can obtain Form 2553 on the IRS website or seek the help of an accountant to assist you with such election.…
Updated on November 10, 2017 by admin
Save money and help the environment by practicing good habits on and off the road. When you drive, follow a few simple rules, improve efficiency, and save money at the same time.
• Keep your car well maintained. A dirty air filter reduces gas mileage by up to 20 percent. Spark plugs that are in poor condition can cut up to 12 percent off your gas mileage.
• Keep tires aligned and properly inflated. Underinflated tires are like driving with the parking brake set, decreasing fuel economy by 25 percent. Overinflated tires also cut into fuel efficiency. Misaligned tires drag down fuel efficiency by nearly 10 percent. Alignment problems cause tires to wear unevenly, further reducing gas mileage. Rotate and balance tires according to the car's owners manual.
• Buy gas during the coolest times of the day, either early morning or in the evening. Gas is denser at these times, so you get more gas for your money.
• Do not top off your tank. Stop fueling when the nozzle automatically stops.
• Tighten the gas cap. Damaged, loose or missing gas caps allow gasoline to vaporize from your tank.
• Use the lowest octane level recommended by your owner's manual.
• Use the oil grade recommended by your car's manufacturer. This improves gas mileage up to two percent.
• Drive at a moderate, consistent speed. Accelerate slowly and brake over longer distances. This is the most effective step to reduce fuel costs. Aggressive driving by speeding, rapid acceleration, and frequent braking eat up gas. Drive sensibly and improve gas mileage by five percent in the city and up to 22 percent on the highway.
• Commute and run errands during non-peak traffic times, and reduce idling in traffic. Turn off the engine if you will be idling for more than 30 seconds. Idling uses to to g gallon of gas per hour, much more than restarting a car. Beware of excessive starts and stops of the engine because they increase wear to the starter mechanism.
• Organize your errands and drives. Avoid wasting time and gasoline retracing your route. Complete errands on your way to and from work if possible to reduce fuel use.
• Carry only necessities in your car. Every extra 100 pounds in the trunk reduces gas mileage by up to two percent.
• Improve airflow around your car by removing any add-ons that cause drag, like luggage racks, ski racks, and bike racks.
• Use overdrive gear when possible, and use cruise control on the highway. This helps keep speed consistent and saves gas money. Mileage decreases at speeds over about 60 mph.
• Driving with the air conditioning on is not a factor in gas savings, assuming you do not run your air conditioner with the windows open. …