Results tagged “EDC Program”

How offshore "tax havens" don't include US tax dependencies like the US Virgin Islands. The past few months have seen attacks against "offshore tax havens" which undermine collection of US taxes and other efforts from other high-tax countries. The OECD, a European think-tank which pays no tax, has come up with a list of countries which don't subscribe to their plan to regulate world finances. But while the US is happy to use the OECD as its highly paid tax-free international lobbyist, it is secretly promoting tax havens in its own back yard, actively soliciting the very same opaque "offshore funds" and money groups which started the crisis.

Some of the tax benefits for offshore funds looking to start up in the US Virgin Islands include: - 90% exemption on US income tax (results in a top federal tax rate of 3.5%!)

•           100% exemption on 4% gross receipts tax

•           100% exemption on 0.75% real property tax

•           100% exemption on 4.2% excise tax

•           100% exemption on 7% US Customs import duty

•           1% VI Customs Duties instead of 6%

The craziest thing about this whole set up is that, apparently..the US Virgin Islands is not considered a "tax haven" BECAUSE it is a US territory under US flag and protection..what does that mean? High-tax countries don't care about "international financial transparency" or any of that poppycock, they don't care about being fair, and the OECD is certainly not about "tax justice", it's about "tax piracy" and each man getting what he can.