For Migrants who Wish to pay Lowest Taxes Should Choose USA....

[Aussie Prick]

And Australia? Why so high? Why be a slave to the Australian Government? :oIo: Europe?

No wonder everyone wants to migrate to the US......

http://moneycentral.msn.com/content/Taxes/P14855.asp

The Basics
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Every year, you grimace as you sign your return. Imagine what it's like in Belgium or Hungary, where taxes can take half your pay. Plus: the wackiest taxes on record.

By Debora Vrana

Believe it or not, Americans enjoy some of the lowest income tax rates in the world. Today of all days, it might not seem so.

When you look at the overall tax burden, the U.S. is quite low," said Eric Toder, a senior fellow at the Urban Institute in Washington, D.C., and former director of the office of research for the Internal Revenue Service.

For a family with one wage-earner and two children, only Iceland has a lower income tax burden than the U.S., according to the most recent data for 2008.

At the top, Sweden, Turkey, France and Poland impose the biggest tax burdens on families.

The OECD collects data on 30 member countries and annually calculates what it calls the tax "wedge" for each -- the combined effects of personal income tax, employee and employer social security contributions, payroll taxes and cash benefits.

Tax burdens around the world
Country Single, no kids Married, 2 kids Country Single, no kids Married, 2 kids
Australia 38.3% 36.0% Korea 17.3% 16.2%
Austria 47.4% 35.5% Luxembourg 35.3% 12.2%
Belgium 55.4% 40.3% Mexico 18.2% 18.2%
Canada 31.6% 21.5% Netherlands 38.6% 29.1%
Czech Republic 43.8% 27.1% New Zealand 20.5% 14.5%
Denmark 41.4% 29.6% Norway 37.3% 29.6%
Finland 44.6% 38.4% Poland 43.6% 42.1%
France 50.1% 41.7% Portugal 36.2% 26.6%
Germany 51.8% 35.7% Slovak Republic 38.3% 23.2%
Greece 38.8% 39.2% Spain 39.0% 33.4%
Hungary 50.5% 39.9% Sweden 47.9% 42.4%
Iceland 17.0% 11.0% Switzerland 29.5% 18.6%
Ireland 25.7% 8.1% Turkey 42.7% 42.7%
Italy 45.4% 35.2% United Kingdom 38.5% 35.1%
Japan 27.7% 24.9% United States 19.1% 11.9%
Source: OECD, 2005 data

Mysteries of the code
In 2005, total federal state and local taxes in the United States were 19.2% of our gross domestic product, ranking among the lowest in the world, with only Mexico at 18.5% with a lower tax rate. Along with the higher taxes, the difference between the U.S. and some of the other industrialized countries are increased social services, such as pensions and health-care funding.

But for many Americans laboring to file income taxes before the April 17 deadline, the main complaint is not the tax burden, but that confusing document called the U.S. tax code.

The tax system is much more complicated in America, said Toder. Taxes have become a much more stressful and complicated event, even if you are getting money back, he said.

In addition, there are often idiosyncratic taxes each state can levy. These taxes can be as wacky and as quirky as the character of each state. The local taxes can reflect what is important to residents and what activities residents may hope to curb.

Some of these are humorous and some probably dont bring in much revenue, said Lily Batchelder, an assistant professor at New York University who specializes in taxes and social policy. There are a lot of ways we need to simplify taxes.

 

[neddy]

You are wrong, you can go tax-free in Singapore. Good for non-resident like me.

OFFSHORE-FOX.COM
with Michael Isaacson

Singapore, a city-state located on the southern tip of the Malay Peninsula, is our first Asian no-show on the OECD name-and-shame list of tax havens, despite sporting corporate tax legislation that makes this "Lion City" a zero-tax haven for a large number of non-resident controlled companies.

Once a British colony, Singapore joined Federation of Malaysia on its formation in September 1963, gaining full independence two years later.

Today's Singapore still retains close links with the British Crown and enjoys a legal system based on that of the English common law. English remains the main language of administration and commerce in this ethically diverse yet predominantly Chinese country of over 3 million people.

So far as corporate taxation is concerned, Singapore still offers non-residents a few benefits that have already been eliminated in the UK.

In the not too distance past, it was possible for non-residents to form limited companies in the United Kingdom but manage them from elsewhere, often a tax haven jurisdiction. To an outsider, such non-resident companies were superficially standard UK companies paying UK tax. But because these companies were not managed from the UK and were not generating income in the UK, they were in fact free from UK taxation.

Britain ended the practice in mid-1990’s and the Irish Republic moved into the market. Ireland too has now put a stop to this following pressure from the EU.

The practice is commonplace in Singapore. Singapore companies are taxed at a rate of 22% on income originating in Singapore; foreign income, on the other hand, is not taxed at all.

Singapore is a respectable jurisdiction and a sophisticated banking and trading centre, yet the country is not traditionally perceived as an offshore haven.

Whilst Singapore-registered companies can and do serve as solid tax-free vehicles, the country's corporate legislation will not necessarily appeal to those accustomed to the quick-fix culture of a traditional offshore tax haven:

Two directors are required, one of whom must be a Singapore resident;
Directors must be individuals; corporate entities cannot act as directors;
There must be at least two individual, or one corporate, shareholder;
Bearer shares are not permitted;
A local qualified company secretary is needed;
Audited accounts must be filed and a resident, qualified Singapore auditor must audit the accounts;
A general meeting must be held annually.
One factor that sets Singapore above many corporate centres is the high standard of incorporation and business support services, provided by the many industrious professionals who populate the city state.

As a matter of interest, it is believed that Singapore has the largest-denomination bank note in the world. The Paris-based Financial Action Task Force on Money Laundering (FATF) has long campaigned for the abolition of the 10,000 Singapore Dollar note valued at over US$ 5,500.

Asians routinely carry and use large amounts of cash and the FATF is best advised to stop interfering with traditional values of a part of the world whose heritage it does not understand. In Chinese, the word for "money" is the same as the word for "happiness".

 

[Aussie Prick]

True, Singapore taxes are very low now, like the US, especially with the 08/09 20% one off SG tax offsets.

But we are talking about Western Taxation. Singapore gives us no welfarism with low taxes like the USA does.

 

[imperialarms]

You are wrong, you can go tax-free in Singapore. Good for non-resident like me.

OFFSHORE-FOX.COM
with Michael Isaacson

Singapore, a city-state located on the southern tip of the Malay Peninsula, is our first Asian no-show on the OECD name-and-shame list of tax havens, despite sporting corporate tax legislation that makes this "Lion City" a zero-tax haven for a large number of non-resident controlled companies.

Once a British colony, Singapore joined Federation of Malaysia on its formation in September 1963, gaining full independence two years later.

Today's Singapore still retains close links with the British Crown and enjoys a legal system based on that of the English common law. English remains the main language of administration and commerce in this ethically diverse yet predominantly Chinese country of over 3 million people.

So far as corporate taxation is concerned, Singapore still offers non-residents a few benefits that have already been eliminated in the UK.

In the not too distance past, it was possible for non-residents to form limited companies in the United Kingdom but manage them from elsewhere, often a tax haven jurisdiction. To an outsider, such non-resident companies were superficially standard UK companies paying UK tax. But because these companies were not managed from the UK and were not generating income in the UK, they were in fact free from UK taxation.

Britain ended the practice in mid-1990’s and the Irish Republic moved into the market. Ireland too has now put a stop to this following pressure from the EU.

The practice is commonplace in Singapore. Singapore companies are taxed at a rate of 22% on income originating in Singapore; foreign income, on the other hand, is not taxed at all.

Singapore is a respectable jurisdiction and a sophisticated banking and trading centre, yet the country is not traditionally perceived as an offshore haven.

Whilst Singapore-registered companies can and do serve as solid tax-free vehicles, the country's corporate legislation will not necessarily appeal to those accustomed to the quick-fix culture of a traditional offshore tax haven:

Two directors are required, one of whom must be a Singapore resident;
Directors must be individuals; corporate entities cannot act as directors;
There must be at least two individual, or one corporate, shareholder;
Bearer shares are not permitted;
A local qualified company secretary is needed;
Audited accounts must be filed and a resident, qualified Singapore auditor must audit the accounts;
A general meeting must be held annually.
One factor that sets Singapore above many corporate centres is the high standard of incorporation and business support services, provided by the many industrious professionals who populate the city state.

As a matter of interest, it is believed that Singapore has the largest-denomination bank note in the world. The Paris-based Financial Action Task Force on Money Laundering (FATF) has long campaigned for the abolition of the 10,000 Singapore Dollar note valued at over US$ 5,500.

Asians routinely carry and use large amounts of cash and the FATF is best advised to stop interfering with traditional values of a part of the world whose heritage it does not understand. In Chinese, the word for "money" is the same as the word for "happiness".

why u think so many rich americans have UBS accts, now all kena whacked by IRS. stupid they should put in Sinkapore

 

[Aussie Prick]

why u think so many rich americans have UBS accts, now all kena whacked by IRS. stupid they should put in Sinkapore

The rich in America want to pay 0 taxes like they did under Bush for 8 years.....

Thats America for you, amazingly low taxes.........

 

[Aussie Prick]

I forgot to mention the republicans would like the effective tax rates to go even lower than Bush's which is why Obama cant get them on board.

Problem with the democrats is they actually want people to pay some taxes.....

 

[Aussie Prick]

Also In 2009 on top of Stimulus tax Cuts there is the Rebate Recovery Tax of 2009...

http://www.irs.gov/newsroom/article/0,,id=186065,00.html

 

[Aussie Prick]

And one of the major reasons why Americans pay such low taxes? The 1098 Mortgage Interest deduction for Primary Homes.

Australians just cant do this, too bad for them.

http://www.beneficial.com/learn-about-loans/help/faqs/ten98_faq_en_US_BENE.html

Frequently Asked Questions: Understanding 1098 Mortgage Interest Statements

What is the 1098?

 

[Aussie Prick]

Of course there is silence over this issue. How come only Americans allow this deduction for Primary Property?

What say you, Australia?

 

[Yankee Prick]

why u think so many rich americans have UBS accts, now all kena whacked by IRS. stupid they should put in Sinkapore

Not ot mention, how many rich yankees actually give up their yankee citizneships???

 

[Aussie Prick]

The figures dont lie.....So Cheap America!!!!