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Would someone in 1929 have conceived international tax havens, shell companies and modern creative accounting? If he had, would he have approved? I doubt it.
by branchless 11y ago
Would someone in 1929 have conceived international tax havens, shell companies and modern creative accounting?
If he had, would he have approved? I doubt it.
- KaiserPro 11y agoThey had been around for a while, and had been legally tested... The U.K. passed legislation in 1925 that made it easier for individuals to use trusts to keep their financial affairs under wraps. Four years later, London courts ruled that Egyptian Delta Land and Investment Co. Ltd., which was registered in London and headquartered in Cairo, did not have to pay tax in the U.K., setting a precedent for future tax avoidance.[1] [1]http://www.bloomberg.com/news/articles/2013-05-03/offshore-tax-havens-in-spotlight-after-200-year-history http://www.bloomberg.com/news/articles/2013-05-03/offshore-t...
- branchless 11y agoTaking any lead from the UK for guidance on right and wrong is a bad idea. It's a rentier paradise. The UK establishment love not paying their way. Again I doubt the person quoted envisaged shell companies for avoiding tax across international borders when they are in fact based in the country they are avoiding tax and using the infrastructure.