Latest News for: Virtual offshore tax

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South Korea requires reporting of overseas cryptocurrency accounts with a balance of 50 million yen ...

OBN 05 Jun 2021
It has been revealed that South Korea will be subject to reporting obligations to tax authorities from 2022 for overseas (offshore) crypto asset (virtual currency) accounts ... South Korea is currently preparing a system to impose a 20% tax if the fixed profit from virtual currency transactions exceeds 2.5 million won (about 250,000 yen) in one year.
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U.S. Treasury Proposes Mandated Return to Internal Revenue Service (IRS) for Companies Receiving $ 10,000 ...

OBN 21 May 2021
“It is expected that those who have used offshore bank accounts in tax-avoidance countries to evade taxes will likely use virtual currencies instead,” referring to a 2013 study ... In 2020, questions about whether or not to use virtual currency will be required to be answered in the final tax return form.
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Jim de Bree | Tax Reform Must Include Capital Gains

The Signal 20 May 2021
One of the most important of those issues is the capital gains tax ... As a tax professional who structures transactions with foreign investors, I know that virtually all foreign institutional investment is structured using offshore tax haven intermediaries that are specially designed to prevent foreign investors from paying U.S. tax.
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The IRS chief says $1 trillion in taxes could be going uncollected every year -�or more

Business Insider 13 Apr 2021
Bernstein/Getty Images In a Senate Finance Committee hearing, IRS Commissioner Charles Rettig addressed the tax gap. That's the gap between how much is owed in taxes and what's actually collected ... He also said the official tax gap estimate is from data that spans 2011 to 2013; things like virtual currency have sprung up since then.
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Bezos endorses higher corporate taxes for infrastructure

TDT News 07 Apr 2021
corporate tax rate to 28% from 21% to help pay for his plan, an idea that Republican leaders are panning as harmful to economic growth ... tax on overseas corporate income, and to make it harder for companies to shift earnings offshore. Amazon has long been criticized for paying virtually no federal taxes in the U.S.
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Bezos backs higher corporate taxes for infrastructure

Taipei Times 07 Apr 2021
Along with partially undoing the corporate tax cut put in place during former US president Donald Trump’s administration, Biden also wants to set a minimum US tax on overseas corporate income and to make it harder for companies to shift earnings offshore.
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Amazon boss Jeff Bezos supports 28pc corporate tax rate

Hong Kong Standard 07 Apr 2021
corporate tax rate to 28 percent from 21 percent to help pay for his plan, an idea that Republican leaders are panning as harmful to economic growth ... tax on overseas corporate income, and to make it harder for companies to shift earnings offshore. Amazon has long been criticized for paying virtually no federal taxes in the U.S.
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Amazon boss Bezos backs Biden's proposal to hike US corporate tax rate

Hindustan Times 07 Apr 2021
President Joe Biden has proposed hiking the US corporate tax rate to 28% from 21% to help pay for his plan to build up the country's infrastructure ... tax on overseas corporate income, and to make it harder for companies to shift earnings offshore. Amazon has long been criticized for paying virtually no federal taxes in the U.S.
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Bezos endorses Biden’s proposal for higher corporate taxes in infrastructure plan

The Grio 07 Apr 2021
Bezos’ statement, posted on the company’s website, was notable because it came after Biden singled out the company for criticism about how much it pays in federal taxes ... tax on overseas corporate income, and to make it harder for companies to shift earnings offshore. Amazon has long been criticized for paying virtually no federal taxes in the U.S.
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For Whom the Bell Tolls: The State of Planet Earth at Year’s End 2020

GlobalResearch 12 Jan 2021
... $US21 and $US32 trillion – has been invested virtually tax-free through the world’s still-expanding black hole of more than 80 ‘offshore’ tax havens (such as the City of London Corporation, Jersey, Guernsey, the Isle of Man, Bermuda, the Cayman Islands, Hong Kong, Nauru, St.
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FinCEN Files: ‘Wired to make money’: Barclays’ private bankers serve ultra-rich, as watchdogs sound alarms

Ghana Business News 23 Sep 2020
Henry, drawing on new data from the Organisation for Economic Cooperation and Development, together with information from the United States, estimated that as of the end of 2019 roughly $50 trillion of financial wealth was invested offshore and virtually tax free through more than 100 secrecy jurisdictions.
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Foreigners face barriers in crypto exchanges

Korea Times 15 Jul 2020
Major cryptocurrency exchanges in Korea, such as Upbit, Korbit and Coinone, are building stiff barriers against their offshore foreign users in accordance with the government's move to tax virtual assets ... This was apparently intended to avoid paying taxes on behalf of foreign customers as Bithumb did.
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