The scheme used by Google, dubbed Double Irish, is a “base erosion and profit shifting” corporate tax tool used by US multinationals to avoid corporate taxation on their international profits.
Sunac’s founder Sun Hongbin, Longfor’s Chairwoman Wu Yajun, and the magnates of Dali Foods and Zhou Hei Ya all transferred their wealth to trusts
Any company in Jamaica can utilise the opportunity of using legal loopholes to shift profits offshore, minimising its taxes by what is widely known as base erosion and profit shifting, or BEPS.
While there was no mystery about how the Government intended to bring IBCs and the other three named products into compliance with the EU’s demands, he added that “of lesser clarity is the intended effect of the fairly general language”
A 2% tax will be levied on medical products, raw materials and machinery used for production, insurance premiums, purchase and sale of university issued products. Basic food necessities from a specific list will be charged a 1% tax.
Under the change, holders of, or those who have de facto control over an overseas financial account with 500 million won ($446,000) or more in countries with which Korea has no tax treaties, will no longer be able to avoid regular tax filings.
The ministry has agreed and the authority will be accepting applications until Friday, January 4, 2018.