The Code Group also found that, in general, the Income and Business Tax Act does not impose substance requirements for companies benefiting from the tax exemption.
China’s highest-paid movie star, Fan Bingbing, was ordered to pay more than $100 million in back taxes and fines in October after a months-long tax probe, sending a deep chill through the domestic film industry.
If the UK is serious about helping African nations collect the taxes they are due, it needs to press harder on the proposed public registries to reveal all beneficial owners in its overseas territories.
As a result, both income taxes and net wealth taxes vary significantly, depending on cantonal politics. Yet the data show little effect of these variations on wealth differences across cantons.
The system angered local companies, who pay tax on all profits and cannot export a share, meaning they pay a greater share than international companies.
Income Tax, Wealth Tax, Withholding Tax, VAT, Inheritance and Gift Tax, Real Estate Capital Gain Tax, Real Estate Transfer Taxes, Property Taxes, Personal Taxes