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07.10.01. U.N. Brothel Tax? A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, July 10, 2001 - Vol. 3 No. 54
In This Issue:
* COMMENT: A U.N. Tax on Dutch Brothels?
* OFFSHORE: OECD Sanctions Deflate. Swiss Anti-Scandal Defense. Greater Swiss Scrutiny on Havens. More Hypocrisy. Singapore Slings. More on Belize Tax Fugitive. Good Living Abroad.
* WEALTH: Must Read on Foreign W/H Taxes. Hedge Fund Bubble? Offshore Stock Picks. US Alternative Minimum Tax. US Estate Tax Up? Try a New Bypass Trust. Post-Nup Agreements. Coca Cash. Canada Trust Questioned. New Colorado 'Offshore' Bank in Trouble Already.
COMMENT: A United Nations Tax on Dutch Brothels?
by Bob Bauman, Editor
We hope that headline caught your eye, since it describes a disturbing possibility, perhaps remote for now, that may be endorsed by a United Nations "Summit on Financing for Development" next March in Mexico. From small nuts major nutty ideas grow. Let me explain.
Brothels in HOLLAND, where prostitution has long been legal, just became "legal workplaces," but along with that status has come a plague of nosey Dutch government inspectors and eager tax collectors.
LINK: http://www.washingtonpost.com/wp-dyn/articles/A33735-2001Jul8.html
Last week a special UN panel recommended that the Mexico summit consider creation of an "international tax organization" (ITO), a sort of world IRS (International Revenue Service). The ITO would solve what the UN claims are problems caused by "globalization" that undermine "the territoriality principle on which traditional tax codes are based," i.e., high tax nations are losing revenues to low tax nations.
LINK: Click Here.
Now much of this sounds familiar to A-Letter readers. We've heard it all before from those OECD worthies in Paris, co-running dogs of the UN bureaucrats in the now dead "harmful tax competition" campaign. The UN says increased tax collections will allow transfers from your pocket to "impoverished" nations, minus government's usual rake off.
REPORT LINK: http://www.un.org/reports/financing/summary.htm
Here's what the UN inspired world tax collectors plan to do:
* develop "international norms" for tax policy and administration;
* maintain "surveillance of tax developments" in all nations;
* take a lead role in "restraining tax competition" aimed at attracting multinationals with "excessive and unwise incentives";
* sponsor a mechanism for "multilateral sharing of tax information" in order to "curb tax evasion on investment income earned abroad";
* and "most ambitious of all," seek to develop and secure international agreement on a formula for "unitary taxation" worldwide.
The UN report also resurrects the so-called "Tobin tax" a left wing favorite that would impose a withholding tax on all international currency transactions. Hardly a coincidence, the EUROPEAN UNION this fall will also consider imposing an EU-wide Tobin tax,
LINK: Clic Here.
If UN, OECD, G-7 and other assorted high tax hungry elitists really want to increase tax revenues, let them consider the example set by IRELAND. Governments there have combined low taxes and light regulation to create a prosperous business climate that has made the country a magnet for foreign direct investment. For these winning free market policies, the EU and assorted leftist have attacked Ireland bitterly.
LINK: Click Here.
What the UN and other bureaucrats really want is absolute power. If UN tax collectors do exist, you can expect expansion of the idea of "crimes against humanity" to include tax avoidance.
LINK: Click Here.
It appears that the UN wants to do to world taxpayers what those enterprising Dutch brothels offer voluntarily.
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* OFFSHORE *
O.E.C.D. SANCTION THREAT DEFLATED
LONDON. The UK wont respond to SPANISH demands about GIBRALTAR that are holding up the OECD agreement on its moribund "harmful tax competition" charade.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4360
ROME. G-7 foreign ministers confirm that OECD sanction deadlines against tax havens will be delayed from July 31 to November 30 -- and possibly forever.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=4388
http://www.theage.com.au/business/2001/07/09/FFXUL28PVOC.html
Click Here.
Associated tax havens praise NEW ZEALAND for that nation's strong opposition to OECD sanctions.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4366
Former Ronald REAGAN advisor Peter HANNAFORD explains how the OECD's high tax campaign imploded,
LINK: http://www.spectator.org/opinion/style/style010709.htm
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SWISS DEFEND AGAINST SCANDALS
PARIS: Swiss banking representatives debunk what they call
financial myths due to headline money laundering scandals.
LINKS: Click Here and Here.
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SWISS MONEY LAUNDERING REPORT
ZURICH. The annual report on official anti-ML activities shows it's getting more difficult to do business with offshore havens from inside Switzerland due to greater bank and government scrutiny.
LINK: http://www.nzz.ch/english/swiss_week/index.html#text4
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THIS WEEK'S HYPOCRISY
PARIS. The French parliament, fierce foes of dirty money, may ease bank reporting on large cash deposits during the euro changeover. Millions of French tax evading, cash hoarders do vote.
LINKS: Click Here and Here.
WASHINGTON. Most US states make Internet gambling illegal, but US companies profit from a boom in offshore Online gambling.
LINK: http://www.nytimes.com/2001/07/06/technology/06GAMB.html
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E.U. PUSHES PAN EUROPE TAX
BRUSSELS. Belgium is fighting for an EU-wide tax paid directly to the EU bureaucracy. UK is opposed and France skeptical.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=4397
http://www.tax-news.com/asp/story/story.asp?storyname=4368
Click Here.
Click Here.
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SINGAPORE SLINGS
Singapore is a free market economic paradise, but personal freedom and liberty are something else again. 2 views,
LINKS: http://surveys.ft.com/singapore2001/index.html
http://www.wired.com/news/culture/0,1284,44866,00.html
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TAX FUGITIVE IN BELIZE
Last week we reported on an American tax fugitive living on the lam in Belize. Here's more about how he does it.
LINK: http://www.escapeartist.com/efam26/bacon.html
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LIVING OFFSHORE
All about the advantages of living in a foreign country. A new and refreshing way to look at life "offshore."
LINK: http://www.escapeartist.com/efam26/advantage.html
A UK expatriate describes living and working in BERMUDA.
LINK: http://www.escapeartist.com/efam26/bermuda.html
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LINK: http://www.agora-inc.com/reports/il/wssil6
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* WEALTH *
OFFSHORE WITHHOLDING TAXES
If you have offshore investments, read this FT article on custodial withholding taxes, one of the best explanations we've seen.
LINK: Click Here.
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HEDGE FUND BUBBLE?
A mania has gripped the US and Europe that could have unpleasant consequences for investors, warns Barton Biggs.
LINK: Click Here.
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FORBES OFFSHORE STOCK PICKS
Foreign stocks got off to a bad start in 2001, but FORBES says the world's biggest companies should finish the year on a better note.
LINK (free reg req): http://www.forbes.com/forbes/2001/0723/132.html
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H.N.W.I.s HIT BY U.S. ALT MIN TAX
American high net worth investors suffer from the alternative minimum tax, especially those in tax free municipal bond funds.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4364
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U.S. ESTATE TAX GOING UP?
The top US estate tax rate may be going up, not down, based on the state in which you live. It peaks at 47% in 2005, up from 39% now.
LINK: http://www.forbes.com/forbes/2001/0723/156.html
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UPDATE YOUR ESTATE PLAN
With all those US tax law changes, some suggestions for updated estate planning, including a new, flexible bypass trust.
LINK: http://www.forbes.com/forbes/2001/0723/154.html
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NUPTIAL AGREEMENTS: POST & PRE
American couples are now signing post nuptial agreements.
LINK: http://www.nytimes.com/2001/07/07/national/07POST.html
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ALTERNATIVE CASH
CAMELIAS, COLUMBIA. Where US demand and local supply makes coca paste as good, if not better than, gold.
LINK: http://www.freerepublic.com/forum/a3b487eb63c62.htm
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CANADA-U.S. TRUST TAX QUESTIONED
OTTAWA. Under court review: secret agreement between Revenue Canada and Bronfman family (Seagrams Distillery ) US trusts that avoided $700 million in capital gains taxes.
LINK: Click Here.
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COLORADO 'OFFSHORE' BANK IN TROUBLE
DENVER. A so-called "offshore US bank" aimed at foreign depositors is in trouble for false claims hinting at tax evasion.
LINK: Click Here.
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. E-mail to: info@sovereignsociety.com. * SUBSCRIBE FREE or send to a friend at LINK: http://www.sovereignsociety.com
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THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland. TEL: 353-51 844 068 FAX: 353-51 304 561. Copyright (C) 2001. All domestic & international rights reserved.
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