How To Avoid Taxes?

[AlexIv]

Hey guys, I have a few questions to put here.

So recently I am having success with Shopify, I'm making over $10k in profit a month with my stores, I'm from Portugal so to receive the cash I need to pay around 23% in taxes, which is a lot.

There is anyway to open an bank account or a company in a country without fees so I can avoid this situation? How the process works?

Thanks.

 

[Zwielicht]

Thread Moved​

 

[Yale]

I would look into situating a legitimate business in a place where taxes are not so high, im pretty sure then you can turn around and tell your country 'Sorry, its just not your tax to have' and they cant do anything? Please dont trust any of this though, im pretty sure i was told that a few months back.

 

[davids355]

I’m sure it could be done - you’d probably have to set up a business in another country then become an employee then pay yourself.

At some point you’d have to receive the money though, then you’d get taxed, but I guess you might be able to receive it in a more efficient way??

Might be worth talking to an accountant about it.

 

[MisterF]

You need to have an offshore business, ideally in a tax haven.
Are you living full time in Portugal or are you a Non Dom ?

Seek professional advice from an accountant who specialises in tax matters and offshore trading company formations.

 

[Naroha]

i dunno about you but i would just pay it. i mean come on i know you are "losing" money but thats how the system works...

 

[kickthat]

As others have said, speak to an accountant. You have to be careful with tax matters like this as there is a fine line between tax avoidance and tax evasion, legal and illegal.

 

[AlexIv]

You need to have an offshore business, ideally in a tax haven.
Are you living full time in Portugal or are you a Non Dom ?

Seek professional advice from an accountant who specialises in tax matters and offshore trading company formations.

Yes, I'm a student so I have to live full time here.

I’m sure it could be done - you’d probably have to set up a business in another country then become an employee then pay yourself.

At some point you’d have to receive the money though, then you’d get taxed, but I guess you might be able to receive it in a more efficient way??

Might be worth talking to an accountant about it.

If it's an European country I just can drive there.

 

[kekmaw]

First of all, if you only pay 23% in total tax (business + personal) that ain't bad at all in Europe.
Most countries in EU will tax you 45%.

If you want to lower your tax more, you need to move. Yes YOU, not just the business.

There are ways to get around that but it costs a bit to maintain and it won't really help you because you still have to pay personal income tax in Portugal because that's where you live.

Unless you are willing to relocate for the majority of the year, there isn't much you can do about your tax.

 

[awesomewebsites]

It will not be less than 20% in any decent country with some exceptions.

 

[darulez]

donate to charity

 

[tianbo84]

23% isn't bad, but I look at doing as many write offs as possible, donating is good as well. I don't bother doing anything to sketchy because in the end they get there money and then some. I've been audited before and it ain't fun lol. Taking to some fellow entrepreneurs about possible write offs and an accountant for some strategies. I personally have incorporated and pay myself in dividends.

 

[clau777]

For 10k/month I would move NOW in a tax heaven country

 

[sunil0021]

If you live in that country then i'am sorry to tell you but you have to pay the taxes why don't you want to move to some other country and expand your business there?

 

[Buzzika]

I pay less than 10% in taxes of my income after writing off almost everything off as company expense.

Maybe you can do that in your country too?
Register a company.

Fuel bills, rent, internet, entertainment etc everything should be billed to the company.

Deduct expenses, so you only end up paying income tax on the savings.

 

[theRevolt]

Here a 100% way to not pay taxes !! Make no money .. but please do not share this out of BHW...
On a more serious note, BHW is not the place for Tax or any legal advice. Go see an accountant and discuss what LEGAL ways you have with offshore etc... One thing is sure, even if you get away with murder, the taxman will always get you and might even go to jail so better make sure it is all legal.

Good luck

 

[SiddharthW]

Dubai - Tax Heaven Country
You should Move there. 0% Tax.

 

[youbike]

Here a 100% way to not pay taxes !! Make no money .. but please do not share this out of BHW...
On a more serious note, BHW is not the place for Tax or any legal advice. Go see an accountant and discuss what LEGAL ways you have with offshore etc... One thing is sure, even if you get away with murder, the taxman will always get you and might even go to jail so better make sure it is all legal.

Good luck

you story look like real especially with word 'murder'
is that any movies about that ?

 

[theRevolt]

you story look like real especially with word 'murder'
is that any movies about that ?

LOL, maybe I should add the /sarcasm. However, on a more serious note I will just mention two :
- Casey Anthony - 0 jail time
- Wesley Snipes 3 years

I won't post any details to not bring up any politics etc. into this, but feel free to Google them if you are not familiar with the cases.

 

[Lukmat]

I SUGGEST YOU TO NOT ASK ON BHW - GO WITH PROFESSIONAL TAX GUYS
YOU CAN HARM YOURSELF USING ADVICES FROM BHW​