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earning millions, need not pay any taxes - opinions?

Discussion in 'Business & Tax Advice' started by richelld, Apr 3, 2011.

  1. richelld

    richelld Junior Member

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    hello, my philippine company is earning a lot of money and will only be a matter of time before it gets audited and taxed 32%. Should I setup an IBC in singapore and a church in philippines?

    I know I could just setup an IBC in singapore and live off a debit card but i'd rather not pay international ATM fees all my life and my expenses are higher than what I'd beable to withdrawel from the ATMs in this poor ass country; not to mention they'd give me the money from the ATM in peso when I need to pay marketers etc. in USD.

    So i'm thinking an IBC in singapore bank-wires copious amounts of money to a philippine church. Good?

    Could my U.S. associates do the same, setup churches in the US to receive bank wires from the IBC in singapore; thus evading all tax associated with their work by claiming to be clergy? Thank you!
     
  2. Aaric

    Aaric Elite Member

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    If you are earning millions then go ahead and donate some part to bhw.
    did not bhw threads contribute an part for your earnings.
    just an suggesion.
     
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  3. richelld

    richelld Junior Member

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    i am a new member here!
     
  4. Kakashi3005

    Kakashi3005 Newbie

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    maybe this forum isnt the right place for asking that. Ask a lawyer in your country how you can wash the money ect.
     
  5. Aaric

    Aaric Elite Member

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    Then wait till you get some status.

     
  6. Dresden14

    Dresden14 BANNED BANNED

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    offshore... then go travel to the place, and come back with 9,999 max as I think 10k+ requires some documents. Taxes is a big fuckin scam
     
  7. Henry04

    Henry04 BANNED BANNED

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    Hello,

    I would found an offshore holding its more expensive then a normal company but you can save some taxes ; )
     
  8. myshoeslace

    myshoeslace Regular Member

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    Start doing some charity work!! this may get you rid of taxes
     
  9. SeoGigs

    SeoGigs Newbie

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    take a look at setting up Panama corp and bank account, you will more than likely only pay corp tax of $300 per year plus lawyer fees of a few hundred more, after fees should be around $1,000 per year. Set up it like $1,500 to $2,000 depending if you want to add a trust for asset protection.

    in Panama any income earned offshore is no taxable, meaning you will only pay taxes if you sell to someone in Panama. check it out
     
  10. infinitehorizons

    infinitehorizons Regular Member

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    Pretty nice problem to have.
     
  11. Virus1

    Virus1 Supreme Member

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    Ask a lawyer .. the tax code changes rapidly...
    and you want to make sure you are protected..

    Good Luck..
     
  12. flibbertigibbet

    flibbertigibbet Regular Member

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    If you launder the money that your company makes, it will just come back to bite you in the ass later on.... I'd advise to just pay them. 32% is really not that much, comparatively speaking. If you can make millions, you have the potential to make more millions.... What's 32% in the grand scheme of things? Risk everything and possibly go to prison for tax evasion, or live the dream without worry.... I would choose that latter. :)
     
  13. jk369

    jk369 Newbie

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    That's what I was thinking! Hah
     
  14. IamNRE

    IamNRE Jr. VIP Jr. VIP Premium Member

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    What is it with people not wanting to pay taxes, but while they are less fortunate they are more than happy to leech of the other people that pay taxes that make our schools, hospitals, roads, housings etc.


    Just pay the taxes stop being greedy... your making a million+ anyway wtf?!
     
  15. ibira

    ibira Registered Member

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    I don't know why people think that this church stuff is going to do the trick... Offshore is the way to go, at least here in South America. Price is something like $5k USD + $1k/year.

    My opinion: Get a good accountant and a good lawyer
     
  16. floflo89

    floflo89 Regular Member

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    Why pay taxes to a stupid country that offers nothing (any coutry)?
    You pay water, gas, etc. That should be enought.
    But no lets feed our money to the pigs who are leading us.
    Pff
     
  17. IamNRE

    IamNRE Jr. VIP Jr. VIP Premium Member

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    Your right lets all stop paying taxes ... so we can be like hmm I dont know a 3rd world country? *pick one*....


    Pay your taxes and stop complaining about things you take for granted that people in the 3rd world would kill for.
     
  18. Ravasz

    Ravasz Registered Member

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    Wait wait wait... you're making millions and A) Think a free forum of other people who aren't legal experts is your best bet and B) Have no idea how to properly structure a company, and really think that being a church receiving large sums of offshore money won't raise any flags? You're making millions, goto one of the big 5 accounting firms and have them properly set you up...
     
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  19. redstone.1337

    redstone.1337 BANNED BANNED Jr. VIP Premium Member

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    Get a tax consultant, he can help you better than people on blackhatforum, lol. Get your tax reduced with the help of consultant but don't ignore paying it as it might come back to bite in your ass!
     
  20. floflo89

    floflo89 Regular Member

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    Hehe, I'm from 2nd maybe 3rd world and I pay taxes.