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Place to keep/stored money to avoid tax

Discussion in 'BlackHat Lounge' started by PinguSpy, Oct 20, 2016.

  1. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

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    What are the best places for me to keep the money other than paypal or bitcoin, because i want to avoid tax in my local country.

    Every year the gov audit my company account and paypal.

    Unless i stored it in bitcoin. but i don't like bitcoin because the price is unstable.

    Thanks
     
  2. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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  3. thetrustedzone

    thetrustedzone Jr. VIP Jr. VIP

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    Edit: based on your reply , go ahead and run away from taxes .....
     
    Last edited: Oct 20, 2016
  4. Neon

    Neon Jr. VIP Jr. VIP

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    Hide them in Panama.
     
  5. Zwielicht

    Zwielicht Super Moderator Staff Member Moderator Jr. VIP

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    Invest in gold and silver?
     
  6. MonsterMag

    MonsterMag Power Member

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    In many countries corruption is very high. Most of the money paid in tax is not going back to the countries development but instead into the pockets of a few families. I understand when people try to avoid financing these in some countries.
     
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  7. Lunaaa

    Lunaaa Elite Member

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    In a bank deposit box
     
  8. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

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    http://www.scmp.com/topics/malaysia-1mdb-scandal

    Our prime minster steal over RM42,000,000,000.00 billion ($10 billion USD).

    I dont think he gave a f*** about building a school lol.
     
  9. thetrustedzone

    thetrustedzone Jr. VIP Jr. VIP

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    You are talking about third world countries , and i agree with you since I'm from third world country , i run away from taxes here also for this reason ..., I'm talking in general , and thought OP from tier 1 country ..........
     
    Last edited: Oct 20, 2016
  10. davids355

    davids355 Moderator-In-Training Jr. VIP

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    The problem is, if you hide the money in this way then its difficult to spend right? If and when you eventually spend it, its gonna create questions.

    So I agree with @BassTrackerBoats that the only safe way is to keep it in cash.

    Or the alternative is that you invest in a good accountant and you end up paying a fraction of the TAX you were paying previously.
     
  11. lelou00

    lelou00 Power Member

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    Pingu, I think you are from Msia, am I right? Set up offshore company, and then declare your income from the offshore company as dividend. There are some tricks involved using this technique, but you can try look at how big company (or some of our corrupted got officer) are using offshore company to avoid tax.

    As far as I'm concerned, dividend is non-taxable income. Correct me if I'm wrong.
     
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  12. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

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    I have $xxx,xxx.xx.

    If i transfer the money to my company account, the gov will eat 20%. Then, from my company account, I transfer the money to my personal account, the gov will eat another 25%. (total 45%). Yuks!

    The money I still need to use, to funding my other project and other investment. But not now. Since 2016 are almost finish, so i'm kinda desperate.
    Because un-use money, the gov gonna eat it. Unless I spend it for my another project and company investment, and left peanut inside the account.
     
  13. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    Salaries and expenses can't be deducted from a company's income there?
     
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  14. vitarank

    vitarank Jr. VIP Jr. VIP

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    yeah it is sickening to know that the majority of your taxes are going straight to the pocket of corrupt officials. maybe you should consider buying a fire proof and water proof safe to store your money.
     
  15. theagassigroup

    theagassigroup Newbie

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    This is just a shot in the dark,

    But how about online equity investing in start ups.
     
  16. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

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    I need the place that i can stored the money (with no risk), and can be use at anytime (easy liquidity), because i need to pay to my freelancer from various of website like upwork etc.