1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

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

    Joined:
    Dec 7, 2007
    Messages:
    1,382
    Likes Received:
    1,133
    Occupation:
    Internet Farmer
    Location:
    Pineal Gland
    Home Page:
    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

    Joined:
    Mar 10, 2010
    Messages:
    16,764
    Likes Received:
    30,781
    Occupation:
    Selling CPA Sites
    Location:
    Not England
    Home Page:
  3. thetrustedzone

    thetrustedzone Jr. VIP Jr. VIP

    Joined:
    Jun 15, 2010
    Messages:
    2,431
    Likes Received:
    1,965
    Home Page:
    Edit: based on your reply , go ahead and run away from taxes .....
     
    Last edited: Oct 20, 2016
  4. Neon

    Neon Jr. VIP Jr. VIP

    Joined:
    Nov 3, 2013
    Messages:
    2,856
    Likes Received:
    6,957
    Gender:
    Male
    Occupation:
    Traveling the world
    Location:
    Berlin
    Hide them in Panama.
     
  5. Zwielicht

    Zwielicht Moderator Staff Member Moderator Jr. VIP

    Joined:
    Aug 31, 2013
    Messages:
    7,138
    Likes Received:
    12,597
    Gender:
    Male
    Occupation:
    Reaper
    Location:
    Riverside, California
    Home Page:
    Invest in gold and silver?
     
  6. MonsterMag

    MonsterMag Power Member

    Joined:
    May 2, 2015
    Messages:
    602
    Likes Received:
    417
    Occupation:
    Self
    Location:
    My Journey Discussion
    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.
     
    • Thanks Thanks x 4
  7. Lunaaa

    Lunaaa Elite Member

    Joined:
    Jan 18, 2016
    Messages:
    2,413
    Likes Received:
    1,269
    Gender:
    Male
    Location:
    Canada
    In a bank deposit box
     
  8. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

    Joined:
    Dec 7, 2007
    Messages:
    1,382
    Likes Received:
    1,133
    Occupation:
    Internet Farmer
    Location:
    Pineal Gland
    Home Page:
    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

    Joined:
    Jun 15, 2010
    Messages:
    2,431
    Likes Received:
    1,965
    Home Page:
    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 Jr. VIP Jr. VIP

    Joined:
    Apr 25, 2011
    Messages:
    10,198
    Likes Received:
    7,849
    Home Page:
    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

    Joined:
    Feb 23, 2012
    Messages:
    541
    Likes Received:
    160
    Occupation:
    Multipreneur
    Location:
    Isla Paloma
    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.
     
    • Thanks Thanks x 1
  12. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

    Joined:
    Dec 7, 2007
    Messages:
    1,382
    Likes Received:
    1,133
    Occupation:
    Internet Farmer
    Location:
    Pineal Gland
    Home Page:
    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

    Joined:
    Oct 23, 2014
    Messages:
    754
    Likes Received:
    1,734
    Salaries and expenses can't be deducted from a company's income there?
     
  14. vitarank

    vitarank Jr. VIP Jr. VIP

    Joined:
    Mar 13, 2014
    Messages:
    768
    Likes Received:
    226
    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

    Joined:
    Apr 29, 2016
    Messages:
    18
    Likes Received:
    0
    This is just a shot in the dark,

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

    PinguSpy Jr. VIP Jr. VIP

    Joined:
    Dec 7, 2007
    Messages:
    1,382
    Likes Received:
    1,133
    Occupation:
    Internet Farmer
    Location:
    Pineal Gland
    Home Page:
    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.