Tax advisers say non-doms are relocating to countries such as Portugal, St Kitts and Nevis, Spain, Greece, the United Arab Emirates and Italy, where taxes are either much lower or where they can pay a fixed annual fee to avoid them. Italy, for example, charges €200,000 a year to foreigners who wish to shelter their worldwide assets from local taxes.
I could have quoted every other paragraph, the article is worth reading. Citizens in ostensible democracies need to be pressuring their governments to close tax loopholes and to lean heavily on governments who allow physical relocation and account offshoring to evade taxes. There is no good reason billionaires and centmillionaires to exist.
I think countries should tax all businesses and companies in their country in any way based on their total earnings but they can deduct tax they pay elsewhere so if their country of taxation charges more tax than the particular country then no tax. would get rid of the race to the bottom.
Yeah, the money is coming from somewhere, so tax it at that point. If you’re a landlord or own a factory, tax those assets, they can’t take those out of the country.
Good
Ohh the horror the parasites are jerking off in dubai now
If only someone could have warned against consolidating wealth into a few hundred people.
Would not Brexitng have changed this?