Is Switzerland a Tax Haven? Joe Biden Says Yes, They Say No - TLDR News
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- Опубліковано 4 тра 2021
- Recently President Biden has accused Switzerland of being a tax haven... actually less accused and more just stated. Regardless of his tone the Swiss aren't happy, so they've fought back arguing they very much aren't. So in this video we discuss tax havens, whats they are and if Switzerland is one.
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1 - www.euronews.com/2021/04/30/p...
2 - www.euronews.com/2021/04/30/p...
3 - www2.deloitte.com/content/dam...
4 - www2.deloitte.com/content/dam...
5 - www.taxjustice.net/press/fina...
6 - www.oecd.org/tax/transparency...
7 - www.oecd.org/tax/transparency...
8 - cthi.taxjustice.net/en/
9 - www.consilium.europa.eu/en/pr...
10 - www.consilium.europa.eu/en/po...
NOTE: Apologies for the difference in natation today. Were in the process of moving office and getting Ben to record the voiceover with his microphone at home just made the most sense. We should be back to normal soon! - Jack
lol yooooo
I personally liked a change in voice i needed to get used to it but a welcome surprise
No worries he is better.
Just kidding come back as soon as possible.
I actually prefer this guys voice!
NIce with a bit of variety, as long as he enjoy's it I don't see why it should be considered negative.
Switzerland: no more Tax Haven!
Delaware and Virgin Islands in the US: ...
@Oritra Kar The British Virgin Islands is a different legal territory. Having a name in common means nothing. By your logic Britain owns Brittany.
that was the only reason to smash the swiss banks for the US. So that they can jump in the gap
You forgot Puerto Rico
Hey we keep Delaware around so that the GOP does not have a eternal senate majority. Until we abolish the senate then it should belong to Maryland. Also Delaware banks pay federal taxes.
And they are a 'British Overseas Territory' which yes, is legally different to being a part of the UK. But it is a little more than just having 'British' in the name...
I like the phrasing "totally out of date" like they acknowledge that at one point they were 100% a tax haven lol
They were infamous for their strict bank secrecy. And in do of that was a tax haven. But that is not the case anymore.
Well we were. No reason for us to hide/deny historical facts.
@@sirBrouwer there is still the bank secrecy, but just for swiss people. its realy difficult to open a swiss bankaccount as an american. But the american taxation and laws they put on people, that have nothing to do with the USA is the real asshole move.
Yeah, that's not the only thing outdated about Sleepy Joe
Yes, there are countries on this world that actually acknowledge past wrongdoings…
Delaware, City of London, Isle of Mann. No one ever talks about these because they are hidden in a bigger country but they are just as much havens
I don't think many people know about the _City_ of London. Most would probably just think of London.
That is exactly jimmy ryan's point most peopel think teh city of london is part of london
Biden was a senator from Delaware. Maybe he is talking from experience.
@Oritra Kar "There is no tax haven in Singapore"
@angrykulla I'm pretty uneducated in this subject but the city of London (a small area of London where the bankers work) has different laws to the rest of London. So if those laws can save your business money, you have your headquarters there like a few banks do
As a Swiss citizen looking at my tax bill, I'd say a hard no
Well seems like entrepreneurs and rich get 11-12% tax there or maybe even less when they bring capital like $100M and what not.
As a Non-Swiss living in Zurich it's an unequivocal "yes"
As a Swiss citizen, thank you for clarifying this issue.
@RoastWorthy there was no Skandale. Business people were doing Business. And later we tried to hive the gold back...
@@royfischer482 "we tried to give the gold back" LOL, good joke
@RoastWorthy as if there was only that, lol. Just finished doing some research for my BA in history about how switzerland was one of the last country that accepted to trade with south Africa when the entirety of the rest of the world was boycotting them because of apartheid.
@RoastWorthy Difference being that the gold wasn't the Swiss government, or the people, but Swiss privately owned banks. Not everyone in a country is responsible for what private companies based there do.
@@Running_Colours Boycotts are not famously successful. Change is SA was said to have been helped by the economic boycott, but you have to question that when you see all the other countries where boycotts have achieved absolutely nothing. Also, if change only occurs after 20 years, can you really say that the boycott was the cause? And you have to look at the countries claiming to boycott a regime that are actually doing business but through third-party states - that's not a boycott.
"When you think 'Tax Haven' which countries do you think of?"
Me: The Netherlands!
*three quarters of the video doesn't mention the Netherlands*
*Conflicted colonization noises*
There's a company in the Netherlands, essentially nothing more than a letterbox, it owns all the IP of Activision-Blizzard and gets all it's profits.
The USA says: pay in the Netherlands.
But just before the company settled in the Netherlands a group managed to change Dutch law so now the Netherlands says: pay in the USA.
It pays no taxes in either the USA or the Netherlands, but it does get a tax rebate of millions from the USA. So I'm not surprised that the USA is super high on that list too.
geKONOLIZERED
It's the Double Irish With a Dutch Sandwich. Google it it is a real thing. "The scheme involves sending profits first through one Irish company, then to a Dutch company and finally to a second Irish company headquartered in a tax haven."
Our Dutch government is just very good at never talking about it. (among other current issues)
Technically you can call any country where the government gives tax deals to companies, a tax haven. Which would make almost every country eligible.
@ they also park the money in Luxemburg.
As the Netherlands typical only own a company that owns the brand of a company.
Ireland owns the European legal office. And Luxembourg owns yet a other part.
@@tardvandecluntproductions1278 That's the gist of tax evasion in general. Every country in the world sucks up to rich people. And in the end every system has loopholes. Personally I think corporate tax is a flawed approach. It just gets passed on to the customer/consumer. They should be taxing dividends properly, and legislating to prevent corporate capital being spent for personal use. Then "a company that delivers a product or service which is in demand" can sell it at the lowest price possible, and what is actually taxed is the income of individuals (in this case investors). This seems like a much more coherent and effective system as it doesn't conflate corporations with people.
I think what is often forgotten with Switzerland is that the employer is forced to pay a lot of retirement pension, as it has too match whatever the employee pays. There are quite a few things that companies have to pay that are not labelled as taxes but are still mandatory.
Sure, but that's mostly irrelevant when your "office" only has an administrator and maybe a janitor.. a lot of companies just have a PO box in these tax havens with no premises or infrastructure at all - they exist purely as a paper corporation that the "real" (foreign) company can transfer funds to.
Of course the problem is not really with the tax havens themselves. The problem is with countries that allow funds to be transferred overseas for no discernable purpose. The government keeps tabs on money flowing in and out of the US (and I would assume other countries are similar) just so that they can keep a handle on their currency, so they could pretty easily track down such bogus transfers if they really wanted to.
But of course they don't really want to because the people who write the rules are also largely the people who benefit the most from tax loopholes. Sure they'll wave their hands around and make some noise whenever the peons get uppity, but any new legislation they create to close the loophole-of-the-day typically also opens up two or three new loopholes at the same time.
7:33 "All somewhat ironically part of the united states". There's 4.2 million Panamanians that'd disagree.
Love your content though, keep up the great reporting.
Yup!
I know what you mean, but in relation to the topic its on point.
USA does treat its "non state" regions like dirt though.
@@angelic8632002 Panama is a independant country and not a US territory.
I think that "all" was meant to refer to "all Virgin Islands".
@@ninjam77 its in Latin America... so...
Biden, being from Delaware, knows everything about the nasty competition. At least back in the day...
nothing wrong with having several narrators
If Lichtenstein is Switzerland's tax heaven, does this mean tax heaven-ception
Pretty sure Liechtenstein also doesn't count as a tax haven anymore
@@vogtloris7163 yeah Liechtenstein is practically a Swiss canton and they have practically the same laws
@@alexisarteev-salazar9247 Liechtenstein is an absolute monarchy with its own sovereignty tho.
@@teecee1827 that doesn't change the fact that it's basically a Swiss canton
@@alexisarteev-salazar9247 that's just not true
It’s no longer a Tax Haven, but it dies provide great conditions for companies to operate there. Ultimately I think they’ll have to live with the label for a long time basically since people love stereotypes.
Ah yes only stereotypes. Then how about the approximately 125-200 billion € of german tax money that is still on accounts in Switzerland? Are those billions just hidden there for stereotypical reasons?
@@Mesozoic_mammal that money does not exist. Left wing propaganda.
@@royfischer482 Yeah just like when there is a corruption scandal somewhere in Europe and the police and investigators lose tracks of millions in Switzerland 90% of the time, its surely propaganda and not a real issue at all.
@@juanmola2000 Do you really think that these people will hide money in Switzerland? Everyone’s watching us! The money is going in Liechtenstein and this little piece of sh… of country should disappear because they are the ones making us look bad.
@@lodu8731 It doesnt matter how much they are watched. When an investigation stumbles upon money going to Switzerland they need the banks to cooperate and provide data for it to be tracked, which of course the Swiss banks never do and the track is always lost. Sure, an intelligence agency could work around it and crack the bank or obtain info in other ways... problem being its very illegal in a democracy and even if you did that you wouldnt be able to use the proof in court, plus the added international scandal of course.
Mafias, corrupt politicians, corps doing tax evasion... Its been like this for decades, with billions moving through the banks and dissapearing, and then they play the victim when the country is called a tax haven with the government having never adressed the issue, its frankly depressing.
Biden knows what he talks about, his home state of Delaware is the tax haven of the United States 😉
It's more like "Game recognize game" at this point 😜
Just start a religion in US
Takes one to know one. This is just always been US policy. Look at other countries how bad they are, they are actually the problem but never ourselves. So nothing domestic has to change.
@@vinniechan The Holly Church of Avoidance - May the Great Accountant protect us from all the taxes and social responsibility
@@dadikkedude My favorite example of this is the carbon emissions. They always say how China is the biggest polluter, they need to change first, completely disregarding the fact that per person, the avarage US citizen is responsible for the highest emission by far. The world could support 7 billion Chinese, but 2 billion American would be too much.
@@lincselo Or the war on drugs, trying to fight a war against drug suppliers making them more organized and into armies themselves. On the other hand refusing to take care of their own drug addicts and the situations where they form. Instead criminalizing traumatized individuals traumatizing them even more. Hasn't been working for great effect in the past few decades.
If Switzerland can somehow offer top-of-the-line quality of life metrics while keeping the cost of government low on individuals and firms, that’s good on Switzerland.
Let’s all strive to be as efficient as Switzerland!
6:32 Being a Dutchman, it was waiting for that to be mentioned
As an American living and working in Switzerland.. no. Should have seen how hard it was for me to open a bank account here :)
panama is my favorite US territory lol (7:30)
¯\_(ツ)_/¯
panama had a territory given to US you nincamPOOP
@@RrRr-wj4xv No it doesn't unless you're talking about the Panama Canal which in that case you're still wrong.
@@RrRr-wj4xv Yeah, Panama is a sovereign country. The US doesn't own territory there 😂
@@listen1st267 i sad HAD read again with eyes open
I quite like having a variety of narrators on these videos. Changes it up a bit. Keep up the amazing work!
Corporation tax in Bulgaria might be 10% but when you add up all the other taxes in total, the tax burden is 40%+
Corporation tax in Romania is 1% with 19%VAT which is questionable, let's say about 25% taxes in the worst case scenario
I feel like Bidens comment was just not checked well enough before he said it. If you think back to the last US administration Biden was a part of, this comment would've been absolutely true, but not anymore imo. He probably was just used to that kind of mindset towards Switzerland. (I'm Swiss btw)
Not really sure about that. Considering the (far worse) situation in the US Virgin Islands it would've still been extremely inappropriate and hypocritical.
@@NN-sy7vy yeah it was hypocritical anyway. but until the late 2000s Switzerland was definitely a tax haven. so the statement would've been true, but still hypocritical.
it seems like a lot of tax heavens are british territories...
Oritra Kar First of all, they aren't part of the UK; they're crown dependencies with decent autonomy. Second of all, there's nothing wrong with being a tax haven. A country is entitled to set whatever tax and finance laws it wants within its jurisdiction.
@@cultistmeat-shield "crown dependencies" so they are dependent on the crown. Cool cool so basicly part of the uk
@@Mr-Nuke. They are completely independent in many issues, including tax law. The UK couldn't change the tax status there even if they wanted to. There definitely is something wrong with being a tax haven though...
Thumbs up for this well-researched and balanced video.
I’m wondering, why was this video not also published on your TLDR US channel? The information seems to be worthwhile to know for US citizens. After all it was their president raising the accusation i.e. it would be US foreign policy related.
I wouldn't have questioned it.
Don't know how much you can trust Investopedia but on their list of European tax havens they put the UK at the #1 spot, Germany #2, Ireland #3 and Switzerland #6, Sweden #7 with some compelling arguments. Not what I had expected at all.
Sweden sure is a tax heaven for capital. No property or estate taxes, no inheritance tax, no gift tax, no wealth tax and with the right kind of account no capital gains tax.
@@axelnils we do have wealth taxes though?
Art storage facilities should also be counted as asset stores, as low liquidity assets. If one counted those, would the situation be different?
Yeah, I think the comment on Switzerland being a tax haven is a bit outdated.
The current favourite tax haven, I think, is the Netherlands.
There have been numerous reports of companies making deals with the government for an even lower tax rate. So eventhough the Netherlands might not completely look like a tax haven, under the table, they are making deals.
Every country does that, it's just that some are better at keeping these deals secret than others. The Netherlands is very good at it, unlike for instance the UK which has had it come up several times over the past decade.
According to the OECD the total tax to gdp ratio in Switzerland is 28.5%, in the US its 24.5% (in 2018).
Taxes on income and profits in relation to the gdp are 13.6% in Switzerland and 11.1% in the US.
Except for Property taxes, the US has lower rates in every category, so them calling Switzerland a tax haven is a bit absurd.
as an icelander my favourite is panama
7:31 Panama isn't a territory of the U.S.
He didn’t say territory. He said “all somewhat ironically part of the US”
@@Keve38 It's not part of the United States either 😐
@@Keve38 Panama isn't apart of the U.S. either
Now it is xP
The Panama canal zone used to be a part of the US but it isn't anymore.
As a Dutch citizen I am ashamed of this metric, I really do think we need to do something about it
I'm wondering if I shouldn't hire an accountant. See if I can set-up Tiax Anderson LLC or something and use the systems to not pay taxes either. If every citizen uses the same methods as companies this issue would be solved overnight >.>
Or maybe find an EU law that allows us to freeze government assets and money. Basically hit the government in the wallet and suddenly it's a non-issue. I'm sure of it.
The fact that they have a tax avoiders list of countries for so long just proves that there not looking to plug loop holes.
There looking to point blame just for the appearance of looking like there going to do something
While leaving the holes open.
Nothing will fundamentally change.
I like your point
I'm here to show you both some 'level!'
I hope they stick with this and eventually becomes a t-shirt.
Would it be possible to make a video about the incoming french regional and departemental elections ? Thanks from france !! Keep up the good work !
Definitely a cheap shot... Biden's brain was stuck in the 1970s. Countries have every right to develop their own system of taxation to run their affairs. That's one big reason to even have countries and not just a mass of tribes or communities. Switzerland has lower taxation in large part because they have a very different economic model than all of the socialist neighbors that surround them. This model happens to have worked a hell of a lot better. If other countries want their own companies & citizens to be compliant in said country, the onus is really on them to create policies that ensure compliance. As long as Switzerland is readily exchanging information when requested, they are doing absolutely no wrong, and should certainly not be denigrated for having lower corporate tax than France or Germany.
Delaware, Cayman Island, Jersey Islands, Isle of Man, Virgin Islands
make a video about those tax havens please
A missing point in the video is that the base corporation tax can be meaningless. A point that matters as much is the ability to use loopholes to either reduce it or outright pay 0 thanks to them, and that is something that makes Switzerland, Luxembourg, Ireland, The Netherlands etc. That much more appealing than other neighbors.
For the record, the US hasn't held any territory in Panama for many years. I know because it was a pain in the ass to get my security clearance and a new copy of my birth certificate because I was born abroad to military parents in Panama and had dual citizenship.
If you’ve lived in Switzerland you will know that it is not a tax heaven. Many taxes for many things. However these are good things! It helps in so many ways!
"Cracking down on tax avoidance." just sounds horrible.
Every taxed human being on Earth, consciously or unconsciously, engages in tax avoidance. Even if it's just to choose not to buy something because the price+tax is slightly too much.
WHY would you "crack down" on people choosing not to buy something?
The important figure is the effective tax rate, not the nominal tax rate.
Any country in which a country might choose to incorporate while _not_ being the place where that company's executives live and work, is a tax haven. There is no reason why any business would be incorporated in a Swiss PO Box other than tax avoidance, so as long as that practice remains active, they are a tax haven. If they want to stop being a tax haven, then stop allowing that practice.
I personally think that the larger industrialized countries of the world should join together and sign up to a "tax fairness zone," in which a tax "minimum wage" is set up, with the rule being that if this minimum amount is set at, say, 30%, then ANY business that _operates_ in ANY of these countries will be expected to pay a total of 30% tax to *someone.* If they just pay that 30% to their home country, then fine, burden covered. If, however, they set up in some tax haven with an 8% rate, and only pay 8%, then they will still owe 22% to _someone,_ and will have to pay it off. That money needs to be passed into the hands of _some_ government, a sort of "you don't have to go home, but you can't stay here" policy. If they're going to be offloading that money anyway, then it may as well go to the country they are physically established in anyway, rather than off to some tax haven.
Why is "help victims from not getting robbed" considered to be a "tainted reputation". Incredible propaganda has a stronghold on the public mindset.
I think the approach of OECD is that they sign disclosure agreements and don't really care about each others tax rate
Like once u know how much someone parks a chunk of their assets in some places it's up to do whatever
The OECD provides a set of rules. The countries have to set up bilateral or multilateral agreements with each other. When an agreement ist reached, the involved countries will provide the data to each other. The one country that is missing, however, is the US. They get their data through the unilateral FATCA law, but don't provide data to other countries.
@@Andreas_42 I hate answering questions to bank for their FATCA reporting
@@vinniechan Everybody hates that.
I will always find "funny" how hard people judge Switzerland for bank secrecy or some of its actions during WW2 when actually many countries around the world and especially in Europe would rank higher in the JO of historic atrocities.
To some exten bankers paradies has just a bad ring to it and jealousy might also play its part
Wait
Since whan is Panama a part of the US?
The Panama canal zone used to be a part of the US but it isn't anymore.
the problem with tax it's that states never tell their inhabitants how the money is used precisely, if it was clearer they could easily levy more taxes with fewer unhappy people
Ireland has a corp tax rate of 12%. Reports have suggested that some international companies are paying much less, some reports in the Irish press, have put the tax rate for some companies at less than 1%.
Politicians are to blame!
The French headline corporation tax rate might be that high, but the effective one is much, much lower.
More details?
@@lewisw3436 corperation tax very high, but with ability to go through several schemes to pay 0. All to common, tax rate isn't important, its the loopholes
Switzerland is a tax haven, kinda. Ireland however is too. So is Luxemburg, and the Netherlands. Oh and Portugal too. Tax laws are complex and every country has loop wholes, which makes them tax havens for certain individuals. In the Netherlands, you pay almost no taxes on income from intellectual properties. If you are a big musician for example, do your taxes there, as you keep 90+% of your income. In Portugal you should look up the non-habitual residents scheme. Among other things, it means that if I move to Portugal, I can apply to this scheme and for the next 10 years, all income I receive from outside Portugal is tax-free. Of course this only works for people, not companies, but paying 0% income tax is a tax heaven too, and learning of that pushed Portugal to #1 on my list to check out as my new home in a few years :D
And Bulgaria 🇧🇬 too
Boe Jiden to Switzerland "Cmon man"
US going full: NO, YOU!
Whatever happened to the "douche" part of "toilet and douche?" (AKA Deloitte and Touche).
One rich woman said its only the little people that pay taxes, Also the dewhurst butchery chain when in its day the boss said that he paid less tax than one of his managers in just one of his shops ?
Im a simple bulgarian, I hear bulgaria mentioned in a video, I press like!
Hey Switzerland used to be a much better tax haven. But they when the USD became a world reserve currency. The US pressured Switzerland to change its bank secrecy. Now rich people have better options for tax evasion/tax havens than Switzerland.
What about Monaco?
Regular viewers: NEW VOICE 🚨 WHO IS THIS INTERLOPER?!? 🚨
How much of the tory support for Brexit was because of EU Oecd rulings on ownership registers. Judging by the fact that key Brexit supporters can be seen in Monaco (eg Sir Jim Ratcliffe) and Rees Mogg has many offshore interests...we can put two and two together. Really though every time the rules on ownership registers come out the industry just restructures the comapanies in a way that exempts them.
Thanks for making me a little bit smarter
The risk of Switzerland to lose tariff free and check-free transit through EU territory alongside other corporation agreements and the upcoming of ATAD I & II of the European Union made Switzerland change a little out of dark.
However Switzerland being used to avoid taxes is a long discussed topic for example in Germany for over 20 years that's why ATAD was introduced on the EU level in the first place because Tax-Avoidance can only be solved on a multi-lateral basis or loopholes appear all over the place.
Every over-spending politic is going to call any country with lower taxes a tax haven, because politicians don't like competition :P
Question: The main export in goods from the UK to Switzerland are gold, precious metals and art and UK was very keen on getting this free trade deal re-negotiated in the context of Brexit. What has this to do with Tax-Avoidance and Money-Laundring in the UK and/or the banking system in the UK?
Notice how neither countries produce gold and metals?
These kind of goods (and art even more so) are means of transporting value that is not monetary, and therefore not under financial regulations. They are massive red flags of tax evasion.
2:06 I think if someone mentions something you do and you jump to talk about how you're following guidelines... ...that's suspect...
Someone says you're breaking the law and you point to the law you are not breaking, that suspicious to you? Must be a flat earther.
Not really, no
Nowadays taxe havens should also be judged on how easy it is to use legal ways to avoid taxe. For instance, the Netherlands are appealing taxe wise but not really a taxe haven in the traditional sense of the word. However, due to the relation between Netherlands Law and Portuguese Law, for instance, it is very easy for companies to circulate money between both countries, in a perfectly legal manner, avoiding taxes on it.
In a globalised world it kind of does not make sense to look at financial law at a local level. IMO, there should be a taxe agreement (similar to a trade agreement) between counties that would allow for free money movement in exchange for level taxe responsibility. Between countries with no agreement money movement should be almost impossible.
I know there are some agreements in place but it is very clear that they are not enough or maybe not designed to deal with taxe evasion
7:28 Since when is Panama part of the US?
It's not. Those are two different countries.
The Panama canal zone used to be a part of the US but it isn't anymore.
it may not be just a cheap shot... it's clear for some years now that the US doesn't intend to help the effort to curb tax evasion by multinationals. so it may be an intentional misdirection when they themselves have the biggest share of the responsibility.
Literally just Google "is Switzerland a tax heaven?"
delaware in the u.s. is a tax haven :) biden was senator there
Panama is part of the US? That explains the 51st star.
Even if it is not a US state in name, the state of Panama exists in the first place only by will of the US, so it's not a long shot.
The Panama canal zone used to be a part of the US but it isn't anymore.
Yeah, we just passed some major tax reforms so we're not exactly thrilled about the possibility of having to do it all again because the US President is of the opinion that we're a tax haven. We've been at the same point a couple of years ago...
The biggest hub for tax Haven is London. 70% of tax evasion in the world is made in english possessions, all driven from London City. it is easy to kick on the small one.
All the point is that a country has to ask switzerland for specific data, but how can you ask if you don´t know what is to be asked ? that´s where it still retains a very high level of secrecy.
I don't think he meant it when he said Switzerland, he could just name countries that came to his mind
According to the US federal government and the IRS, any country that has an income tax rate below that of the US federal government(10-37%) could be considered a tax haven by their legal definition.
It may not be a country in which corruption shemes and money laundering happen that often,(at least compared to the past) BUT it still has a lot of tax incentives overall and Swiss Banks are still incredible (even with the USA pressuring them)
If 5th place accounts for 5% of the risk.... Then the top 4 accounts for 90+%? 👀
Is Vatican City whit The Vatican Bank (IOR) a tax heaven?
If they are, then that's cool. I was planning to move to Switzerland, at least for a while.
@RoastWorthy yes they also stole all the money of the Jews killed by the Nazis. Hell, they were and still are Nazis.
@RoastWorthy mocking the mass murders at an industrial scale of human beings is punishable by law. Apart from being utterly disgusting.
@@geoffreycharles6330 Where are you from? The U.S? want me to list the atrocities committed by them? U.K, Australia? same :P
@@geoffreycharles6330 no. Stop using cheap buzz words, it ruins your whole point. They arent Nazis, whatever your issue with them, dont dramatize, please.
@@geoffreycharles6330 Switzerland has gived even more back than what they took. Also, it’s not our problem if the dudes died and that they didn’t said who was their family.
Of course they will say NO. What else do we expect??!!??
Panama isn't part of the United States..
The Panama canal zone used to be a part of the US but it isn't anymore.
A few years ago (under Obama) the FBI was arresting board members of Credit Suisse or UBS who visited the US.
As a result Switzerland changed it's laws so it's very difficult for Americans to get bank accounts because the bank will have to send vast amounts of paperwork to the US.
So now the US knows the financial situation of US citizens who have Swiss bank accounts.
You know things are bad when you offend the Swiss. Delaware is where all big US corporations incorporate.
I wonder why corporate taxes rate, is at the rate where the business is conducted? for example company A headquarter is in kaymen island but 95% of the business they make is in the
US so why company A does pay 95% of taxes to US Gov at their rate and 5% to kayman island that is at 0 rate? is this impossible to track? or is it a part of the tax heaven design?
They try to arrange so that the profits are made in the Cayman Islands. One possibility is that the company in the Cayman Islands holds all the patents and other IP the company has and the parts of the company that are in other countries pay royalties to the Cayman company thus decreasing their profits and increasing the profits occurring in the Cayman Islands.
TLDR EU with 2 non EU countries... BIG THINK
naw it's a great video, keep up the good work!
Who is this new narrator?
F
F
It's Ben 0:10
Here in the comments to "show some level" for both Jack and Ben
Panama would like a word with you about their nationhood.
Not in the same rate as years ago, but Switzerland is a haven for legal tax avoidance, which has similar consequences for public services in the countries which taxes are evaded. Still morally wrong. And yes, the Netherlands, Ireland and Delaware in particular falls in this category
Should we expect a vid on the recent Madrid elections?
Now if only they answer why they are still building secret vaults in their mountains.
That's what we want you to think.
Most of those Vaults are now full with servers to storage data.
It's housing for dragons
Having low taxes on companies and the ability to hide income still counts as a tax haven.
Company taxes are paid by the consumers i.e. the real tax payers. It takes a special type of imbecile to not understand that.
Taxes? Me in Belgium seeing 40%+ going off my salary 🥲🥲
That’s yet another good topic for TL;DR: the continuously promised tax shift.
Tho that's a different category, you're talking bout income tax, while the vid is about corporate tax
The trouble with Belgium has been the tax breaks on "excess profits" and other rules benefitting multinational corporations. Individual taxes have nothing to do with it.
Thank you for clarifying this! But it's still safe to say that a lot of companies are in Switzerland solely for tax reasons and that Switzerland can only afford this low rate because neighboring countries have higher tax rates. In other words: Switzerland is at an unfair advantage. Would be interesting to know how CH would do economically with a fair tax rate.
Why unfair advantage? If Swiss government and the cantons manage their budget so well that they have no or low deficits + keep their public debt around 30% of GDP whereas other countries are writing red figures year after year after year and their public debt is going thru the roof, Switzerland is not to blame and has just no need to increase taxes to blance their budgets. It's the poor management of other countries that is unfair for their populations and companies as it forces their governments to keep high taxes or even increase them or create new taxes. Other countries should reduce their tax level to Switzerland level, not the other way round.
I mean our premier (Netherlands) says that our country isn't a tax haven, but it is. It's not the only one, but it is definitely one.
Isn't there like literally a _single_ building standing somewhere in a US State where like most if not all of the big US Companies are officially registered for TAXation because _that_ State has a loophole that barely any TAX will be charged for sales made on Intellectual Property and so every company there basically just lends a Child Company ( basically themselves ) the right to sell stuff in the Parent Companies place while paying the Parent Company back like almost everything they made in the process as a "fee" to build / sell under that IP License thus basically not making any TAXable profit while the Parent Company themselves have basically nothing to pay for either from their IP sales due to that IP TAX loophole? How about the US Administration start cracking down on that shit first before knock on other people's doors? 🤨
Any country with a more preferencial taxation to your own can be considered a tax heaven in a way!
Don’t blame the old man, he can’t help his brain is stuck in the 70thies.
Simple way to fix the tax issue, if you don't pay taxes you can't sell your good or services in that country. Simple as can be.
Here some level
Well not as much as the USA
Me thinking: "When are they going to mention Ireland?"
Ireland isn't a tax haven either, we just attracted a bunch of big tech corporations because we lowered the corp tax rate to attract busines(which has worked). Unfortunately, the Irish Government sucks up Apples crotch goblin, which is why people think Ireland is a tax haven.
When Swiss people think the E.U is trying to break them up
@Oritra Kar How
@The Duck I agree