This thread, which hopefully will eventually become a sub-forum, is about discussing tax avoidance.

In my country taxes are pocketed by corrupt politicians so I really try to avoid paying taxes at all cost.

Your country must be like most countries. Avoiding taxes should not be at all costs. Rather, tax avoidance, when planned carefully, is the smart thing to do.

Most people are ignorant of the many ways that taxes can be avoided.

right

I know of a way to receive sufficient money without having to pay taxes on it. This type of program is called cash gifting and allows you to receive thousands per day in the form of gifts, meaning that it is non-taxable. One website to find out more is: Edit: hijacking

This post has been edited by ~fishie~: Jan 13 2009, 07:23 PM

Trust me, It's more trouble than its worth.

I may agree

in many countries charity helps to avoid or lower taxes

yeah charity is the best way to avoid taxes...and u can give charity to anyone: ur friends, family etc....and they can give back to u (i think) :D

I believe that most people do desire to hold their tax liabilities to a minimum. They inquire their accountants or their friends, what I can manage to yield less tax, how can I pay less tax, how can I bypass having to yield all this tax. it’s our responsibility to pay our tax proper every year to support our country, to support our self.

Yep money laundering is common with charity and associations

yes but there are usually limitations on how much you can give as a "gift" before taxation rules kick in

A Panama Private Foundation is created when one or more natural persons or legal entities formalize a document known as a “Foundation Charter”, which is registered at the Public Registry of Panama, through which the parties undertake to make a donation (“Foundation Assets”) of not less than the equivalent of US$10,000 (which may be subsequently increased through further donations) to be managed by a “Foundation Council” under the supervision of “protectors”, if appointed, for the benefit of one or more “beneficiaries”.

The obligation to contribute further donations, whether in money or in kind is not subject to a limited period of time and there is no legal requirement of disclosure.

Once registered at the Public Registry in the Republic of Panama, the Foundation Charter creates a legal entity.

A Private Foundation is the combination of a corporation and a trust. In general, a Foundation has similarities with a corporation in as far as it is registered at the Public Registry, the assets of this new legal entity are separate from those of its creators, it is constituted to maintain confidentiality on the ownership of assets and in order to obtain fiscal benefits, and it has similar administrative bodies. It differs from a corporation in that the Foundation has no owners, as it does not issue share certificates nor any other participation title, and a Foundation may be created as a testamentary instrument and may not have profit aims.

Likewise, a Foundation has similarities with a trust: It is a juridical institution that requires specific formalities; some of the Founder’s assets are transferred, contributed or “donated” to the Foundation; a Foundation may be revocable; it may be created inter-vivos or mortis-causa by means of testamentary provisions; it is usually created with the purpose of managing, preserving, administering or investing assets for the benefit of the donor’s close relatives, as well as to obtain confidentiality and fiscal benefits.
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