How offshore “tax havens” don’t include US tax dependencies
like the US Virgin Islands. The past few months have seen attacks against “offshore tax
havens” which undermine collection of US taxes and other efforts from other
The OECD, a European think-tank which pays no tax, has come
up with a list of countries which don’t subscribe to their plan to regulate
But while the US is happy to use the OECD as its highly paid
tax-free international lobbyist, it is secretly promoting tax havens in its own
back yard, actively soliciting the very same opaque “offshore funds” and money
groups which started the crisis.
Some of the tax benefits for offshore funds looking to start
up in the US Virgin Islands include:
– 90% exemption on US income tax (results in a top federal tax rate of 3.5%!)
exemption on 4% gross receipts tax
exemption on 0.75% real property tax
exemption on 4.2% excise tax
exemption on 7% US Customs import duty
• 1% VI
Customs Duties instead of 6%
The craziest thing about this whole set up is that, apparently..the US Virgin Islands is not considered a “tax haven” BECAUSE it is a US territory under US flag and protection..what does that mean?
High-tax countries don’t care about “international financial
transparency” or any of that poppycock, they don’t care about being fair, and
the OECD is certainly not about “tax justice”, it’s about “tax piracy” and each
man getting what he can.