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Well that's one problem solved . No more sleepless nights worrying how to set up IBC's and trusts to minimise tax payable on my Pips earnings .
I was about to commit a large amount of money to an eager accountant , so at least that was avoided .
I do hope Pips is up and running soon , so I can have that problem again .
Yes they were . Frightening isn't it . But no worries , I'm sure each countries respective tax authorities would have gladly paid back any monies paid to them for anticipated earnings . NOT LIKELY .
When I joined , people were saying you had to pay tax on your ROL before June 30 or you"d be in trouble . Someone was even selling a program that calculated the tax you had to pay . But like my original post infers , no more worries about paying tax .
Like I stressed to my colleagues who tried to tell me different .
DO NOT PAY UNLESS YOU GET THE MONEY FIRST .
Seems many got the cart before the horse and actually set up IBC's, trusts, incorporations and even prepaid taxes based on the advice of some that income is defined as in control, yet who had any real control over thier accounts when all is said and done? Having control over virtual money is not the same as control in real dollars, so imagine what a tax mess this has caused for many.
Well that's one problem solved . No more sleepless nights worrying how to set up IBC's and trusts to minimise tax payable on my Pips earnings .
I was about to commit a large amount of money to an eager accountant , so at least that was avoided .
I do hope Pips is up and running soon , so I can have that problem again .
:lol:
That's a great way of thinking
Yeah and I too look forward to happily paying my taxes and I sure hope it's loooooaaaaaadds :P
Many more will be feeling "dumbfounded" and disgruntled too at the hasty moves.... I hope this is a lesson for most, DON't do anything just yet until the money is streaming regularly (at least a whole 12 months) before you consider it a responsibility to answer to any Tax commitments.
In most countries, tax forms & submissions are usually given a year's time to catch up with any "inconsistencies". So rushing things are abit unnecessary and look at the mess and muddle many of you are now in... keep your cool and take it EASY...B4 EZ takes YOU. :lol: :lol:
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At least my Tax problem is solved .
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