offshore

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offshore

a term used to describe vehicles or institutions based in, or regulated by, the laws of a jurisdiction that either has no tax or low tax for non-locals and that specializes in providing services of a financial or legal nature to persons and businesses ‘onshore’, that is to say, in high-tax jurisdictions. While many such jurisdictions are based on islands, which has brought about the terminology in a literal sense, the littoral location of the investment is irrelevant.
References in periodicals archive ?
The tax recovery target could not be given on the basis of information received about the offshore accounts because the account holders might have transferred money through legal channels or have plausible justification, he was quoted to have told the panel.
The tax amnesty scheme announced by the previous PML-N government has not encouraged the illegal offshore account holders to pay a ridiculously low 2 percent tax and get their black money whitened both within the country and abroad.
In total, more than 75 million dollars (PS57 million) flowed through the offshore accounts. Manafort is accused of laundering more than 18 million dollars (PS13 million), according to the indictment.
Asked about his earlier statement that he would reveal in public the documents on the alleged offshore accounts of Trillanes, Duterte said: 'Yes.
Mauss' attorneys claim the offshore accounts were opened by Western and Israeli intelligence officials to fund covert operations in the 1980s.
taxpayers with offshore accounts is only going to increase.
His offshore has a direct link to a firm named Porticullus Trust Net, which, according to ICIJ, is a 'one-stop solution' for the setting up of offshore accounts, added the report.
M2 EQUITYBITES-April 5, 2016-World leaders' offshore accounts revealed in financial leak
Earlier, former President Mahinda Rajapaksa rejecting the claim that he had deposited US$18 billion dollars in offshore accounts said ; "I like to inform the public once again that I, my wife, my sons or my brothers have no secret offshore accounts or illegal overseas investments in front companies".
The review comes amid pressure on banks to ensure offshore accounts aren't being used to hide money from the UK taxman.
crackdown on tax evasion through hidden offshore accounts, Reuters reported.
The IRS is giving US taxpayers a break if they're found to be flouting rules governing offshore accounts.