Offshore withholding tax ends 2011

[milkeybar kid]

http://www.bloomberg.com/apps/news?pid=20601102&sid=a8Uh27DFXdm0

Oop's copy paste , I don't know how to make the link live.

Perhaps this new ruling will effect a number of people. For 2 years we paid withholding tax then opted for disclosure. I was always surprised even though there is no recipricol agreement with the IOM when we declared on our tax form that we paid withholding tax France gave us a cheque of the said amount then charged us less tax than what we paid as withholding tax -weird.

[Sprogster]

So far it is only the Isle of Man, who have made this announcement. Whilst other jurisdictions are committed to the same, a lot will depend on what other jurisdictions like Luxembourg, Austria and Switzerland do.

In most cases, disclosure will be the most sensible option, as the witholding tax rate is going up to 35%, which is a lot higher than most tax payers would pay!