Clawhammer said:I thought IKEA was Swedish!?.
I guess this explains how a Swedish company could actually survive its country's crippling tax and labour laws!
Its really Dutch.
If it is i am going to be pissed off at being misled.AngloSaxon said:More of that 'maritime law' nonsense.
Phiber said:Stopped after 10 min of watching the video.
The guys is just another conspiracy nut.
AngloSaxon said:Yes the foundations information itself is interesting, and fits within legal (they would say lawful) structures. But the basis of how they operate is at best dubious and at worst disastrous once the taxman realises these people, like trew said, are operating businesses behind a veil of a private charity.
I imagine once the ATO/Corporations Act updates, the charities and benevolent societies who genuinely operate out of foundations will be very disadvantaged, probably crippled, while these so-called sovereign citizens move on to abuse the next legal structure they believe gets them out of paying tax, without a thought of the people behind them who have been hurt.
yennus said:Why can't I find any public information about them? (e.g. ATO, ASIC, website etc)
petey said:
lurk@l0t said:petey said:
So how would this work then?
1) you register a Panama Foundation
2) you open bank accounts in the name of this newly created/registered Panama Foundation
3) you operate your business/life via these newly opened bank account(s) and never worry about the ATO again?
Come on - let's share info/experience on this fascinating topic!
smk762 said:You'll need a AU biz for local ops, probably running at a loss due to costs paid to the offshore parent company for IP etc. so you can game the local tax system for some credits. At least that's how the big boys at Google/Apple etc. do it.