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Can Indonesia succeed in their plan to lure money back from Singapore with tax amnesty? How will it affect the financial industry in Singapore?
First of all, I am happy that by next year (2022) Singapore will exchange assets information with Indonesian tax authority. This is a huge step that needs a round of applause from a full-packed Gelora Bung Karno, if implemented.Second, I am healthily pessimistic that our current government target to cut down tax evasion and at the same time increase tax revenue by 30%. It is a good move and it will move the right direction - but 30%, really?Yet again... coming to the real question. Will this tax amnesty lure money back from Singapore and fill the government treasury for real good?Ha.In some way, yes - but if you thought this would rake humongous amount of money for the Indonesian government, sorry folks, wash that overoptimistic thought off.This thing would affect mostly the OKB (Orang Kaya Baru) / new rich person that came up after Soeharto era - where they already invest in Singapore, park some assets, but not that rich enough to be diversifying their assets somewhere else like Hong Kong or the Middle East.And yes, although there are a lot of OKB rising up through the ranks during these last decade, when you compare their sum of money to the real Taipan / the real real ultrarich of Indonesia that parked their assets not just in Singapore but anywhere else...It amounts to nothing. Seriously. I won't speak about data because the data themselves are probably 80% skewed. Let's just give one example here, a still debated one -The rise of CT/Chairul Tandjung. Yes, he may have made the right moves himself by growing Bank Mega since the 1990s, and eventually overtaking the Trans TV corporation - but his meteoric rise through the ranks of Indonesian ultrarich within the last 5 years, without a background of connection with the usual Taipan names like the Hartono brothers or Sinarmas group does gather some suspicion.......Especially with Indofood advertisements always anywhere in those two TV companies, and Indofood upper-level managers being regularly invited over to TransCorp events....Makes us wonder how much money the Salim group (owners of Indofood) is actually "putting" inside this whole TransCorp thing, all despite Anthony Salim is lower than Chairul Tandjung in Forbes-declared wealthy people list.You see, this (possible) kind of "proxy wealth" is not an uncommon practice for the Taipan ultrarich Indonesians to hide their true wealth (don't even let me start talking about Rusdi Kirana's Lion Air group - one of my friends once worked for a holding that tried to IPOed them, he said the office didn't allow the financial report to be brought back home, that he must read and analyze it there and not take any file/photo back home! Too sketchy isn't it) So for these guys, tax amnesty and finance info exchange between Indonesia and Singapore? Just a child play! And look at who is building Singapore as a whole? These Taipans.John Riady and his Lippo group is a big developer in Singapore. Heck, they even have one of the buildings in NUS named after the older Mochtar Riady! Compare that to in Indonesia, where the only buildings holding their name is in UPH (their own university) and GRII network (the Church they supports). Not to mention Tanoto's Asian Agri and Martua Sitorus' Wilmar, all already headquartered in Singapore. Both also giving "gratitude" back to the Singaporean government for example through NUS.So, at the end, well, Indonesia may raise some money out of this, yet not significant. Singapore may lose some existing/potential investors and property clients, but their trade, port and property investments will go on uninterrupted.But there is one potential that could be exploited positively out of this new tax amnesty and info exchange plans -Some of the OKB/new riches that would be hit by this plan, are former or recent MPs (Member of Parliaments) or some other corrupt government officials, be it regional or national-level. Again, these guys have raked in some "commissions" on the way, and their closest safe parking garage is in Singapore.It would be interesting how much SGDs would be retrieved from this slice alone, and how many of this reputable group of people would fall to the trap....Should it be implemented succesfully.
Does every adult US citizen have to fill out an IRS tax return?
They don’t.If you earn no income. you don’t have to fill out a return.If you earn under a certain amount, you don’t have to fill out a return.If you earned money and had an adequate payroll deduction to earn a refund, you don’t have to fill out a return (you would however, forfeit your refund by doing so).Whether to file a return depends on your income, your situation and in some cases, whether you wish to collect a refund due to you.
How do I fill out the Amazon Affiliate W-8 Tax Form as a non-US individual?
It depends on your circumstances.You will probably have a form W8 BEN (for individuals/natural persons) or a form W8 BEN E (for corporations or other businesses that are not natural persons).Does your country have a double tax convention with the USA? Check here United States Income Tax Treaties A to ZDoes your income from Amazon relate to a business activity and does it specifically not include Dividends, Interest, Royalties, Licensing Fees, Fees in return for use of a technology, rental of property or offshore oil exploration?Is all the work carried out to earn this income done outside the US, do you have no employees, assets or offices located in the US that contributed to earning this income?Were you resident in your home country in the year that you earned this income and not resident in the US.Are you registered to pay tax on your business profits in your home country?If you meet these criteria you will probably be looking to claim that the income is taxable at zero % withholding tax under article 7 of your tax treaty as the income type is business profits arises solely from business activity carried out in your home country.
Do I need US EIN taxpayer ID to properly fill out a W8-BEN form?
Since I have asked this question, I believe that I should share the knowledge I have managed to collect in its regard.So, it appears that you should file a SS-4 form to apply for the Employer Identification Number (EIN). To this successfully you will need to have a contract signed with customer in the USA. You will have to show given contract to the US IRA.The downside of this method is that:It requires for you to sign contract with US party prior to the acquiring the EINYou will have to mail originals of your Passport/Natinal ID and contract to the IRA.Instead of going that way, I have decided to register my own "Disregarded entity"-type LLC.If you are also considering going that way, please note that the most popular state for registering such companies (namely, Delaware) is not necessary best for your particular case.AFAICK, tax-wise, there are two top states:Delaware (DE): Sales Tax = 0%, Income Tax = 6.95%Nevada (NV): Sales tax = 7.93%, Income Tax = 0%You will need to find registered agent to register your LLC properly.
How do I fill out a 1120 tax report?
If you are not sophisticated with taxes, DON'T try this form. You can get yourself in a lot of trouble.  Get a good CPA or EA.  The time and effort it will take you to figure this thing out is not worth it. If you value your time at more than the minimum wage, you will save time and money by hiring a professional.
Why don't schools teach children about taxes and bills and things that they will definitely need to know as adults to get by in life?
Departments of education and school districts always have to make decisions about what to include in their curriculum.  There are a lot of life skills that people need that aren't taught in school.  The question is should those skills be taught in schools?I teach high school, so I'll talk about that.  The typical high school curriculum is supposed to give students a broad-based education that prepares them to be citizens in a democracy and to be able to think critically.  For a democracy to work, we need educated, discerning citizens with the ability to make good decisions based on evidence and objective thought.  In theory, people who are well informed about history, culture, science, mathematics, etc., and are capable of critical, unbiased thinking, will have the tools to participate in a democracy and make good decisions for themselves and for society at large.  In addition to that, they should be learning how to be learners, how to do effective, basic research, and collaborate with other people.  If that happens, figuring out how to do procedural tasks in real life should not prmuch of a challenge.  We can't possibly teach every necessary life skill people need, but we can help students become better at knowing how to acquire the skills they need.  Should we teach them how to change a tire when they can easily consult a book or search the internet to find step by step instructions for that?  Should we teach them how to balance a check book or teach them how to think mathematically and make sense of problems so that the simple task of balancing a check book (which requires simple arithmetic and the ability to enter numbers and words in columns and rows in obvious ways) is easy for them to figure out.  If we teach them to be good at critical thinking and have some problem solving skills they will be able to apply those overarching skills to all sorts of every day tasks that shouldn't be difficult for someone with decent cognitive ability  to figure out.  It's analogous to asking why a culinary school didn't teach its students the steps and ingredients to a specific recipe.  The school taught them about more general food preparation and food science skills so that they can figure out how to make a lot of specific recipes without much trouble.  They're also able to create their own recipes.So, do we want citizens with very specific skill sets that they need to get through day to day life or do we want citizens with critical thinking, problem solving, and other overarching cognitive skills that will allow them to easily acquire ANY simple, procedural skill they may come to need at any point in their lives?
I'm a US citizen living abroad. What tax form should I fill out?
Get your answer from here on Quora knowing that at least two are already well off the mark and one is completely wrong to the point you can wave goodbye to your entire net worth in penalties and probably more.The only place to get good advice related to your own personal situation is from highly qualified specialist accountants and possibly a lawyer, because much comes down to interpretation of the law which leads to your first discovery when it comes to the outrageous demands of the USA on those who do not live there, enormous CPA costs before a single penny in illegitimate taxation is demanded by the USA.And the further you get from the US, as in building a local financial, family and business life, the deeper in your life the IRS get and the more punitive the US reporting, tax and penalty regime becomes.This for example are the reporting requirements of one US couple in Australia.“4.37 hours for Form 8938,• 57.2 hours for Form 720,• 54.20 hours for Form 3520,• 61.22 Hours for Form 3520-A.• 50 hours efor Form 5471For a total of 226.99 hours (according to the IRS’s own time estimates) not including time to file the FBAR.The penalties for innocent misfiling or non filings for the above foreign reporting forms for the couple are up to $50,000, per year. It is likely that the foreign income exclusion and foreign tax credit will negate any actual tax due to the IRS. So each year, there is a lurking $50,000 penalty for getting something technically wrong on a form, yet there would be no additional tax due to the US treasury. “Land of the free?http://republicansoverseas.com/w...Home | Purple Expat
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