Chapter 6

Taxes and VAT

The purpose of this chapter is to highlight those areas of taxation that are likely to impact on a business, and to look at the opportunities there are to reduce the amounts that are payable on the income generated by a business.

No one wants to pay tax, but everyone needs to pay their share for society to function. It is only right that those with the most should pay the most.

Luckily, there are numerous opportunities for individuals to mitigate their tax bills, but the problems highlighted recently in Panama show how businesses have abused these opportunities.

Some businesses have reduced their taxes to minuscule amounts, with little regard to the effect it has on their company image and on the ability of society to ...

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