Comments on: Column: Stop Being Sanctimonious, Fix Problem

By: JUNK YARD DOG

JUNK YARD DOG — Sun, 10 Apr 2016 22:23:46 +0000

That does does a lot sense, However voting for another does not change the situation.

By: Terry

Terry — Sat, 09 Apr 2016 18:05:29 +0000

Because you keep voting for the same people.

By: JUNK YARD DOG

JUNK YARD DOG — Sat, 09 Apr 2016 10:51:29 +0000

” Silence is golden”!
” Hold your cards close”!

By: Jonathan

Jonathan — Fri, 08 Apr 2016 23:50:00 +0000

Establishing a “very low income tax” will NOT “fix the problem once and for all”; not even close. It would do more harm than good.

By: JUNK YARD DOG

JUNK YARD DOG — Fri, 08 Apr 2016 23:00:20 +0000

You are talking about the thin end of the wedge.

” Double Dip ” taxation in this country is crippling the average working man including our seniors.

Our Political leaders would not survive one day, if they had to endure the hardship of the average working man, frankly, I do not know how our people survive on watered down chicken soup.

We did not dig the hole . We did not create the national debt ,the Government did ! Why are we having to pay for the mistakes of others ?

By: Rene Clarke

Rene Clarke — Fri, 08 Apr 2016 20:46:39 +0000

I say take out a full page ad in the N.Y. Times explaining Bermuda’s tax position. Might want to include a similar ad in the Wall St. Journal.

By: Sara

Sara — Fri, 08 Apr 2016 19:15:29 +0000

Isn’t that what payroll tax is supposed to be? Forgive my ignorance

By: hmmm

hmmm — Fri, 08 Apr 2016 17:28:57 +0000

You want us to bow down to overseas political vote bagging?

Shameful.

WTH are you not beating up on Delaware !

Do you not understand how the world works?

By: Terry

Terry — Fri, 08 Apr 2016 16:11:53 +0000

I disagree Ron.

The truth is a bitch.

And so is reality.

We are all not as fortunate as you.

Shalom.

By: CBA

CBA — Fri, 08 Apr 2016 15:21:39 +0000

Putting a system of low taxes in place will be no different. We will still be criticized as a tax haven because it doesn’t match other countries’ tax system and it’s in their interests to criticize us. We continue to jump through every hoop they put in place but we’re still deemed a tax haven. It’s nothing more than the big countries trying to dictate to other, smaller, countries. It comes to a point where we have to say enough-we run our country and they run theirs.

By: swing voter

swing voter — Fri, 08 Apr 2016 12:56:57 +0000

good article, balanced and rational…..now can you just tell us who the heck are the Gucci Bags people

By: hmmm

hmmm — Fri, 08 Apr 2016 12:35:04 +0000

Note: avoiding tax, is not illegal…evading tax is illegal and Tax evaders need to be brought to justice !

By: hmmm

hmmm — Fri, 08 Apr 2016 12:34:04 +0000

What you’ll find is many of the Bermudian Multi-national Companies do pay millions of dollars of tax on their corporate income in the taxable locations.

They also pay withholding tax on distributions to the Bermuda company

They also pay FET on premium transfers.

They pay US and other jurisdiction law firms, claims

They also provide capital for investment in US and other Countries worldwide.

They pay regulators fees, auditors fees and local state and federal taxes. They pay SEC fees, banking fees.

They pay the Value Added taxes on goods too.

Companies pay employer taxes, and employee taxes (in some cases) , government taxes.

Companies pay taxes…the myth portrayed by these overseas politician is scurrilous, cheap and incorrect. Why don’t we open up their taxes and look at what they have claimed for to reduce their tax burden. anything less than 100% of the tax rate for their gross income and they are guilty of avoiding tax within the guidelines of the law just like the people they bash.

By: David Tavares

David Tavares — Fri, 08 Apr 2016 12:28:11 +0000

Ron. I agree, but it was meant to be provocative! Once we get past the initial reaction, maybe we can get this behind us once and for all.

By: David Tavares

David Tavares — Fri, 08 Apr 2016 12:14:00 +0000

I agree with 80% of what you’ve said. But I’m not sure your approach and those who like what you’ve said really helps to solve our perception of being a “Tax Haven”.

As I have stated, this is a delicate problem. One that can be easily resolved with everyone at the table cooperating. After all, a spoke’s person in our international business community has already put the issue of income tax on the table.

Oh, by the way, wasn’t the war of independence all about refusal to pay King George’s taxes?

By: Ron

Ron — Fri, 08 Apr 2016 11:29:19 +0000

David. Your article is good but the opening title and closing line are unnecessarily offensive. I am very impressed with the way the BDA are taking a new, proactive and articulate approach to extolling the island’s virtues. This will take time to take hold, but we can already see it is being more effective than anything we’ve done before. This isn’t sanctimony, this is a necessity.
Your point about tax is valid. I believe the Ministry of Finance should reclassify Payroll Tax and simply call it income tax. As for as corporate tax (capital gains and withholding) this is a lot more thorny. The amount of tax required to not be deemed “nominal” in the eyes of the Goliaths, is excessive for our type of jurisdiction. A nominal tax will not be sufficient to stop the attacks. Therefore the only route realistically available for Bermuda is the education, lobbying, compliance and transparency route that helps differentiate Bermuda from the rest.

By: Aware

Aware — Fri, 08 Apr 2016 11:00:40 +0000

This is a very good point. What the Panama Papers coverage is telling the world is “don’t confuse me with the facts”. Whilst our tax system is very simple to operate it is difficult to explain to a world coming from a lens of income tax on profits (corporate and personal). We need to stop needing to have the debate. Let’s restructure some of our tax revenues from consumption and employment taxes to income and corporate profits. If we do it right the $ need not change much if at all.

By: San George

San George — Fri, 08 Apr 2016 08:23:04 +0000

Bermuda has a very efficient tax system. The Americans will not institute a tax system similar to ours because it works. Accountants know how to make net income nearly zero – you will get no tax. The problem is not tax, the problem is expense. Until the U.S. stops waging wars, that their citizens refuse to pay for, they will never have sufficient tax income. And until Bermuda reduces the civil service we will never have enough tax to pay for them.