Jamal’s company has decided to open a nonoperating subsidiary in a tax haven. what would be the main reason for establishing this subsidiary?

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yasminparr6849 yasminparr6849

08-12-2022
Business

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Jamal’s company has decided to open a nonoperating subsidiary in a tax haven. what would be the main reason for establishing this subsidiary?

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varshamittal029 varshamittal029 · Answer 1 · 2022-12-14T15:15:38+01:00

The main reason for establishing this subsidiary is that it has low, or perhaps, no income tax. Therefore, first option is the correct answer.

In an economically and politically secure climate, a tax haven is a nation that gives foreign firms and individuals little to no tax liability for their bank accounts. They contain tax benefits for businesses and the extremely rich, as well as a clear potential for abuse in nefarious tax evasion schemes. Tax havens can be used legally by businesses and rich people to store money generated abroad while avoiding paying higher taxes in the US and other countries.

Tax havens may also be utilised unlawfully to conceal money from domestic tax authorities. By not cooperating with foreign tax authorities, the tax haven may make this work. Recent years have seen an increase in the political pressure on tax havens to assist with investigations into international tax evasion.