{"id":1476406,"date":"2024-07-10T08:15:00","date_gmt":"2024-07-10T12:15:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1476406"},"modified":"2024-07-10T08:15:00","modified_gmt":"2024-07-10T12:15:00","slug":"a-short-overview-of-places-with-zero-corporate-taxes","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/a-short-overview-of-places-with-zero-corporate-taxes\/1476406\/","title":{"rendered":"A Short Overview Of Places With Zero Corporate Taxes"},"content":{"rendered":"

A Short Overview Of Places With Zero Corporate Taxes<\/span><\/p>\n

\n

In a globalized world, setting corporate tax rates has often been described as a\u00a0race to the bottom<\/a>. By having a lower rate than other nations, a country can hope to attract more businesses (or at the very least, their headquarters). This allows them a windfall of tax revenue that other jurisdictions then miss out on.<\/p>\n

For some, the race to the bottom has in fact found the ground: at zero.<\/p>\n

In the following graphic, Visual Capialist’s Pallavi Rao maps <\/a>the very short list of places with zero corporate taxes.<\/p>\n

<\/a><\/p>\n

Data for this map and article is primarily sourced from\u00a0Trading Economics<\/a>\u00a0and\u00a0PwC Tax Summaries<\/a>, accessed June, 2024.<\/em><\/p>\n

Life, Death, and No Corporate Taxes<\/h2>\n

Small island nations in the Caribbean, Pacific, and the British Isles make up the majority of countries and territories with no corporate tax requirement.<\/p>\n

Many of them also don\u2019t have income tax or capital gains taxes either.<\/p>\n

<\/a><\/p>\n

*Except companies in banking & finance, cannabis, and firms in retail with taxable profits above \u00a3500,000. **Changes coming 2025. ***Except firms in oil & gas.<\/em><\/p>\n

As a result, these places are the listed headquarters of hundreds of companies from around the world, and often dubbed as\u00a0\u201ctax havens.\u201d<\/a><\/p>\n

Aside from tax havens, some countries also have little need for corporate taxes due to revenue from key industries\u2014like oil. However they also come with a fine print worth reading.<\/p>\n

For example,\u00a0Bahrain<\/strong>\u00a0has no corporate taxes, unless a firm is involved in the oil and gas sector, in which case it attracts a rather steep 46% rate.<\/p>\n

In the\u00a0Crown Dependencies<\/a>, banking and finance companies have to pay a 10% rate. Property income, retail businesses whose taxable profits are above \u00a3500,000 and firms in the cannabis industry also get taxed.<\/p>\n

Meanwhile,\u00a0Bermuda<\/strong>\u00a0will introduce a 15% corporate tax in 2025. This will only apply to firms that are part of multinational groups with an annual revenue of $800 million or more.<\/p>\n

This minimum 15% rate is part of a deal proposed by the OECD in an attempt to prevent multi-billion dollar tax havens. The\u00a0Financial Times<\/a>\u00a0explains: if a country has a corporate tax rate below the minimum threshold, other jurisdictions can apply a \u201ctop up\u201d tax to make up the difference. This reduces the incentive for tax havens to have a lower rate as other countries can increase tax revenues at their expense.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 07\/10\/2024 – 04:15<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/short-overview-places-zero-corporate-taxes<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

A Short Overview Of Places With Zero Corporate Taxes In a globalized world, setting corporate tax rates has often been described as a\u00a0race to the…<\/p>\n","protected":false},"author":0,"featured_media":1476407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1476406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1476406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1476406"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1476406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1476407"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1476406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1476406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1476406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}