| Pages in topic: < [1 2 3 4 5 6 7 8] | What solution for 85% taxation? Thread poster: Jo Macdonald
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| Title misleading | Sep 20, 2007 |
Hi Jo,
I have followed your thread since the beginning but refrained from posting sooner because of my limited English knowledge of terminology in this particular field (and in general, of course:-)
I agree deeply with all those who state that the Italian tax system is not as terrific as you have painted it. You don't pay any more taxes here than in other European countries, and in some cases less than in others.
I am looking, though, for a solution to avoid (lega... See more Hi Jo,
I have followed your thread since the beginning but refrained from posting sooner because of my limited English knowledge of terminology in this particular field (and in general, of course:-)
I agree deeply with all those who state that the Italian tax system is not as terrific as you have painted it. You don't pay any more taxes here than in other European countries, and in some cases less than in others.
I am looking, though, for a solution to avoid (legally) the compulsory mainly pension contribution as I don't need it but primarily because I consider what we are paying now - compared with what we will get in a near or far future as "pension" - is simply a theft. But this has nothing to do with taxation IMO. Of course, you have to keep it in mind in your calculations, but you will always have health insurance and a very *small* pension if you don't have another solution provided by your own (and more profitable) expenses.
So I consider the title of your thread frankly misleading. 55%, as it read originally, would be more appropriate and wouldn't create any sensation.
Good luck! ▲ Collapse
| | | | Jo Macdonald 
Spain
Local time: 12:11
Italian to English
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TOPIC STARTER | Yes you’re right | Sep 21, 2007 |
The Italian tax system is wonderful and fair and I am a liar.
Strange that the accountant who checked the figures didn’t say the same thing, perhaps they are better informed than you, as well as being a great deal more considerate and polite when talking about my personal financial situation. And perhaps my accountants have my tax form in front of their eyes so they don’t have to assume what it’s like with absolutely no basis in fact.
My fiscal situation this year... See more The Italian tax system is wonderful and fair and I am a liar.
Strange that the accountant who checked the figures didn’t say the same thing, perhaps they are better informed than you, as well as being a great deal more considerate and polite when talking about my personal financial situation. And perhaps my accountants have my tax form in front of their eyes so they don’t have to assume what it’s like with absolutely no basis in fact.
My fiscal situation this year was caused partially by a good tax result last year (with many tax deductions) so I had paid very little tax in advance and with the increases this year the tax to pay is ridiculous, as several other colleagues have indicated (perhaps they are lying too for the presumptuous) the same sort of situation you can get in the first year in business when you end up with two-year’s of taxes to pay in one go, which can reach truly ridiculous figures. One positive thing that came out of consulting another accountant is that things will probably be a bit better next year if I decide to stay in Italy as I’ve already paid so much tax in advance for next year.
I have always said 85% of my taxable income in tax, which is a lot more than 55% of my total takings. This thread was started to try and find a solution for a crippling tax bill. Many thanks to all those who have given their help and support, also mailing and phoning me. Your help and support is much appreciated. No thanks to those with snide comments masked as not so humble personal opinions.
Good luck to you all. ▲ Collapse
| | | | Ralf Lemster
Germany
Local time: 12:11
English to German
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| Please keep it matter-of-fact | Sep 21, 2007 |
I will close the topic if the discussion gets personal.
Ralf
| | | | | For me it was 75% | Feb 10, 2008 |
Christel Zipfel wrote:
So I consider the title of your thread frankly misleading. 55%, as it read originally, would be more appropriate and wouldn't create any sensation.
55% seems a bit low. I paid about 75%; that's including the payment on account, though.
[Edited at 2008-02-10 17:03]
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| New tax regime | Mar 8, 2008 |
I was searching for some info on being a translator in Italy and came across this thread. At the moment I'm in a bit of a rush and haven't had time to read the whole thread but it occurred to me that the following link may be of interest to some peop... See more I was searching for some info on being a translator in Italy and came across this thread. At the moment I'm in a bit of a rush and haven't had time to read the whole thread but it occurred to me that the following link may be of interest to some people:
http://www.agenziaentrate.gov.it/ilwwcm/connect/Nsi/Documentazione/Contribuenti%20minimi/Vantaggi%20nuovo%20regime%20fiscale
Basically it's a new tax regime that has just come out this year in Italy which is based around earning a maximum of 30000 euro per year and involves not having to pay VAT. I'm no expert on it at all but a friend of mine has recently gone self-employed and this is proving to be extremely advantageous to him compared to calculations he did last year based on old regimes.
Apologies if this has already been mentioned. ▲ Collapse
| | | | Paul Lambert
Sweden
Local time: 12:11
Member (2006)
Swedish to English
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| It is not necessary to move | Jun 14, 2008 |
Incorporate your business in a zero tax country like the Marshall Islands.
There are accounting companies that do this. For about 1000 euros you can have a company established offshore and have it held in the name of an offshore trust company which would hold legal title over your property and income. You can legally claim not to have any income, anywhere in the world. However, the trust company in turn issues you a power of attoney allowing you to dispose of its assets at your sole... See more Incorporate your business in a zero tax country like the Marshall Islands.
There are accounting companies that do this. For about 1000 euros you can have a company established offshore and have it held in the name of an offshore trust company which would hold legal title over your property and income. You can legally claim not to have any income, anywhere in the world. However, the trust company in turn issues you a power of attoney allowing you to dispose of its assets at your sole discretion.
Do a google search for offshore companies.
Yes, this is legal and easier than you think. The problem some people have had is that they forget to transfer ownership to the trust company and then legally earn income in their own name and thus become guilty of tax evasion. Don't do that.
Just like using billing companies to avoid getting stung by non-payers, offshore incorporation of your business is another example of using a bit of creativity to take control of your own business and life.
Remember, that by not having a taxable income, you will likely not be eligible for state-run insurance and pensions. Be sure to get private plans. The trust companies can help you with this as well.
Check it out.
[Edited at 2008-06-14 09:21] ▲ Collapse
| | | | Jo Macdonald
Spain
Local time: 12:11
Italian to English
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TOPIC STARTER
I’ve been looking into opening a virtual office in another country, which sounds similar to what you’re saying. I’ll check it out.
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