‘Double taxation is criminal abuse!’ – Edmund G. Maduro
He was speaking on his EGM show heard on Thursday night August 28, 2014 on ZROD 103.7 FM in the wake of Premier Dr. the Honourable D. Orlando Smith’s signing of an inter-governmental agreement with the United States on that country’s Foreign Account Tax Compliance Act (FATCA).
“Right now there is something called double taxation…I have a book hundreds of pages long on double taxation from the United Nations, where this thing was started again by the big countries,” he said.
He said that under various countries’ laws and international agreements among Commonwealth nations, persons may have up to five or six different nationalities.
“So let’s say you’re working for $100 and you have six different nationalities and each of them take 12 percent tax…that’s 60 percent of what you earn,” he said. “So when you work for $100, you are only carrying home $40 to feed your wife, your children and everybody else,” he said.
“Double taxation is an abusive measure implemented by the big countries of the world…should the whole British Commonwealth be afraid of America?” he said, saying that this is something that the British should help the Territory fight.
“Why should a man have to pay taxes twice on the same earnings? Isn’t that terrorism? Isn’t that abusive?” asked Maduro.
FATCA is a USA federal law that is universal and requires persons residing outside of the USA that are US citizens to report among other things their income to the USA government.
However, delivering at a lecture at the H. Lavity Stoutt Community College in February 27, 2014, Managing Director and Chief Executive Officer (CEO) of the BVI Financial Services Commission Mr Robert Mathavious said that while the Territory will not be sheltering any Virgin Islander who might also have US citizenship from their tax obligations in the US, the FATCA will be a compliance burden on the Territory’s institutions.
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12 Responses to “‘Double taxation is criminal abuse!’ – Edmund G. Maduro”
Also I think six times 12% tax equals 72%. Therefore from $100 you would take home $28. At that rate you had better stick with only six passports and not go for that one from St. Kitts!
also not pssible to have six nationalities.