Tax Time

[Aequitas]

Dose any one out there in forum land know any thing about Dinar taxes/ISX taxes. What about setting up an account in with the Swiss bank or one in the Grand Cayman Islands? I know everyone who invests in dinar/ISX is going to get bent over come tax time :crying: . I am just looking for suggestions/comments to ease the pain.

Thanks,
Aequitasundefined

[fishy7]

or you may have some forum psycho sending you a PM accusing you of being a tax evader as happened to me! Tax questions will be utmost on my mind when/if this whole thing ever pans out like everyone here wants it to. For instance if the dinar "pegs" at such an amount that you are all of a sudden $4-5 million USD ahead, will you have to cut a $2-$2.5 million check to the US Treasury. And if so how will you cash in your dinars to satisfy your tax liability. I don't think anyone here thinks or even wants to try to short Uncle Sam his cut, but given the problems with communication with the bank due to electricity/internet it's something I've been thinking alot about lately, too.

[Weston]

all I know is in canada its considered Capital Gains which means FOR ME in canada (50% is only taxable at the rate...highest rate being 48%)

[Aequitas]

48% :( , time to move

[concrete]

well what about those whose dinars gained interest for this past year, does that have to be announced on the taxes??? Or is it only currency in USD?

[Weston]

48% :( , time to move


Apprently it pays for Medical (which has like 4weeks to 12months for Operations) that and Canada gives too much money away to other poor countries, and Canada is Liberal Government use to like to spend money and waste it IE... buy order of helicopter for 5billion, then cancel the order and still pay couple billion course they ordered it..then 10years later (now) bought the helicopters again hah

[kelleyB]

That sounds too much like America.. Weston. ;) Trust me, I was in the Army, we did that all the time. Gets your undies in a wad doesn't it? lol

[DinarMan]

http://www.export.gov/Iraq/bus_climate/faq.html#8

8. Are there any income or sales taxes in place?
The Coalition Provisional Authority (“CPA”) Order No. 49 (amended by CPA Order No. 84) (www.iraqcoalition.org/regulations/index.html#Orders) established the 2004 Tax Strategy and with effect from 1 May 2004 lifted the suspension of the corporate and individual (including nonresident individual) income taxes which had been effect for the year 2003. This strategy also capped the rates at 15%. Employers are obliged to withhold income tax from employees. Employees are entitled to personal allowances, which were significantly increased in 2004, and rate bands range from 3% to a maximum of 15%. Administrative requirements with regard to collection, appeals and penalties for late or non-payment for the Income taxes were established in 1982 and remain in force.

Foreign employees and foreign contractors and subcontractors are not liable “to pay any tax on income or similar charges on income from foreign sources” or on income paid from or on behalf of MNF-I or foreign governments. MNF-I, foreign governments, international organizations, and Non-governmental Organizations registered pursuant to CPA Order No. 45 are also exempt from the income tax. CPA Order No. 84 extends the 15% tax rate to expatriated dividends. Order No. 49 also suspends the 25% levy on company profits. Order No. 49 also subjects state employees, including employees of SOEs, to tax, but these individuals are exempt from tax for 2004.

All employees must pay 5% of their salary as a mandatory contribution to the social security system and the employers' contribution is 12% of the same salary base. The employer should withhold employee contributions.

A flat sales tax of 10% is applied to “excellent and first class” hotel and restaurant accommodations, real property is subject to a 10% tax and there is a limited fee chargeable on car sales.

Additional information on the income tax and withholding requirements are at http://www.iraqcoalition.org/taxes/.