The revenue office has been given high targets given the fiscal needs of the govt, and the alleged corruption. Thus businesmen are avoiding paying the taxes
This post read an article (aside from borrow to death strategy ie not selling stocks to avoid capital gains) and merely borrowing from the bank agaisnt their shares of stock at very low rate)
You can only do this if you have two or more companies (one holding and one operating)
1. Sue the other company for sum of money. The money that was sued for could be subject to a 35%
income tax. The paid amount for the damages or other liabilities could be later charged only 6% as
capital gains so this 29% advantage savings for taxes to be paid
2. Have an insurance issue claim vs another company. The award the damages paid is treated as tax free.
Others involve investing in tax wells (that are 70% income tax deductible...)
3. The art work deductible. Art works are treated as expense. And even if they are ugly and brought before an auction. Some people bid and no sale for the art work is completed. However the bids the high
bids are given value to the art work. Then the art work is donated by the company to a museum or school and the amount of the auction is the value (not the amount paid to the artist who made the painting)
Well businessmen must explore a lot of things to be smart and beat the tax man after your flesh at their own game. Legal
