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Principles of tax avoidance in Cayman Islands
The principle of tax avoidance in Cayman Islands is to use the preferential tax policies of the islands to avoid tax. The Cayman Islands is a British archipelago, and its company registration regulations and tax provisions are similar to those of the British company law, but compared with the United Kingdom, the Cayman Islands has more tax incentives.
First of all, the Cayman Islands does not tax overseas holding companies or branches, which makes many companies set up offshore companies in the Cayman Islands to avoid paying taxes in the countries where their parent companies or branches are located.
Secondly, the Cayman Islands does not require companies to submit financial statements or disclose their financial information, which enables companies to manage their financial information more flexibly and reduce the risk of information disclosure after registration in the Cayman Islands.
Finally, the tax laws and regulations of the Cayman Islands also provide some other tax benefits, such as tax exemption for certain types of income or transactions, or tax reduction or exemption for certain types of companies or transactions.
To sum up, the principle of tax avoidance in Cayman Islands is mainly to set up offshore companies in Cayman Islands by using the preferential tax policies of the Islands, so as to avoid paying taxes in the country where the parent company or branch company is located, and at the same time enjoy the benefits of flexibility of financial information and preferential tax.
Legal basis:
Article 3 of the Law of People's Republic of China (PRC) on the Administration of Tax Collection stipulates: "The collection and suspension of tax, as well as tax reduction, exemption, tax refund and overdue tax, shall be implemented in accordance with the provisions of the law; Where the State Council is authorized by law, it shall be implemented in accordance with the administrative regulations formulated by the State Council. No organ, unit or individual may, in violation of the provisions of laws and administrative regulations, make unauthorized decisions on tax collection, suspension, tax reduction, exemption, tax refund, overdue tax and other decisions that are in conflict with tax laws and administrative regulations. "
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