Man, oh, man! What next!

I recently came across this page, http://www.offshore-company.in/barbados/
It is touting “… asset protection, anonymity, tax evasion, … ” in Barbados!

Here is a snip of a the site stating “tax evasion” as one of the “benefits” of investing in Barbados.

Here is the full text with the links:

Offshore Company Formation Directory  - Barbados Offshore

Offshore Links

Barbados Offshore Company Formation - www.offshorecompany-formation.co.uk

Barbados is a great offshore jurisdiction to form an company. Benefits are asset protection, anonymity, tax evasion, offshore investment, yacht registration, off-shore bank account and more in Barbados. More about Barbados Offshore Company Formation

I have emailed the company asking them if this is a typo.

UPDATE: I have received an email stating: “Yes, it was an error, corrected! Thanks for your email!”

 

Tax Evasion Illegal says Wikipedia

Wikipedia, on the subject of tax avoidance, states:

Tax avoidance is the legal utilization of the tax regime … . By contrast tax evasion is the general term for efforts to not pay taxes by illegal means.

Clicking through on one of the links referring to “tax evasion” led me to this page. Here is a quote from it:

Offshore companies in this area also need to have a registered office. Significant records of accounts, minutes of shareholders’ and directors’ meetings, and debenture and shareholders’ registers should also be kept. Another requirement is a company secretary. On the other hand, annual returns and audits are no longer among the requirements unless its total exceeds the BD$1 million limit.



 

Keltruth Corp. Concludes

No annual returns and no audited statements will severely limit the effectiveness of law enforcement. With no audited statements, who will decide what the company is worth? Even if it can be proven that your company is worth more than BD$1 million, why not split the assets among a few more corporations?

Is the Barbadian Offshore system set up to prohibit international tax evasion? Can a Police Force that is apparently either unable or unwilling to complete a simple online contact form be an effective deterrent in this age of sophisticated electronic transactions?


Related: Shady Software Dealers Use Barbados Payment Centre