Currencies  |  March 18, 2013 13:12:27

Tax War

The fight against the financial crisis, we've caused ourselves is gaining momentum and is gaining nature of war. To jump-started the growth of the economy as possible najľahším way leading monetary war with its neighbors. So they are trying to demoralize its currency and export of the economic marazmu. For your convenience (welfare state), accpetance corruption (wasting of the public sector) and absolute unwillingness to relinquish its unsustainable environmental standards (we buy useless and overpriced goods on credit), we have obtained the debt-crisis. Yes, the state saved us all from the consequences of crisis. Lenz now behold, this should be paid. And since the state we, so that we too pay. Higher tax-course.

Lenzi people do not like to pay taxes, not higher tobôž. And therefore, in this era of ever-higher taxes began to take on the attractiveness of the so-called tax havens. This is an area where tax rates are significantly lower than in other economies, mainly because this is a relative of the tiny economy with minimum cost to run. And thus here prude capital, as more and more companies that have based parent company, which formally adopted their profits and also one that you pay taxes. And because local authorities have a lax approach to the control of transactions, while the expenditures that trans black money. Cyprus was one of such tax and Raj had one interesting clause is a member of the EU and the euro area. And this is the reason why I started to flush large volumes of deposits. Country's GDP is around € 18 billion, but the volume of deposits reached € 68 billion This is 3.7 times the GDP.Len foreign deposits exceed the volume of the entire GDP, are mostly from Russia. Overall, a 40% deposit of the foreign. The volume of the banking sector is more than 7 times the GDP. More had already flax Island at the best times.

Big bank sector wanted to make a big business and, therefore, provide loans. As the largest trading partner of Cyprus is Greece, many lending measures included there. In particular the equivalent of 160% of GDP Cyprus. Well and you behold the sparrows čvirikajú where the Greek economy is heading. 20% decrease in the last years was unpleasant, but the haircut on Greek bonds was probably the last shot. Cyperské banks started to have a big problem, and suddenly it was not him who would save them. Of course, interest would have been. Russians have offered € 3.5 billion, Cyprus needs € 17 billion EU is willing to help, but of course it will not be free.Aside from the fact that the money is lying is whence ktovie Cyprus magnet for capital and for its tax rates. Firms that apply 10%, transportation company, under the Cyprus flag pay nothing, nor of dividends. Tax on income FO may reach up to 35%, but to pay 19,500 euros per annum nothing to 28,000 Euros per year will pay 20%. So who earns 2,300 euros a month, pay 20% of the amount of € 700. And now for a comparison of German taxes. Income for the company is in the zone 20 30% tax on dividends 26% tax on income FO is in the zone 14 45%, to € 8,130 a year pay nothing. In this light, the better I understand the motives of Germany, which retail rescue and Cyprus, applied for single taxation of deposit at the rate of 40%.

Dohodol the compromise at the level of 6.75% on deposits of up to 100 thousand. EUR, 9.9% for deposits over 100 thousand. EUR. Hard to say who this message is more scared, or Russian miliardárov or locals. Immediately rushed to the bank, but unto thy peniazom is received. You will decide cyperský parliament approves or help, or not. If so, there is a run on banks in other (mainly peripheral countries), because people will be afraid of their money in banks (through the weekend to learn that you pay tax on the stability of a total of 6 7% of your deposit and get the peniazom, because they are bank holidays). If approved, the banks may fall. The government is trying to compensate domestic depositors of securities with rights to income from cyperského natural gas (which could come in the future).Russia has already offered to arrange everything and saved, and gets right to the deposit of natural gas.

We see only a small field of one large financial war. If you add into the equation from the beginning of the analysis (the reasons for the crisis) further developments, we see the following. Thanks to the Finance sector and its support by the Government is going huge transfer of assets. The financial sector is often very risky, which in good times brings interesting profits. This money shall be allocated among employees and shareholders. A smaller part of this is, of course, the State, in the form of taxes. In bad times come great loss. There should also accede employees and shareholders, but often the opposite is going great. Saves state for public funds, and only a minor part they take shareholders or employees. So we pay not just for bujnejúci plytvajúci and public sector, but also for the Holes in the financial sector.We know it well so far. However pribúdajú indications which way are we going to pay. It's not some debt, which in the future will pay more generation (generation before us expect that we will pay). It's tax stability, which over the weekend you withdraw from the account. Once you pay, you are going to jail.

Brussels, but also local governments are aware that paying the high taxes are avoidable and therefore their priority darn holes in civil legal tax and they want to fight against tax haven. Income for the stability of the Cypre is just another tax výstrelom the Brussels aurora, the objective is the harmonization (read calling does and increasing) taxes for the whole euro area. Behold transaction tax was by such výstrelom. And the pressure to harmonize tax rates, and upward pressure on taxes in Ireland next.Brussels and governments really think that they shall increase its influence when received shall increase taxes and all money will regulate and stimulate. Im still not that if they want to stabilize (and maybe even increase) tax revenue, so they must reduce your tax rate, in order to retaliate anyone realistically circumvent taxes. History shows that this can be as follows and it works. When many people are paid low rates, it's a better situation, as rates are high and people devote optimization and setting up off-shore companies. When the government takes most of the economic entity fruits of their labor, which dissipate, and give to his, decreases motivation to anything, in an economy make. And therefore it is up to date tax war very counterproductive and can have very unfortunate consequences. Even comparable to the real war. Sadly, we now do not need to tanks that we'll destroy the economy.Hopefully, the politicians of the results achieved so far to combat a crisis and we learn not repeat the same mistakes. Crisis may still benefit from it, so that we can move forward.

So Cyprus is on the threshold of the great decisions. Today probably will not and pushes the. Originally, should have been on a Sunday, then today. Today to talk about tomorrow, even on Fridays. Banks are not yet closed. The market should be better manipulate acceptance are such a rescue for Cyprus would be probably better to start down way of Iceland (reject the liabilities of banks), or also negotiate a solution in which they will share in the losses of the financial sector could therefore also the bank's shareholders. We'll see how much courage to show politicians.

Chart below shows the reaction of the markets opening-night markets after the publication offers Cyprus. Blue gold, orange is the euro, shares in black, gray oil. Does not comment.

Author: Thomas Swimmer | TRIM Broker, as | Trading on exchanges TRIM Broker

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