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Senators Will Penalize One of Facebook Founders for Citizens...
25-05-2012 13:36
Senators Will Penalize One of Facebook Founders for Citizenship Denial
Senators Will Penalize One of Facebook Founders for Citizenship Denial

 American senators-democrats Charles Schumer and Bob Casey brought to public a draft law which is to impose tax on those Americans who deny of citizenship for tax avoidance, as reported on the website of Senator Schumer. The draft law was proposed after it became known about citizenship denial of one of Facebook social net founders Eduardo Saverin. In the website comments it is reported that Saverin took such decision for avoiding taxes. “When you see that someone betrays the country which admitted him, gave protection, education and helped to become a billionaire - that makes me be furious”, - Schumer said. In compliance to the proposed law, in case an American denies citizenship not to pay taxes, he will be obliged to pay a 30% capital gains tax from future investments. This amendment is to be introduced for everybody who had refused from citizenship for the last 10 years, however, the tax will be imposed on only income received in the USA after enactment. These people will get a prohibition to return to the country. Saverin announced that he had denied citizenship in September 2011, but it leaked out only in May 2012 after his name had appeared in the appropriate official list. The businessman decided to become a Singapore citizen officially. Saverin’s representative explained this decision by that the businessman was making investments in the Asian companies among others. The press informed that Saverin’s decision would allow to cut the taxes due for payment - on May 18 the initial public offering of Facebook (Saverin has about 4-5% share in the company). There is no capital gains tax in Singapore which would oblige an American to pay it in such case. Saverin’s representative gave a comment for Fox News that the entrepreneur’s decision to move to Singapore is not related to taxes. Later Saverin informed in a special statement that he was going to pay a so called exit tax in any case - the well-offs pay this kind of tax at citizenship denial. Saverin who was born in Brazil moved to the USA in 1992. He had been a US citizen since 1998. According to the Taxpayer Advocate Service data which Fox News cites on, in the period from 2005 to 2010 about 4 thousand people had denied the American citizenship.

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