The Action Of Saverins Renouncement Of His U.s. Citizenship

Saverin,one of the four co-founders of Facebook has renounced his U.S

. citizenship, according to the Internal Revenue Service. Because of owning 5% of the company's outstanding shares as recently as 2009, according to "The Facebook Effect," by David Kirkpatrick, Saverin wants to escape some of the hefty taxes he'd have to pay on his Facebook stake, though it's not known exactly how much of the company Saverin currently owns. But he has sold off some of those shares since then. He was not listed among those owning 5% or more of the company in Facebook's pre-IPO regulatory filings.

The Brazilian-born Facebook co-founder became a U.S. citizen in 1998 and has been living in Singapore since 2009, but the United States requires its citizens to pay income taxes no matter where they live. Saverin, who provided some of Facebook's initial financing, has not played an active role in the company for many years.

If Facebook's valuation takes off next week, the move may turn out to be a savvy one -- at least from an investment standpoint. If Saverin is still holding any of his Facebook stake, formally leaving the U.S. could lessen his future tax hit.

A spokesman for Saverin said the expatriation was done for logistical purposes, "not for tax reasons." The move was made months ago, he added.

"Eduardo recently found it to be more practical to become a resident of Singapore since he plans to live there for an indefinite period of time," spokesman Tom Goodman said in an e-mailed statement. "He still has very strong ties to Brazil and is extremely passionate about not only his homeland, but also the U.S."

Whatever Saverin will do , we can just predict that taxes from any person( a sand maker ), enterprise or machine like dryer machine is inevitable. And it really contributes a lot to a countrys development.

by: libby

POST COMMENT

Promoting Forex Affiliates Program Brings About Serious Money Forging Forex Partnership Through The Affiliate Programme Badge To Dodge The Clients. They Might Be Hot For A Regular Night These Signs Have An Advantage Of Having Varieties Of Symbols Couple Of Roads For Eyelid Tightening, Or Augenlidstraffung Sell Your Laptop Correctly How Can The Best Forex Affiliate Status Be Achieved For Better Profits? Sell Your Excess Electrical For A Better Deal How To Attain The Enlightened State Of Nonduality & Oneness How Structural Steel Fabricators Helps Construction The Marine Antioxidant Called Astaxanthin Pounds Till Payday: Fast Cash For Your Entire Crisis