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Riviera Paradise
·You do know Dennis has a thing for Brietling
(Snapped at Mods GTG in Brisbane a few years ago.)
Anti Basel Predictions
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Archer
··Omega Qualified WatchmakerI think we agree on this. Although I see it more as people think Rolex is cheating the system other then doing good work.
While I’ve got no idea what aspects like Rolex USA would pay in taxes. Everything I’ve read about the main company and the foundation is almost all money is retained or goes up to the foundation. Where else does the money go? There are no shareholders, no other outlet for the money.
Also I’ve read a few articles through the years that the Swiss people have been pretty upset over the tax exempt status of the company.
I can't say if Rolex is cheating the system, but what "good work" is it they are doing from a charity perspective? Since there are no numbers published for what they do as a charitable organization, let's just say I am skeptical of what they really do and how much they really spend.
There's no doubt the money is funneled up to the charity, as I suspect that's where it can be invested and the proceeds from that protected from further taxes. It's a win-win for them, aside from the money they lost in the Madoff scandal...but by all estimates they appear to have a huge pile of money they are sitting on, so much so that what they lost in that scandal wasn't apparently a big deal.
One reason this whole charity narrative bothers me a little personally, is that the company is seriously the most ruthless and cut throat in their business operations of any watch company. They have proven time and time again that they will do as they please no matter who it hurts...the way they act in their day to day dealings is not very "charitable" to say the least.
Cheers, Al
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Mtek
·Omega renames the Seamaster Railmaster, and it becomes the Speedmaster Seamaster Railmaster.
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Jwit
·Invicta stays under 47mm and stops using cables
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ulackfocus
·Invicta stays under 47mm and stops using cables
They don't let Invicta in to Basel.
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Foo2rama
··Keeps his worms in a ball instead of a can.They don't let Invicta in to Basel.
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Rman
·Baselworld will share the convention center with Mozzarellaworld and Tomatoworld, and all lubricating oils will be required to be extra virgin, leading to world peace.
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ulackfocus
·I'm hungry now.
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Lucasssssss
·I can't say if Rolex is cheating the system, but what "good work" is it they are doing from a charity perspective? Since there are no numbers published for what they do as a charitable organization, let's just say I am skeptical of what they really do and how much they really spend.
There's no doubt the money is funneled up to the charity, as I suspect that's where it can be invested and the proceeds from that protected from further taxes. It's a win-win for them, aside from the money they lost in the Madoff scandal...but by all estimates they appear to have a huge pile of money they are sitting on, so much so that what they lost in that scandal wasn't apparently a big deal.
One reason this whole charity narrative bothers me a little personally, is that the company is seriously the most ruthless and cut throat in their business operations of any watch company. They have proven time and time again that they will do as they please no matter who it hurts...the way they act in their day to day dealings is not very "charitable" to say the least.
Cheers, Al
I am currently studying for a masters, in which we touch briefly upon this. My insight into this world is small, and a lot of the structures are kept very secret. Generally these companies have large teams of tax lawyers making the whole system 'tax efficient'.
From the Swiss charitable point of view: Article 56g of FDTA governs the tax exempt nature of Swiss charities. Swiss charities fall into two types, Foundation and Association. Unfortunatley this is as far as my knowledge of Swiss law stretches. But generally these large companies have sprawling corporate structures which are set up to create tax efficiency. This is often done by using other shell companies located offshore (I know Ireland is popular) which will own intellectual property rights. Other smaller companies may be the 'operating companies' of each country which they are established in. All of these companies will be owned eventually by the Swiss Charity and I imagine almost all profits will be funnelled back to the charity.
In reality the charity is a tool in a tax lawyers arsenal of creating an efficient tax structure. Perhaps note this from Reuters on the foundation form of charity in Switzerland: "A foundation can have any kind of clearly defined purpose(s) provided that it is lawful, not impossible nor immoral. The foundations are not required to pursue charitable purposes, that is, activities that are in the interests of the public or that can be considered as altruistic"
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cicindela
··Steve @ ΩF
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kingsrider
·Basel, in conjunction with the watch industry will send out emissaries (much like the Peace Corps) around the world to teach millennials how to read an analog watch.
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ReturnOfUltraman
·Rolex finally remakes the stainless Pepsi that everyone wants. Longshot? Probably.
If you’re reading this, do I win a new one since I guessed correctly? Please PM me.
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Longbow
·Dear Rolex people,
If you’re reading this, do I win a new one since I guessed correctly? Please PM me.
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