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Canadian Investors Can dot-com with Quebec Mohawks6 June 2000MONTREAL, QUEBEC - June 6,2000-As reported by Canadian Press: "…Ten years after blocking bridges to support their colleagues involved in the Oka standoff, the Kahnawake Mohawks have joined the world of e-commerce. They have launched an Internet site that offers wealthy Canadians offshore investments directed through a Caribbean tax haven. "…Tobin [of Mohawk Internet Technologies] said the Web site takes advantage of "multiple Internet providers" with the best technology available. "The Mohawks' on-line brokerage firm - TradingOffshore.com - isn't registered with the Quebec securities commission, which is looking into whether it's breaking the law. "…But the president of TradingOffshore.com, which does its trading in the Cayman Islands, says the firm is registered in the Bahamas and that's all the authorization that it needs. "…Canada Customs and Revenue Agency says any capital gains - regardless of whether they're through offshore investments - must be reported to the tax agency as income. "The Investment Dealers Association of Canada calls the business a breach of Canada's trading laws. "…the U.S. Securities and Exchange Commission, for example, would be interested if any U.S. residents used the Kahnawake Website and avoided paying U.S. taxes. "John Bart, of the Canadian Shareowners Association, called it another sign of "displeasure with the high tax rate. Otherwise, there would be no demand for this type of thing." "…Bart said he thought TradingOffshore.com has "some formidable hurdles to overcome" with the Kahnawake Website operation but added he isn't prepared to write it off…." |