If a government chooses not to enforce the tax code then the effective tax rate is zero whatever the official number might be, and there is a long tradition of selective enforcement by various developped countries.
Well, not for Companies, but by creating Limited Liability Partnerships ("LLP's"), which are corporate bodies which can do everything a Company can do - but without the conflicts - and without themselves paying tax.
Instead, LLP Members pay tax in respect of the revenues or gains that flow through the LLP to them..
can these LLP's raise money in the public markets--equity and debt?
Debt, why not? If it's been done by a UK LLP, I haven't seen it.
As for "Equity", I am sure that has not been tried, but of course proportional "Equity Shares" are exactly what I am suggesting could be an optimal new "asset class", with more in common with units in a Canadian Income Trust than anything else.
Inside an LLP is a very strange twilight zone in accounting terms: a Member has an account with an LLP, and "Equity" and "Debt" are essentially continuous.
