Tax Havens Essay

946 Words May 11th, 2010 4 Pages
TAX HAVENS

DEFINING

Tax Havens

• Def 1:A tax haven is a country or territory where certain taxes are levied at a low rate or not at all. • Def 2: Tax haven or fiscal paradise are terms used to refer to a jurisdiction which enables its foreign residents or companies to reduce their tax liabilities from their homelands.

• Def 3: "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance." (The Economist - description by Geoffrey Colin Powell )



Def 4: US Government Accountability Office was unable to find a satisfactory definition of a tax haven but regarded the
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The following are designated as offshore financial centres by the IMF(International Monetary Fund ) or the FSF (Financial Stability Forum):

Andorra ; Anguilla ; Antigua ; Aruba ; Bahamas ; Bahrain ; Barbados ; Belize ; Bermuda ; British Virgin Islands ; Cayman Islands ; Cook Islands ; Costa Rica ; Cyprus ; Djibouti ; Dominica ; Ghana ; Grenada ; Guernsey ; Hong Kong ; Isle of Man ; Israel ; Japan ; Jersey ; Labuan, Malaysia ; Lebanon ; Liechtenstein ; London ; Luxembourg ; Macau ; Malta ; Marianas ; Marshall Islands ; Mauritius ; Micronesia ; Montserrat ; Nauru ; Netherlands Antilles ; New Zealand ; Niue ; Palau ; Panama ; Philippines ; Puerto Rico ; Samoa ; Seychelles ; Singapore ; St Kitts and Nevis ; St Lucia ; St Vincent and the Grenadines ; Switzerland ; Tahiti ; Tangier ; Thailand ; Turks and Caicos ; United States (particularly, Delaware, but some other states have offshore characteristics) ; Uruguay ; Vanuatu

OECD and Tax Havens: List of Uncooperative Tax Havens
• In a report issued in 2000, the OECD (Organisation for Economic Co-operation and Development ) identified a number of jurisdictions as tax havens according to criteria it had established. • Between 2000 and April 2002, 31 jurisdictions made formal commitments to implement the OECD’s standards of transparency and exchange of information.

• Seven jurisdictions (Andorra, The Principality of Liechtenstein, Liberia, The Principality of Monaco, The Republic of the

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