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Tax Havens as a form of tax evasion
Pages 15 (3765 words)
Taxation has always been government's most potent way of generating revenue. It however remains a fact that tax, due to its forcible nature is never liked by many. This is where the idea of tax evasion, money laundering and all other forms of avoiding tax springs…
You can have tax havens that charge virtually no tax at all or which just charge annual administrative sums of money for companies using its shores as a base for their operations, and you can have nations that simply charge a lower rate of taxation than competitor havens". (Barber, 2006) Offshore Financial Centers have therefore become a major topic in literature related to finance. More and more discussions evolve around the same topic, dealing with the legal, illegal and numerous other aspects of the topic.
environments for business operations since the early part of the last century. Sure, they compete for business with high-tax industrialized nations, just like one dry cleaner competes with another two blocks down the street. They offer lower ship registration fees, for instance. Lower taxes mean more competitive insurance products, lower trust administration fees, and lower transaction costs. That's the capitalist system in action.
Our study would deal with the evolution of OFC's and the issues concerning their legitimate nature. Recently some countries have emerged as evident tax havens and are attracting hefty capital inflow. Singapore, Hong-Kong, Barbdos etc are only a few to name. ...
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