3673:("IP") assets, cryptocurrency assets, and carbon credit assets, there is a justification that OFCs often seek to be at the forefront of certain types of regulation. Many OFCs have verified beneficial ownership and director registers, which while not yet public, put those OFCs at the forefront of global anti-money laundering regulation. When the UK, USA and EU issued sanctions against certain Russian people, assets and companies, those which were held in OFCs with verified KYC documentation assisted greatly in identifying ownership trails - something that would not necessarily have been possible if European jurisdictions, Delaware or English entities had been used. The fact that the OFCs' registers were not public did not detract from this exercise. Industry experts suspect that illicit commerce or those likely to risk sanctions are more likely to use lesser-regulated jurisdictions, making future sanctions projects much more difficult or impossible.
2046:
1701:
2077:
havens" only contained
Trinidad & Tobago, which is not a prominent international financial centre. Signally, EU members are routinely not screened by activists including the EU itself. Oxfam, which has entities and activities in jurisdictions such as Lichtenstein, Luxembourg, Netherlands and Delaware, has become a prominent critic of OFCs and has produced reports with the Tax Justice Network, to try to depict their point of view. These are widely discredited by professionals and academics and prominent TJN leaders resigned complaining that the reports were not compiled by knowledgeable tax experts and were manufactured to present a desired outcome, which detracts from good faith efforts to curb BEPS, aggressive tax planning and illicit funds flows.
4279:. At year-end 2020, there were 24,591 funds registered with the Cayman Islands Monetary Authority (CIMA), including 583 Limited Investor Funds and 12,695 Private Funds. Total ending net asset value (NAV) increased to US$ 4.967 trillion from US$ 4.229 trillion in 2019 - excluding Limited Investor and Private Funds. At year-end 2020, total ending NAV for Limited Investor Funds submitting a FAR was US$ 107 billion and US$ 2.475 trillion for Private Funds. Worldwide there were 126,457 regulated open-ended funds with total net assets of US$ 63.1 trillion; 9,027 mutual funds with ending NAV of US$ 29.3 trillion in the United States and 57,753 funds with ending NAV of US$ 21.8 trillion in Europe.
49:
2065:
2846:
Development/NGO investors who are presumed to either be sophisticated in themselves or have access to sophisticated advice on account of their size. In this way, these funds are not open to retail investors whom are normally investors in jurisdictions that cater for greater investor protection. The zero tax rate, as in many onshore funds, is so that the profits are taxed in the countries where the investors who earned the profits are tax resident. Any tax that was levied on the fund itself would have to be deducted from the onshore tax on those profits in order that the same profit is not taxed twise.
2692:
2483:
1863:
1812:. Many onshore jurisdictions also have equivalent tax neutrality in their investment funds industries, such as the United Kingdom, United States, and France. Tax neutrality at the level of these vehicles means that taxes are not paid at the OFC but in the places where the investors are tax resident. If the OFC levied a tax, this would in most cases reduce the tax paid in the places where investors are tax resident by that same amount, on the principles of avoiding double taxation of the same activity.
4131:
1852:
3329:
3990:
2779:
1816:
4252:
5344:'Tax havens are low-tax jurisdictions that offer businesses and individuals opportunities for tax avoidance' (Hines, 2008). In this paper, I will use the expression 'tax haven' and 'offshore financial center' interchangeably (the list of tax havens considered by Dharmapala and Hines (2009) is identical to the list of offshore financial centers considered by the Financial Stability Forum (IMF, 2000), barring minor exceptions)
2027:, was partially credited to these projects as well as global advances in combatting illicit finance flows, and Anti-Money Laundering legislation and regulations. Academics who study tax havens and OFCs are now able to distinguish between those jurisdictions which are used in BEPS activity, and those which are simply tax-neutral, pass-through jurisdictions such as the Cayman Islands, British Virgin Islands and Bermuda.
7523:
1657:
6734:
7534:
1645:
5775:
2906:, namely, the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore; host more than 85 per cent of the world's investment in special purpose entities. It is important that these entities are tax neutral because any taxation at the OFC entity would have an equivalent reduction in the home or investor countries.
2826:, had also dissipated, but to a lesser degree, as a result of initiatives by the IMF–OECD–FATF post–2000, promoting common standards and regulatory compliance across OFCs and tax havens. For example, while the EU–28 contains some of the largest OFCs (e.g. Ireland and Luxembourg), these EU–OFCs cannot offer regulatory environments that differ from other EU–28 jurisdictions.
2015:
investigations, it has been consistently noted that tax planning is only one of many drivers of OFC activity. Others include deal structuring and asset holding in a neutral jurisdiction with laws based on
English common law, favourable/tailored regulation (e.g. investment funds), or regulatory arbitrage, such as in OFCs like Liberia, that focus on shipping.
3820:
1976:. This approach produced a revised list of 22 OFCs,; however, the list had a strong correlation with the original list of 46 OFCs from the IMF's June 2000 paper. The revised list was much shorter than the original IMF list as it only focused on OFCs where the national economic accounts produced breakdowns of net financial services exports data.
4587:
2663:("OFI"s). In a similar method to the various IMF lists, the FSF produces a table of the locations with the highest concentration of OFI/shadow banking financial assets, versus domestic GDP, in its 2018 report, thus creating a ranked table of "Shadow Banking OFCs". The fuller table is produced in the
5571:
Some economists champion tax havens. In an article in the
Journal of Economic Perspectives published last fall (also titled "Treasure Islands"), James R. Hines Jr. of the University of Michigan argued that they contribute to financial market competition, encourage investment in high-tax countries and
4439:
The 104 jurisdictions in the IMF's 2007 quantitative study sample, did not include several of those in the IMF–FSF 2000 lists that are generally recognised as OFCs, such as
Andorra, the British Virgin Islands, Liberia, Liechtenstein, Maldives, Marshall Islands, Monaco, Montserrat, and the U.S. Virgin
3651:, which are helpful to Deutsche Bank, but which are not available in Germany. Orphaning poses considerable risks of tax abuse and tax avoidance to the tax base of higher-tax jurisdictions; even Ireland discovered a major domestic tax avoidance scheme in 2016, by U.S. distressed debt funds, using the
1918:
In June 2000, the IMF accepted the FSF's recommendation to investigate the impact of OFCs on global financial stability. On the 23 June 2000, the IMF published a working paper on OFCs which expanded the FSF list to 46 OFCs, but split into three Groups based on the level of co-operation and adherence
3759:
Tax havens change the nature of tax competition among other countries, very possibly permitting them to sustain high domestic tax rates that are effectively mitigated for mobile international investors whose transactions are routed through tax havens. In fact, countries that lie close to tax havens
3646:
locations. For example, Deutsche Bank in
Germany might lend Euro 5 billion into an Irish Section 110 SPV (the Irish securitisation legal structure), which then buys Euro 5 billion in aircraft engines from Boeing, and then leases the engines to Delta Airlines. The reason why Deutsche Bank would use
2829:
These earlier regimes are no longer relevant in today's World. OFCs each tend to have one or more core business areas which dominate their industries. Substantially, but not exclusively, Cayman and the BVI are investment funds jurisdictions, as well as structured finance and holding company vehicles
5600:
are prohibited in most jurisdictions (offshore and onshore) and a bankruptcy trustee, receiver or liquidator usually has little difficulty persuading a local court to nullify the transfer. Despite the poor prognosis for success, applications to courts in offshore jurisdictions seem to indicate that
3364:
capital market as particularly important. However, as OFCs developed in the 1980s, it became apparent that OFC banks were not just recycling
Eurodollars from foreign corporate transactions, but also capital from tax avoidance (e.g. money being hidden in tax havens), and also from other criminal and
1772:
produced the first list of 42–46 OFCs using a qualitative approach. In April 2007, the IMF produced a revised quantitative-based list of 22 OFCs, and in June 2018, another revised quantitative-based list of eight major OFCs, who are responsible for 85% of OFC financial flows, which include
Ireland,
2702:
Offshore finance became the subject of increased attention since the FSF–IMF reports on OFC in 2000, and also from the April 2009 G20 meeting, during the height of the financial crisis, when heads of state resolved to "take action" against non-cooperative jurisdictions. Initiatives spearheaded by
4282:
But the greater appeal of offshore jurisdictions to form mutual funds is usually in the regulatory considerations. As offshore jurisdictions do not tend to cater to small retail investors, they tend to impose fewer if any restrictions on what investment strategy the mutual funds may pursue and no
2088:. CORPNET used a variation of the technique in the IMF's 2007 OFC working paper, and ranked the jurisdictions by the scale of international corporate connections relative to the connections from the local economy. In addition, CORPNET split the resulting OFCs into jurisdictions that acted like a
2076:
While from 2010 onwards, some researchers began to treat tax havens and OFCs as practically synonymous, the OECD and the EU went in a different direction depending on their desired outcome. By 2017, and after many years of regulatory changes in OFCs and some onshore IFCs, the OECD's list of "tax
3777:
CONCLUSION: Using both bilateral and multilateral samples, we find empirically that successful offshore financial centers encourage bad behaviour in source countries since they facilitate tax evasion and money laundering
Nevertheless, offshore financial centers created to facilitate undesirable
2879:
BEPS tool from 2004 to 2014. In
January 2017, the OECD estimated that BEPS tools, mostly located in OFCs, were responsible for US$ 100 to 240 billion in annual tax avoidance. However, it is notable that developing countries often suffer from kleptocracy and serious corruption regarding national
3636:
to operate, securitisation involves no provision of capital. OFC securitisation involves the provision of legal structures, registered in the OFC, into which foreign capital is placed to finance foreign assets (e.g. aircraft, ships, mortgages assets etc.), used by foreign operators and foreign
3984:
or is perceived to be increased political risk with the repatriation of funds, major exporters often form trading vehicles in offshore companies so that the sales from exports can be "parked" in the offshore vehicle until needed for further investment. Trading vehicles of this nature have been
3741:
The most controversial claim is that OFCs promote global economic growth by providing a preferred platform, even if due to tax avoidance or regulatory arbitrage reasons, from which global capital is more readily deployed. There are strong academic advocates, and studies, on both sides of this
2166:
of 22 OFCs. However, this theoretical work has been brought into question. Many of the "sink" jurisdictions by CORPNET's standards have proved to be conduit jurisdictions. When
Economic Substance legislation was brought in, practically all of the companies in places like the Cayman Islands and
1838:
split the understanding of an OFC into 24 Sink OFCs, to which a disproportionate amount of value disappears from the economic system), and five Conduit OFCs, through which a disproportionate amount of value moves toward the Sink OFCs). In June 2018, research showed that major onshore IFCs, not
4790:
For example, according to the UK Treasury, on the surface it looks like Britain's second-biggest investor is the Netherlands. But the UK Treasury has admitted most of those investments actually consist of British cash that has been sent to Holland for tax purposes and rerouted back home. So,
3668:
OFCs have more recently become leaders in regulation, operating under higher standards than onshore jurisdictions, and having advanced legal systems with sophisticated commercial courts and arbitration centres. Because OFCs are willing to create legal structures for broad classes of assets,
2830:
for large assets (such as infrastructure, commercial real estate), or SPVs for investment into jurisdictions with less certain legal and judicial infrastructure, such as China, Russia or India. Bermuda has a large reinsurance industry and Cayman's insurance industry is also now competitive.
1927:
A more practical definition of an OFC is a center where the bulk of financial sector activity is offshore on both sides of the balance sheet, (that is the counterparties of the majority of financial institutions liabilities and assets are non-residents), where the transactions are initiated
3930:
provisions in their succession law, limiting the testator's freedom to distribute assets upon death. By placing assets into an offshore company, and then having probate for the shares in the offshore determined by the laws of the offshore jurisdiction (usually in accordance with a specific
2030:
Many leading OFCs have recently implemented recommended legislation to reduce or eliminate BEPS. Jurisdictions such as the Cayman Islands, British Virgin Islands and Bermuda found that over 90% of their business companies were out of scope because their core industry does not cater to BEPS
2014:
of non-resident activity in a location (e.g. financial flows that are disproportionate to the local economy), and not on the reason that non-residents decide to conduct financial activity in a location. However, since the early academic papers into OFCs in the late 1970s, and the FSF-IMF
3385:
Several jurisdictions included in this Report had OFI sectors that were quite large compared to the size of their domestic economy: OFI assets were 2,118 times GDP in the Cayman Islands, 246 times GDP in Luxembourg, 13 times GDP in Ireland, and 8.6 times GDP in the Netherlands. No other
2845:
set up in OFCs, such as Delaware, the Cayman Islands, British Virgin Islands, and Luxembourg, and which the Investment Manager often sets up there as well. The former is to benefit from investment funds specific legislation designed for larger institutional, sovereign, High Net Worth or
4187:
over the aircraft), and the carrier is reluctant to have the aircraft registered in the financier's jurisdiction (often the United States or the United Kingdom) either because of personal or political reasons, or because they fear spurious lawsuits and potential arrest of the aircraft.
2167:
British Virgin Islands were out of scope because BEPS is not a relevant industry in those jurisdictions. Those jurisdictions concentrate more on investment funds, which are self-evidently conduit vehicles where investors are not taxed in the OFC but in full where they are tax resident.
3803:. Critics of this theory also point to studies showing that in many cases, the capital that is invested into the high tax economy via the OFC, actually originated from the high-tax economy, and for example, that the largest source of FDI into the U.K., is from the U.K., but via OFCs.
3641:
rather than providing actual banking services. This has seen a rise in large specialist legal and accounting firms, who provide the legal structures for securitisations, in OFC locations. In normal securitisations, the foreign capital, assets and operators can all come from major
5528:
Although a previous literature has modelled tax havens as a benign phenomenon that helps high-tax countries reduce the negative impact of their own suboptimal domestic tax policies, there is considerable concern that the havens are "parasitic" on the tax revenues of the non-haven
4741:
The eight major pass-through economies—the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore—host more than 85 percent of the world's investment in special purpose entities, which are often set up for tax
5572:
promote economic growth. Like many economists, Professor Hines expresses far more confidence in the market than in the state. He worries more about possible overtaxation than about undertaxation of corporate income. He does not engage with such concepts as "tax justice."
2755:
Financial and banking secrecy. The April 2000 FSF OFC report, which launched the June 2000 IMF OFC initiative, led to a process of increased data disclosure and financial reporting by financial institutions in OFCs. It also led to more specific clampdowns in the area of
2022:
lists. Large projects were carried out by the IMF and the OECD from 2000 onwards, on improving data transparency and compliance with international standards and regulations, in jurisdictions that had been labeled OFCs and/or tax havens by the IMF–OECD. The reduction in
2801:
Early research on offshore financial centers, from 1978 to 2000, identified reasons for nonresidents using an OFC, over the financial system in their own home jurisdiction (which in most cases was more developed than the OFC). Prominent reasons in these lists were:
1884:
Cities, areas or countries which have made a conscious effort to attract offshore banking business, i.e., non-resident foreign currency denominated business, by allowing relatively free entry and by adopting a flexible attitude where taxes, levies and regulation are
2751:
and transparency to avoid being included on the OECD's tax haven blacklist. While objections from the U.S. limited the OECD's effect on tax havens, the increased information disclosure enabled tax academics to use more quantitative methods for identifying tax
5457:
With a conservatively estimated annual revenue loss of USD 100 to 240 billion, the stakes are high for governments around the world. The impact of BEPS on developing countries, as a percentage of tax revenues, is estimated to be even higher than in developed
3754:
show evidence that, in certain cases, tax havens/OFCs, appear to promote economic growth in neighbouring higher-tax countries, and can solve issues that the higher-tax countries can have in their own tax or regulatory systems, which deter capital investment.
3794:
However, other major tax academics take the opposite view and accuse Hines (and others) of mixing cause and effect (e.g. the capital investment would have come through the normal taxed channels had the OFC option not been available), and include papers by
4323:
Traditionally, a number of offshore jurisdictions offered banking licences to institutions with relatively little scrutiny. International initiatives have largely stopped this practice, and very few offshore financial centres will now issue licences to
4309:(or SPCs) for use as mutual funds; the complexity of incorporating a similar corporate vehicle onshore alongside other onshore company regimes has resulted in sophisticated investor clients preferring the simplicity of offshore incorporated funds.
2887:) produced a report stating that OFC corporate BEPs tools were responsible for over US$ 200 billion in annual corporate tax losses, and produced the a table (see below) of the largest BEPS locations in the world, which showed how synonymous the
993:
4461:
This is a complex area and is considered core to the original development of OFCs back in the 1960s and 1970s, and their role in the Eurodollar and Eurobond markets and other such "offshored" capital markets reliant on "international" pools of
1803:
is a term that OFCs use to describe legal structures where the OFC does not levy any corporation taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the corporate vehicle. Popular examples are the Irish
1913:
Offshore financial centres (OFCs) are not easily defined, but they can be characterised as jurisdictions that attract a high level of non-resident activity and volumes of non-resident business substantially exceeds the volume of domestic
4102:
through not declaring gains made by onshore and offshore vehicles that they own. Tax reporting regulations and agreements are now in place which aid authorities in investigating and prosecuting such criminality. Multinationals including
2184:
The following 46 OFCs are from the June 2007 IMF background paper that used a qualitative approach to identify OFCs; and which also incorporated the April 2000 FSF list which had also used a qualitative approach to identify 42 OFCs.
5127:
Jurisdictions with the largest financial systems relative to GDP (Exhibit 2-3) tend to have relatively larger OFI sectors: Luxembourg (at 92% of total financial assets), the Cayman Islands (85%), Ireland (76%) and the Netherlands
4178:
but financed by banks in major onshore financial centres. The financing institution is reluctant to allow the aircraft to be registered in the carrier's home country (either because it does not have sufficient regulation governing
4516:
as shadow banking; they are more specifically defined by the FSF as: "OFIs comprise all financial institutions that are not central banks, banks, insurance corporations, pension funds, public financial institutions, or financial
1887:
An April 2007 review of the historical definition of an OFC by the IMF, summarised the 1978–2000 academic work regarding the attributes that define an OFC, into the following four main attributes, which still remain relevant:
3985:
criticised in a number of shareholder lawsuits which allege that by manipulating the ownership of the trading vehicle, majority shareholders can illegally avoid paying minority shareholders their fair share of trading profits.
6480:
4566:
that: "Tax havens are also known as 'offshore financial centres' or 'international financial centers', phrases that may carry slightly different connotations but nevertheless are used almost interchangeably with 'tax
3887:: Many corporate conglomerates employ a large number of holding companies, and often high-risk assets are parked in separate companies to prevent legal risk accruing to the main group (i.e. where the assets relate to
5168:
As a result of the Bush Administration's efforts, the OECD backed away from its efforts to target "harmful tax practices" and shifted the scope of its efforts to improving exchanges of tax information between member
4548:
is a term that OFCs use to describe legal structures where the OFC does not levy any taxes, duties or VAT on fund flows into, during, or exiting (e.g. no withholding taxes) the vehicle. Major examples are the Irish
1781:, the early driver for the creation and use of many OFCs in the 1960s and 1970s, saw taxation and/or regulatory regimes become the primary reasons for using OFCs from the 1980s on. Progress from 2000 onwards from
2151:
Our findings debunk the myth of tax havens as exotic far-flung islands that are difficult, if not impossible, to regulate. Many offshore financial centers are highly developed countries with strong regulatory
3911:
restrictions in the country in which they live. These structures work best when the wealth is foreign-earned, or has been expatriated over a significant period of time (aggregating annual exchange control
4221:
companies can also establish an offshore subsidiary in the jurisdiction to reinsure certain risks underwritten by the onshore parent, and thereby reduce overall reserve and capital requirements. Onshore
3897:). Similarly, it is quite common for fleets of ships to be separately owned by separate offshore companies to try to circumvent laws relating to group liability under certain environmental legislation.
4440:
Islands. This may be remedied if more countries begin to collect and supply relevant data, needed in the quantitative study, which is being attempted through the IMF's Information Framework Initiative
4229:
Bermuda's insurance and re-insurance market is now the third largest in the world. There are also signs the primary insurance market is becoming increasingly focused upon Bermuda; in September 2006
1758:, with international financial centres (IFCs) and regional financial centres (RFCs). A single financial centre may belong to multiple financial centre classes (e.g. Singapore is an RFC and an OFC).
4940:
Various attempts have been made to identify and list tax havens and offshore finance centres (OFCs). This Briefing Paper aims to compare these lists and clarify the criteria used in preparing them.
3961:
are formed offshore to facilitate international distribution. By being domiciled in a low tax jurisdiction investors only have to consider the tax implications of their own domicile or residency.
3680:. However, often the contrary is true owing to rising compliance, regulatory and legal costs. Some OFCs advertise fast approval times, perhaps 24 hours, for approval of new legal structures and
4857:
1839:
offshore IFCs, had become the dominant locations for corporate tax avoidance BEPS schemes, costing US$ 200 billion in lost annual tax revenues. A June 2018 joint-IMF study showed much of the
4328:
that do not already hold a banking licence in a major onshore jurisdiction. The most recent reliable figures for offshore banks indicates that the Cayman Islands has 285 licensed banks, the
2367:
generally seen as having procedures for supervision and co-operation in place, but where actual performance falls below international standards, and there is substantial room for improvement
1923:, and listed them in order of importance: International Financial Centre ("IFC"), Regional Financial Centres ("RFC") and Offshore Financial Centres ("OFC"); and gave a definition of an OFC:
2374:
generally seen as having a low quality of supervision, and/or being non-cooperative with onshore supervisors, and with little or no attempt being made to adhere to international standards.
1761:
The Caribbean, including the Cayman Islands, the British Virgin Islands and Bermuda, has several major OFCs, facilitating many billions of dollars worth of trade and investment globally.
6602:
1719:) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy."
4550:
1805:
3360:
banking systems, to be recycled back into the economic system while paying interest to the capital's owner, thus encouraging them to keep their capital offshore. They highlight the
2704:
6541:
3806:
This claim can get into wider, and also contested, economic debates around the optimised rate of taxation on capital and other free-market theories, as expressed by Hines in 2011.
2124:
Sink OFCs rely on Conduit OFCs to reroute funds from high-tax locations using the BEPS tools which are encoded, and accepted, in the Conduit OFC's extensive networks of bilateral
2045:
6399:
6358:
1826:
Research in 2013–14 showed OFCs harboured 8–10% of global wealth in tax-neutral structures, and acted as hubs for U.S. multinationals in particular, to avoid corporate taxes via
6340:
2643:(Top 5 Sink OFC) The IMF list contains four of the five largest Sink OFCs: missing Jersey (fourth largest Sink OFC), but includes the Cayman Islands (tenth largest Sink OFC).
1958:
An OFC is a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy.
5656:
5596:
will usually have rights to all of the debtor's financial records, wide-ranging legal powers of disclosure and asset recovery, and be seasoned in cross-border asset tracing.
3702:
transactions for all types of asset classes, including aircraft finance, shipping finance, equipment finance, and collateralised loan vehicles. OFCs provide what are called
5241:
2872:
3729:
in 2012–2016 is notable. However, OFCs play a key role in providing the legal structure for global securitisation transactions that could not be performed from the main
2467:(Top 10 Sink OFC) The IMF list contains 8 of the 10 largest Sink OFCs: missing British Virgin Islands (data was not available), and Taiwan (was not a major OFC in 2007).
1700:
4935:
2388:
The following 22 OFCs are from an April 2007 IMF working paper that used a strictly quantitative approach to identifying OFCs (only where specific data was available).
1819:
3726:
3693:
3652:
3623:
2708:
1974:
More specifically, it can be considered that the ratio of net financial services exports to GDP could be an indicator of the OFC status of a country or jurisdiction
1911:("FSF"), concerned about OFCs on global financial stability, produced a report listing 42 OFCs. The FSF used a qualitative approach to defining OFCs, noting that:
1704:
6376:
2822:, dissipated with globalisation of financial markets and free-floating exchange rate mechanisms, and ceases to appear in research after 2000. The second reason,
1949:
More popularly, centers which provide some of the following services: low or zero taxation; moderate or light financial regulation; banking secrecy and anonymity.
3684:, or only a few weeks for a mutual fund, however many onshore OFCs with negligible KYC requirements, such as the UK and Delaware, often offer same day services.
6509:
5470:
1339:
5811:
1869:, Amsterdam, the Netherlands. The Netherlands is the largest global Conduit OFC, and is the 5th largest global OFC, and is the 4th largest shadow banking OFC.
5674:
4199:; the U.S. bank refused to allow the aircraft to remain registered in Pakistan, and the airline refused to have the aircraft registered in the United States.
2859:
Demonstrating that most BEPS activity occurs in US and EU IFCs, in Q1 2015, Apple executed the largest BEPS transaction in history, moving US$ 300 billion in
6612:
6592:
6307:
4728:
2760:, over which the IMF have greater control, and which ultimately removed much of the main distinctions between historical definitions of OFCs and tax havens.
1979:
By September 2007, the definition of an OFC from the most cited academic paper on OFCs, showed a strong correlation with the FSF–IMF definitions of an OFC:
6650:
6485:
6329:
3725:
tax rate in most OFCs is near zero (e.g. they are really tax havens), this is a lower risk, although, the experience of U.S. distressed debt funds abusing
1954:
A subsequent April 2007 IMF on OFCs, established a quantitative approach to defining OFCs which the paper stated was captured by the following definition:
6497:
6393:
3844:
1946:
Financial systems with external assets and liabilities out of proportion to domestic financial intermediation designed to finance domestic economies; and
5583:
Legitimate asset protection against future political or economic risk should be distinguished from unlawfully attempting to evade creditors; see below.
4404:
This is the IMF 2007 definition, however, it is almost identical to the general academic definition, and the other FSF–IMF–definitions of an OFC, see
1196:
5612:
5601:
insolvent individuals still try this strategy from time to time, notwithstanding that it is usually a serious criminal offence in both jurisdictions.
5357:
2747:
Tax avoidance. Similarly, in 2000 the OECD began a policy of forcing greater compliance by traditional tax havens by increasing the requirements for
6427:
3760:
have exhibited more rapid real income growth than have those further away, possibly in part as a result of financial flows and their market effects.
2856:("BEPS") transactions to avoid corporate taxes. Zucman's work is widely quoted yet also frequently criticised as being confused and counterfactual.
2486:
2084:'s CORPNET group ignored any definition of a tax haven and followed a quantitive approach, analyzing 98 million global corporate connections on the
1061:
1056:
4115:
from the higher-tax jurisdictions in which they are made to zero-tax offshore centres. BEPS-focussed regulations make this activity more difficult.
4012:) and/or because the jurisdiction where the joint venture has its commercial centre has insufficiently sophisticated corporate and commercial laws.
6707:
6469:
6334:
3397:
Composition of Financial Systems (Advanced economies) Figure 2–3 Left (Page. 13): (where Total Financial Assets % of 2016 GDP is over 900%):
5070:
5431:
5272:
4969:
6727:
6557:
6474:
5492:
4649:
3336:
1410:
1003:
224:
5630:
6421:
6363:
6292:
5542:
3971:
and global securities trading, which may be extremely difficult to engage in directly onshore due to cumbersome financial markets regulation.
1843:
from OFCs, into higher-tax countries, originated from higher-tax countries (e.g. the UK is the second largest investor in itself, via OFCs).
3300:
of 22 OFCs (note the IMF could not get sufficient data on The British Virgin Islands in 2007 for its study but did list the Cayman Islands).
7070:
6640:
6635:
6416:
6346:
5877:
4629:
1610:
791:
7075:
3773:
The most cited paper specifically on OFCs, also came a similar conclusion (although recognising that there are strong negatives as well):
2715:
have had an effect on curbing some excesses in the offshore financial centre industry, although it would drive the OFC industry towards a
2380:(‡) Dominica, Grenada, Montserrat and Palau were not on the FSF April 2000 list of 42 OFCs but were on the IMF June 2000 list of 46 OFCs.
4757:
4078:: Highly indebted persons may seek to escape the effect of bankruptcy by transferring cash and assets into an anonymous offshore company.
4026:
in their home country often transfer shares into an offshore vehicle, and list the offshore vehicle. Offshore vehicles are listed on the
6562:
6457:
6451:
1822:, Luxembourg. Luxembourg is the second largest Sink OFC, the sixth largest global OFC, and the second largest OFC shadow banking centre.
1750:, are landlocked or located "onshore", but refers to the fact that the largest users of the OFC are non-residents, i.e. "offshore". The
1485:
3778:
activities can still have unintended positive consequences. We tentatively conclude that OFCs are better characterized as "symbionts".
48:
7569:
7416:
7316:
6287:
5316:
5285:
5207:"European Commission - PRESS RELEASES - Press release - State aid: Ireland gave illegal tax benefits to Apple worth up to €13 billion"
4064:" under applicable accounting procedures. In relation to bond issues, offshore special purpose vehicles are often used in relation to
3709:("SPVs") where no taxes, VAT, levies or duties are taken by the OFC on the SPV. In addition, aggressive legal structuring, including
1687:
1550:
673:
185:
3903:: Wealthy individuals who live in politically unstable countries utilise offshore companies to hold family wealth to avoid potential
2744:). Most of the principal OFCs strengthened their internal regulations relating to money laundering and criminal financial activities.
2465:(Top 5 Conduit OFC) The IMF list contains all 5 largest Conduit OFCs: Netherlands, United Kingdom, Switzerland, Singapore and Ireland
7169:
7060:
6921:
6463:
6387:
5748:
3880:
The bedrock of most offshore financial centres is the formation of offshore legal structures (also called tax-free legal wrappers):
3862:
1707:, Dublin, Ireland. Ireland is a top-five conduit OFC, the largest global tax haven, and the third-largest OFC shadow banking centre.
1011:
759:
5819:
2849:
On the other hand, the investment manager is often set up in low tax OFCs to facilitate the personal tax planning of the manager.
2107:
24 Sink OFCs: jurisdictions in which a disproportionate amount of value disappears from the economic system (e.g. the traditional
7564:
6655:
6645:
6552:
5402:
5246:
4217:
companies within the jurisdiction to allow the sponsor to manage risk. In more sophisticated offshore insurance markets, onshore
2853:
1983:
Offshore financial centers (OFCs) are jurisdictions that oversee a disproportionate level of financial activity by non-residents.
1827:
476:
6665:
5445:
3377:
has weakened the ability of OFCs to provide bank secrecy. Shadow banking, however, remains a key part of OFCs services, and the
1943:
Jurisdictions that have relatively large numbers of financial institutions engaged primarily in business with non-residents; and
7604:
7589:
7579:
7162:
6352:
5139:
4192:
658:
254:
6670:
2740:. Considerable tightening up of both regulation and implementation was noted by the FATF over subsequent years (see generally
2128:. Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks.
2064:
6439:
6433:
5905:
5364:
5163:
4530:
4092:
scandals demonstrated how companies could form offshore vehicles in part of their structures to manipulate financial results.
2479:) were co-identified by an IMF working paper, as being responsible for 85% of the world's investment in structured vehicles.
1615:
1334:
7097:
6547:
6445:
6405:
5849:
4779:
4031:
1620:
579:
6798:
6607:
6597:
6491:
6381:
5936:
5741:
Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything
5648:
5471:"Zucman:Corporations Push Profits Into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says"
4385:
4305:
4272:
4268:
1808:, and the Cayman Islands exempted company, which is used in investment funds, corporate structuring vehicles, and asset
1318:
609:
2114:
5 Conduit OFCs: jurisdictions through which a disproportionate amount of value moves toward sink OFCs (e.g. the modern
7584:
7216:
6788:
6763:
6700:
5522:
4840:
4700:
4422:
2736:
Money laundering. In 2000 the FATF began a policy of assessing the cooperation of all countries in programmes against
2712:
1790:
1769:
1560:
1530:
2639:(†) In the April 2000 FSF list of 42 OFCs, the June 2000 IMF list of 46 OFCs, and the April 2007 IMF list of 22 OFCs.
5682:
2360:
generally viewed as cooperative, with a high quality of supervision, which largely adhere to international standards
7241:
7090:
6302:
4498:
Does not provide the Financial Stability Forum with sufficient economic data to be included in their tables of OFIs
4483:
2018:
In April–June 2000, when the FSF–IMF produced lists of OFCs, activist groups highlighted the similarity with their
941:
413:
4174:). Aircraft are frequently registered in offshore jurisdictions where they are leased or purchased by carriers in
2691:
7559:
6899:
6630:
6323:
5192:
5185:
5114:
4815:
4418:
3835:
3378:
2652:
1908:
1840:
1774:
1765:
1723:
988:
566:
374:
229:
78:
2837:
showed OFCs housed up to 8–10% of global wealth in tax–neutral structures. Often conflated are the reasons why
7157:
6835:
6778:
6737:
6060:
5870:
5560:
4035:
3706:
3681:
2807:
Low taxation (Dufey and Giddy (1978); McCarthy (1979); Johnston (1982); Park (1994); Errico and Musalem (1999))
2724:
2641:(Top 5 Conduit OFC) The IMF list contains three of the largest Conduit OFCs: Netherlands, Singapore and Ireland
1882:
dates back to academic papers by Dufry & McGiddy (1978), and McCarthy (1979) regarding locations that are:
1580:
998:
497:
492:
482:
4924:
2157:
Javier Garcia-Bernardo, Jan Fichtner, Frank W. Takes & Eelke M. Heemskerk, CORPNET University of Amsterdam
1963:
IMF Working Paper: Concept of Offshore Financial Centers: In Search of an Operational Definition (April 2007)
7461:
7013:
6857:
6805:
5941:
5593:
3893:
3323:
2810:
Favourable regulations (Dufey and Giddy (1978); McCarthy (1979); Johnston (1982); Errico and Musalem (1999))
2482:
2081:
1595:
1535:
1046:
1041:
663:
544:
195:
5592:
In practice, such attempts are rarely effective. Very few stable jurisdictions offer anonymity in 2022. An
4195:
re-registered its entire fleet in the Cayman Islands as part of the financing of its purchase of eight new
7594:
7574:
7526:
7401:
7043:
7033:
6916:
6852:
6783:
6768:
6693:
6072:
5368:
5325:
4355:
4333:
4292:
3332:
2864:
2695:
1680:
1505:
1390:
1385:
981:
560:
379:
4237:
insurance company announced that it planned to relocate to Bermuda citing tax and regulatory advantages.
3647:
an Irish Section 110 SPV is that it is tax neutral, and that it has certain legal features, particularly
7341:
7179:
6911:
6840:
6297:
6077:
6040:
5597:
4159:
4065:
3670:
3291:
3285:
2892:
2860:
2794:
2136:
2132:
2100:
2040:
1835:
1794:
1585:
1510:
1475:
1460:
1380:
1370:
614:
534:
529:
450:
4183:, or because it feels the courts in that country would not cooperate fully if it needed to enforce any
4130:
3676:
In certain situations, the costs of regulation and operation in OFCs can be lower than in the onshore
2813:
Manage around currency and capital controls (Johnston (1982); Park (1994); IMF (1995); Hampton (1996))
1862:
7599:
7466:
7371:
7184:
7152:
7142:
7127:
7028:
7023:
6966:
5995:
5920:
5019:
4998:"Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network"
4888:
4784:
4125:
3968:
3785:
3356:
capital, mostly dollars, that had escaped capital controls in the 1960s and 1970s, and thus the main
2868:
2838:
1989:
1605:
1570:
1545:
1425:
1405:
572:
249:
110:
5330:
3989:
3742:
argument. Some of the most cited researchers into tax havens/offshore financial centres, including
2910:
Missing Profits of Nations. Appendix: Table 2: Shifted Profits: Country-by-Country Estimates (2015)
1851:
7246:
7003:
6993:
6988:
6971:
6862:
6845:
6758:
6102:
5863:
4931:
4596:
New Gabriel Zucman study claims State shelters more multinational profits than the entire Caribbean
4360:
4345:
3747:
3391:
Financial Stability Forum, "Global Shadow Banking and Monitoring Report: 2017" p.17 (5 March 2018),
2778:
2115:
1815:
1625:
1525:
1520:
1465:
1450:
1440:
1435:
1430:
1375:
1365:
1360:
1344:
1214:
1160:
963:
471:
4425:
OFC list, restricted to the locations that are small islands (e.g. Jersey, Bermuda, Guernsey etc.)
2489:, Hong Kong. Hong Kong is the third largest Sink OFC, and is the eighth largest global tax haven.
7311:
7137:
7085:
7048:
6793:
6503:
6185:
6045:
5990:
5827:
5009:
4905:
4808:
4284:
4039:
3765:
3743:
3279:
3275:
2873:
EU Commission levied the largest tax fine in history, at US$ 13 billion, against Apple in Ireland
2140:
1866:
1855:
1600:
1590:
1575:
1565:
1540:
1490:
1455:
1445:
1415:
1400:
1395:
1250:
1165:
953:
917:
838:
717:
73:
3328:
2852:
In August 2014, Zucman showed OFCs being used by U.S. multinationals, in particular, to execute
435:
4836:
4251:
3288:(Ireland, Singapore, Switzerland, the Netherlands, and the United Kingdom), by CORPNET in 2017.
7499:
7366:
7251:
7132:
7038:
6904:
6810:
6233:
6180:
6008:
6003:
5915:
5784:
5754:
5744:
5514:
5281:
5237:
5047:
4654:
4214:
4208:
4184:
4061:
3830:
3730:
3718:
3714:
3710:
3677:
1928:
elsewhere, and where the majority of the institutions involved are controlled by non-residents
1673:
1515:
1500:
1495:
1470:
1420:
1220:
931:
883:
823:
739:
680:
392:
359:
165:
4952:
3721:, as it could damage the local tax base, but are needed by banks in securitisations. As the
3698:
One of the most important service lines for OFCs is in providing legal structures for global
7406:
7386:
7301:
7226:
7055:
6926:
6825:
6567:
6277:
6248:
6135:
6065:
6055:
6035:
5411:
5335:
5037:
5027:
4897:
4350:
4175:
4112:
4098:: Although numbers are difficult to ascertain, some individuals and corporations unlawfully
4049:
3981:
3908:
3648:
2737:
1920:
1755:
1555:
1480:
1086:
1051:
1031:
843:
811:
685:
539:
290:
3967:: Wealthy individuals often form offshore vehicles to engage in risky investments, such as
7538:
7489:
7421:
7396:
7361:
7276:
7147:
7065:
6983:
6892:
6820:
6773:
6524:
6228:
6223:
5900:
5823:
4375:
4135:
4104:
4057:
3927:
3904:
3319:
2144:
2085:
1938:
The June 2000 IMF paper then listed three major attributes of offshore financial centres:
1919:
to international standards by the OFC. The IMF paper categorised OFCs as a third type of
1797:, and banking transparency, has significantly weakened the regulatory attraction of OFCs.
1778:
1649:
1265:
1123:
1118:
853:
816:
727:
692:
594:
518:
354:
314:
280:
190:
180:
175:
170:
88:
5206:
4996:
Javier Garcia-Bernardo; Jan Fichtner; Frank W. Takes; Eelke M. Heemskerk (24 July 2017).
4691:
4486:, most tax academics consider the terms as being synonymous and use them inter-changeably
4287:
which mutual funds can employ in their investment strategy. Many offshore jurisdictions (
2667:
section, however, the 4 largest OFCs for shadow banking with OFI assets over 5x GDP are:
2463:(†) In on both the April 2000 FSF list of 42 OFCs, and the June 2000 IMF list of 46 OFCs.
5844:
5780:
5023:
3783:
Andrew K. Rose, Mark M. Spiegel, "Offshore Financial Centers: Parasites or Symbionts?",
2162:
All of CORPNET's Conduit OFCs, and eight of CORPNET's top 10 Sink OFCs, appeared in the
2103:
study split the understanding of an offshore financial centre into two classifications:
1988:
Andrew K. Rose, Mark M. Spiegel, "Offshore Financial Centers: Parasites or Symbionts?",
1902:
Disproportion between the size of the financial sector and the domestic financing needs.
7391:
7256:
7231:
7102:
6948:
6887:
6742:
6282:
6238:
6155:
5816:
5726:
Not treating Switzerland (with 500) as an offshore financial centre for these purposes.
5565:
5393:
5304:
5042:
4997:
4621:
4370:
4296:
4276:
4256:
4180:
4171:
4069:
4053:
3936:
3800:
3751:
3699:
3629:
3349:
2834:
2741:
1809:
1208:
1180:
1155:
1016:
858:
653:
589:
487:
425:
329:
324:
307:
285:
5309:"The Missing Wealth of Nations: Are Europe and The U.S. Net Debtors or Net Creditors?"
5107:
4226:
companies may also incorporate an offshore subsidiary to reinsure catastrophic risks.
7553:
7504:
7456:
7451:
7446:
7441:
7426:
7336:
7306:
7266:
7174:
6941:
6815:
6716:
6572:
6202:
6145:
5696:
5308:
4909:
4901:
4365:
4325:
4318:
4260:
4246:
4085:
4023:
4005:
1773:
the Caribbean, Luxembourg, Singapore, Hong Kong and the Netherlands. The removal of
1280:
948:
873:
764:
697:
631:
599:
466:
408:
369:
349:
319:
234:
155:
150:
125:
115:
57:
3294:(British Virgin Islands, Luxemburg, Hong Kong, Jersey, Bermuda), by CORPNET in 2017.
2147:, from a "worldwide" corporate tax system, to a "territorial" corporate tax system.
7484:
7411:
7381:
7326:
7236:
7008:
6243:
6195:
6190:
6150:
6050:
6020:
5971:
5510:
5479:
Such profit shifting leads to a total annual revenue loss of $ 200 billion globally
4417:
It is common to see lists of "offshore financial centres" that are a subset of the
4019:
3946:
3919:
3796:
3632:. Unlike traditional shadow banking, where the OFC bank needs to access a pool of
3628:
OFCs, however, have expanded into a related area to shadow banking, which is asset
3366:
2876:
2783:
2748:
2125:
1831:
1735:
1661:
1175:
958:
927:
898:
878:
769:
754:
734:
648:
643:
445:
239:
2728:
17:
5156:
3310:(note the Caribbean contains the British Virgin Islands and the Cayman Islands).
7494:
7376:
7331:
7321:
7271:
7261:
7211:
7018:
6207:
6165:
6160:
6125:
6092:
5975:
4223:
4099:
3950:
2842:
2120:(Conduits are: Netherlands, United Kingdom, Switzerland, Singapore, and Ireland)
1170:
908:
868:
786:
722:
668:
604:
430:
420:
364:
244:
145:
140:
98:
83:
5799:
Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD
5032:
7436:
7431:
7296:
7221:
7080:
6998:
6978:
6660:
6175:
6130:
6087:
5886:
5832:
5758:
4479:
4196:
4150:
Many offshore financial centres also provide registrations for ships (notably
3954:
3932:
3361:
3271:
2888:
2720:
2108:
1743:
1275:
1245:
1128:
1113:
1036:
968:
936:
888:
863:
848:
749:
744:
712:
638:
344:
339:
160:
120:
66:
4693:
Concept of Offshore Financial Centers: In Search of an Operational Definition
7107:
6931:
6830:
6097:
6025:
5985:
5966:
4380:
4218:
3993:
3923:
2773:
2019:
2005:
1747:
1739:
1108:
1026:
1021:
707:
702:
513:
440:
130:
5051:
4650:"Financial Stability Board 2017 Report: The largest shadow banking centres"
4625:
4048:: Large corporate groups often form offshore companies, sometimes under an
7533:
3939:
sworn for that purpose), the testator can sometimes avoid such strictures.
1644:
6170:
6140:
5910:
5660:
5416:
5397:
5339:
5074:
4300:
4234:
4089:
4008:
companies, either as a compromise neutral jurisdiction (see for example,
3888:
1731:
1270:
1238:
922:
912:
833:
828:
801:
774:
584:
334:
275:
270:
103:
5803:
5798:
4880:
2498:
OFCs, with other OFC rankings (as discussed elsewhere in this article):
6481:
Commission for the Prevention of Corruption of the Republic of Slovenia
6082:
5980:
5398:"Taxing across Borders: Tracking Personal Wealth and Corporate Profits"
5186:"THE END OF BANK SECRECY? AN EVALUATION OF THE G20 TAX HAVEN CRACKDOWN"
4329:
4288:
4167:
4151:
1081:
903:
806:
796:
135:
93:
4529:
A flaw in the FSF report is that they use Irish GDP, instead of Irish
2092:
for corporate connections (a Sink), and jurisdictions that acted like
6410:
4588:"Ireland is the world's biggest corporate 'tax haven', say academics"
4230:
4155:
4143:
4027:
4009:
3840:
list of structures is unsourced and seems arbitrary and unstructured.
1290:
1101:
1096:
1091:
893:
781:
5647:
13 of the world's top 40 reinsurers are based in Bermuda, including
5014:
4727:
Damgaard, Jannick; Elkjaer, Thomas; Johannesen, Niels (June 2018).
6370:
6030:
5292:
CHAPTER 3: Offshore Financial Centers and Tax Havens – An overview
4449:
Mainly the Cayman Islands, Bermuda, and the British Virgin Islands
4250:
4163:
4129:
3988:
3958:
3327:
2777:
2690:
2481:
2063:
2044:
1861:
1850:
1814:
1699:
1305:
1300:
1295:
1285:
1260:
1255:
1202:
1074:
4970:"Economic Substance for Private Wealth – Much Ado About Nothing?"
3352:
as an original service of OFCs. Shadow banking enabled pools of
6685:
6015:
5652:
5452:
4733:
International Monetary Fund: Finance & Development Quarterly
4213:
A number of offshore jurisdictions promote the incorporation of
4108:
3381:
list of major shadow banking locations are all recognized OFCs.
2786:
2010:
The common FSF–IMF–Academic definition of an OFC focused on the
1786:
6689:
5859:
5839:
3813:
1782:
1751:
1727:
208:
40:
5855:
5071:"The countries which are conduits for the biggest tax havens"
4758:"The real Goldfinger: the London banker who broke the world"
3996:
is frequently a financial center for corporate structuring.
2672:
Cayman Islands (Top 10 Sink OFC) OFI assets were 2,118 x GDP
1933:
IMF Background Paper: Offshore Financial Centres (June 2000)
4267:
Many offshore jurisdictions specialise in the formation of
6406:
Special Investigation Service of the Republic of Lithuania
2681:
Netherlands (Top 5 Conduit OFC) OFI assets were 8.6 x GDP
6603:
International Association of Anti-Corruption Authorities
2863:("IP") assets to Ireland, an IMF OFC, to use the Irish "
4780:"How tax havens turn economic statistics into nonsense"
4551:
Qualifying investor alternative investment fund (QIAIF)
4004:: Offshore jurisdictions are frequently used to set up
1806:
qualifying investor alternative investment fund (QIAIF)
3365:
illegal sources. Many OFCs, such as Switzerland, had
2705:
Organisation for Economic Co-operation and Development
6400:
Governance and Economic Management Assistance Program
6359:
Independent Commission Against Corruption (Hong Kong)
4925:"Identifying Tax Havens and Offshore Finance Centres"
4881:"Offshore Financial Centers: Parasites or Symbionts?"
4879:
Andrew K. Rose; Mark M. Spiegel (21 September 2007).
2675:
Luxembourg (Top 5 Sink OFC) OFI assets were 246 x GDP
2052:: CORPNET's network of global connections split into
1005:
European Union Common Consolidated Corporate Tax Base
6341:
Anti-corruption and Economic Malpractice Observatory
5543:"The desperate inequality behind global tax dodging"
5184:
Niels Johannesen; Gabriel Zucman (12 October 2012).
4791:
Britain's second biggest foreign investor is itself.
3386:
jurisdictions exceeded 5 times GDP for this measure.
2902:
In June 2018, another joint-IMF study showed that 8
2731:
increased government efforts to curb tax avoidance.
2678:
Ireland (Top 5 Conduit OFC) OFI assets were 13 x GDP
2651:
Shadow banking is a key service line for OFCs. The
2353:(*) Groups are as per the IMF June 2000 categories:
1907:
In April 2000, the term rose to prominence when the
7475:
7350:
7285:
7202:
7193:
7120:
6957:
6878:
6871:
6751:
6621:
6581:
6542:
Citizen's Charter and Grievance Redressal Bill 2011
6532:
6523:
6316:
6270:
6261:
6216:
6118:
5959:
5950:
5929:
5893:
5358:"Why to Development Finance Institutions use OFCs?"
5108:"Global Shadow Banking and Monitoring Report: 2017"
4809:"Report from the Working Group on Offshore Centres"
2880:wealth, and BEPS is very much a secondary concern.
2143:, only differing in the United Kingdom, which only
5274:International Taxation - A Compendium in 4 Volumes
4837:"Offshore Financial Centers: IMF Background Paper"
4018:: Successful companies who are unable to obtain a
3369:laws protecting the identity of the owners of the
5613:"Illicit Transfer Pricing Endangers Shareholders"
4936:Centre for Research on Multinational Corporations
4138:states to avoid scrutiny from foreign countries.
5675:"Hiscox to be domiciled in 'favourable' Bermuda"
4052:to enable them to obtain financing (either from
5493:"Fighting tax dodgers can kill economic growth"
4022:listing because of the underdevelopment of the
3775:
3757:
3694:Irish Section 110 Special Purpose Vehicle (SPV)
3624:Irish Section 110 Special Purpose Vehicle (SPV)
3383:
2709:Financial Action Task Force on Money Laundering
2149:
1981:
1956:
1925:
6510:Central Steering Committee for Anti-Corruption
6377:Fiji Independent Commission Against Corruption
6308:UNCAC Coalition of Civil Society Organisations
4923:Laurens Booijink; Francis Weyzig (July 2007).
4874:
4872:
4870:
4831:
4829:
4827:
4825:
6701:
5871:
5065:
5063:
5061:
4964:
4962:
4752:
4750:
3713:, is facilitated to support requirements for
3637:investors. The OFC thus behaves more like a
3335:in Switzerland is federally protected by the
2719:for institutional and corporate clients. The
1968:The April 2007 IMF paper used a quantitative
1681:
8:
6613:United Nations Convention against Corruption
6593:Inter-American Convention Against Corruption
2072:ordered by scale (showing U.K. dependencies)
1722:"Offshore" is not always literal since many
6651:Movement for Peace with Justice and Dignity
6486:Anti-Corruption and Civil Rights Commission
6330:Australian Criminal Intelligence Commission
5515:"Tax competition with parasitic tax havens"
4624:; Thomas Torslov; Ludvig Wier (June 2018).
2820:Manage around currency and capital controls
7199:
6875:
6708:
6694:
6686:
6529:
6498:National Anti-Corruption Bureau of Ukraine
6394:Corruption Prevention and Combating Bureau
6267:
5956:
5878:
5864:
5856:
5179:
5177:
3395:
2908:
2782:EU Commission's outline of Apple's hybrid–
2492:
1893:Primary orientation towards non-residents;
1688:
1674:
1323:
1144:
397:
213:
31:
5649:American International Underwriters Group
5415:
5329:
5041:
5031:
5013:
4852:
4850:
4773:
4771:
4533:, as Irish GDP is overstated by circa 60%
4435:
4433:
4431:
3863:Learn how and when to remove this message
3374:
2475:The following eight OFCs (or also called
1197:Institute on Taxation and Economic Policy
6428:Independent Corrupt Practices Commission
5717:Cayman Islands Monetary Authority (2006)
5673:Muspratt, Caroline (12 September 2006).
4862:Offshore Financial Centres by Most Cited
4644:
4642:
4336:only has seven licensed offshore banks.
3415:Insurance & Pension Financial Assets
2793:based on private rulings from the Irish
2139:, matched 9 of the top 10 havens in the
6470:Sierra Leone Anti-corruption Commission
6335:Anti-Corruption Commission (Bangladesh)
5697:"Investments Statistical Digest - CIMA"
5150:
5148:
5102:
5100:
5098:
5096:
5094:
5092:
4579:
4457:
4455:
4397:
3916:Avoidance of forced heirship provisions
3717:, which would not be allowed in larger
3290:(‡) Identified as one of the largest 5
2655:("FSF") produces a report each year on
2494:Comparison of the IMF 2018 eight major
2096:for corporate connections (a Conduit).
1352:
1326:
1188:
1147:
552:
505:
458:
400:
262:
216:
39:
6558:Freedom of information laws by country
6475:Corrupt Practices Investigation Bureau
5271:Neha Sinha; Ankita Srivastava (2013).
5266:
5264:
4803:
4801:
4799:
4722:
4720:
4718:
4716:
4714:
4712:
4710:
4685:
4541:
4539:
4525:
4523:
4508:
4506:
4504:
4494:
4492:
4470:
4468:
3373:capital in the OFC. Over the years, a
2698:offshore evasion poster, February 2014
6422:Anti-Corruption Commission of Myanmar
6364:Commission Against Corruption (Macau)
6293:International Anti-Corruption Academy
5611:Morais, Richard C. (28 August 2009).
5513:; John D. Wilson (6 September 2009).
5432:"Cayman Islands and Offshore Finance"
5232:
5230:
5228:
4991:
4989:
4987:
4985:
4983:
4981:
4979:
4683:
4681:
4679:
4677:
4675:
4673:
4671:
4669:
4667:
4665:
2145:transformed their tax code in 2009–12
2050:Uncovering Offshore Financial Centers
7:
7071:New international division of labour
6641:2012 Indian anti-corruption movement
6636:2011 Indian anti-corruption movement
6417:Malaysian Anti-Corruption Commission
6347:National Anti-Corruption Observatory
5845:Oxfam Corporate Tax Avoidance Portal
5807:survey on offshore financial centres
5631:"PIA pledges its fleet to fake firm"
4630:National Bureau of Economic Research
4616:
4614:
4612:
4610:
4608:
4606:
4604:
4191:For example, in 2003, state carrier
2791:two branches inside a single company
2789:tax structure in Ireland, that used
6563:The Lokpal and Lokayuktas Act, 2013
6458:National Anticorruption Directorate
6452:Anti-Corruption General Directorate
5491:Bershidsky, Leonid (25 July 2018).
5157:"The OECD Initiative on Tax Havens"
3980:In countries where there is either
2664:
6288:Group of States Against Corruption
5541:Gabriel Zucman (8 November 2017).
5317:The Quarterly Journal of Economics
5155:James K. Jackson (11 March 2010).
4142:: a large carrier ship docking in
3965:Derivatives and securities trading
3768:, "Treasure Islands" p. 107 (2010)
3303:
3297:
2896:
2451:United Kingdom (Top 5 Conduit OFC)
2163:
1896:Favourable regulatory environment;
25:
6464:Investigative Committee of Russia
4778:Max de Haldevang (11 June 2018).
4729:"Piercing the Veil of Tax Havens"
4303:) allow promoters to incorporate
4060:) and to treat the financing as "
3975:Exchange control trading vehicles
3655:, on Irish domestic investments.
2716:
2406:Cayman Islands†(Top 10 Sink OFC)
1793:initiatives on common standards,
1012:Global minimum corporate tax rate
7532:
7522:
7521:
6732:
6656:Russian anti-corruption campaign
6646:Anti-austerity movement in Spain
6553:Foreign Extortion Prevention Act
5852:• Jun 12, 2013 • US Corporations
5773:
5743:. New York: St. Martin's Press.
5403:Journal of Economic Perspectives
5247:Journal of Economic Perspectives
4902:10.1111/j.1468-0297.2007.02084.x
4626:"The Missing Profits of Nations"
4405:
4111:have previously been accused of
3918:: Many countries from France to
3818:
2854:base erosion and profit shifting
2448:Switzerland†(Top 5 Conduit OFC)
2439:Netherlands†(Top 5 Conduit OFC)
1828:base erosion and profit shifting
1655:
1643:
477:Base erosion and profit shifting
47:
6733:
6492:Servicio de Vigilancia Aduanera
6353:National Supervisory Commission
5850:Widen tax haven loophole report
5561:"Tax havens and treasure hunts"
5446:"BEPS Project Background Brief"
4193:Pakistan International Airlines
4120:Ship and aircraft registrations
3348:Research into OFCs highlighted
3284:(†) Identified as one of the 5
1754:lists OFCs as a third class of
255:Optimal capital income taxation
6440:Investigation Task Force Sweep
6434:National Accountability Bureau
5906:Corruption in local government
5894:Corruption in different fields
5598:Transfers to defraud creditors
5365:Overseas Development Institute
5164:Congressional Research Service
4690:Zoromé, Ahmed (1 April 2007).
4632:, Working Papers. p. 31.
4514:other financial intermediaries
4306:segregated portfolio companies
4241:Collective investment vehicles
3943:Collective Investment Vehicles
2883:In June 2018, Gabriel Zucman (
2661:other financial intermediaries
2445:Singapore†(Top 5 Conduit OFC)
2341:St. Vincent and the Grenadines
1335:List of countries by tax rates
1:
6548:Foreign Corrupt Practices Act
6446:Central Anticorruption Bureau
5356:Paddy Carter (October 2017).
4553:, and the Cayman Islands SPC.
4283:limitations on the amount of
4269:collective investment schemes
4134:Commercial ships register in
4032:Alternative Investment Market
4016:Stock market listing vehicles
3425:Central Bank Financial Assets
2647:FSF 2018 Shadow Bank OFC list
2430:Luxembourg†(Top 10 Sink OFC)
760:Natural resources consumption
6608:OECD Anti-Bribery Convention
6598:International asset recovery
6382:Central Vigilance Commission
5937:Corruption Perceptions Index
4634:Appendix Table 2: Tax Havens
4386:United States as a tax haven
3669:including investment funds,
2487:International Finance Centre
2436:Mauritius†(Top 10 Sink OFC)
2418:Ireland†(Top 5 Conduit OFC)
2415:Hong Kong†(Top 10 Sink OFC)
2131:CORPNET's lists of top five
2006:Tax haven § Definitions
1899:Low or zero-taxation scheme;
1764:During April–June 2000, the
610:United States as a tax haven
27:Corporate-focused tax havens
6789:Environmental globalization
6764:Anti-globalization movement
6666:2017–2019 Romanian protests
5523:Journal of Public Economics
5455:. January 2017. p. 9.
4841:International Monetary Fund
4701:International Monetary Fund
4562:From 2010, Hines stated in
4423:International Monetary Fund
4275:. The market leader is the
4068:transactions (particularly
3838:. The specific problem is:
3688:Securitisation transactions
3375:§ Regulatory clampdown
2713:International Monetary Fund
1770:International Monetary Fund
7621:
6937:Offshore financial centres
6671:2017–2018 Russian protests
6303:Transparency International
6278:Global Financial Integrity
5786:offshore financial centre
5117:. 5 March 2018. p. 30
5033:10.1038/s41598-017-06322-9
4703:. IMF Working Paper 07/87.
4484:offshore financial centres
4332:has 301. By contrast, the
4316:
4259:are the market leaders in
4244:
4206:
4123:
3891:, see the English case of
3691:
3621:
3317:
3270:(*) One of the largest 10
2771:
2403:Bermuda†(Top 10 Sink OFC)
2038:
2003:
1972:for the above definition:
1858:, SGX Centre, Singapore.
524:Offshore financial centres
414:Repatriation tax avoidance
7570:Foreign direct investment
7517:
6723:
6631:2011 Azerbaijani protests
6108:Offshore financial centre
5911:Interest group corruption
5812:IMF's 2000 report on OFCs
5739:Bullough, Oliver (2022).
5193:Paris School of Economics
5115:Financial Stability Forum
4816:Financial Stability Forum
4419:Financial Stability Forum
3379:Financial Stability Forum
2871:"). In August 2016, the
2653:Financial Stability Forum
2424:Jersey†(Top 10 Sink OFC)
2409:Cyprus†(Top 10 Sink OFC)
2141:Hines 2010 tax haven list
1909:Financial Stability Forum
1880:offshore financial centre
1830:("BEPS") tools (e.g. the
1766:Financial Stability Forum
1724:Financial Stability Forum
1713:offshore financial centre
989:Financial transaction tax
79:Property tax equalization
6779:Democratic globalization
6573:Whistleblower protection
6061:Cryptocurrency and crime
5822:14 November 2019 at the
5681:. London. Archived from
5653:HSBC Insurance Solutions
4512:The FSF loosely defines
4040:Singapore Stock Exchange
4036:Hong Kong Stock Exchange
3707:special purpose vehicles
3682:special purpose vehicles
3410:OFI (Shadow Bank) Assets
2725:World Development Report
2433:Malta†(Top 10 Sink OFC)
2344:Turks and Caicos Islands
1340:Tax revenue to GDP ratio
999:Currency transaction tax
580:Liechtenstein tax affair
7565:Corporate tax avoidance
7061:Investor-state disputes
7014:Illicit financial flows
6858:Political globalization
6806:Global financial system
5942:Economics of corruption
5594:insolvency practitioner
5475:The Wall Street Journal
5142:. g20.org. 2 April 2009
4066:asset-backed securities
3922:(and the U.S. state of
3894:Adams v Cape Industries
3420:Public Financial Assets
3324:Financial Secrecy Index
2082:University of Amsterdam
1047:Permanent establishment
1042:Exchange of Information
545:Financial Secrecy Index
196:Medical savings account
7605:Taxation-related lists
7590:Special economic zones
7580:International taxation
7402:Christopher Chase-Dunn
7170:Primitive accumulation
6853:Military globalization
6784:Economic globalization
6769:Cultural globalization
6568:UK Bribery Act of 2010
6324:Oficina AnticorrupciĂłn
6073:Noble cause corruption
5930:Measures of corruption
5280:. CCH, Wolters Kluer.
5256:Table 1: 52 Tax Havens
4858:"IDEAS/RePEc Database"
4356:Ireland as a tax haven
4334:British Virgin Islands
4293:British Virgin Islands
4264:
4147:
4046:Trade finance vehicles
4002:Joint venture vehicles
3997:
3885:Asset holding vehicles
3792:
3771:
3727:Irish Section 110 SPVs
3653:Irish Section 110 SPVs
3430:Total Financial Assets
3394:
3340:
3308:pass through economies
3302:(âą‹) Identified on the
3296:(Δ) Identified on the
2904:pass-through economies
2824:Favourable regulations
2798:
2727:on the future of work
2699:
2696:HM Revenue and Customs
2540:British Virgin Islands
2490:
2477:pass through economies
2278:British Virgin Islands
2160:
2073:
2061:
1995:
1966:
1936:
1870:
1859:
1823:
1708:
942:Vehicle miles traveled
561:Ireland as a tax haven
375:Private tax collection
6298:Mo Ibrahim Foundation
6078:Professional courtesy
6041:Honest services fraud
4254:
4133:
3992:
3926:) continue to employ
3715:Bankruptcy remoteness
3671:intellectual property
3405:Bank Financial Assets
3331:
2893:Conduit and Sink OFCs
2861:intellectual property
2795:Revenue Commissioners
2781:
2694:
2665:§ Shadow banking
2657:Global Shadow Banking
2485:
2101:Conduit and Sink OFCs
2067:
2048:
2041:Conduit and Sink OFCs
2035:Conduit and Sink OFCs
1878:The definition of an
1865:
1854:
1818:
1795:regulatory compliance
1703:
615:Panama as a tax haven
567:Ireland v. Commission
535:Conduit and sink OFCs
530:Offshore magic circle
451:Unreported employment
7467:Immanuel Wallerstein
7128:Capital accumulation
6994:Endangered languages
6262:Institutions dealing
5996:Conflict of interest
5921:Political corruption
5417:10.1257/jep.28.4.121
4889:The Economic Journal
4785:Quartz (publication)
4699:(Technical report).
4474:As discussed in the
4126:Flags of convenience
4113:transferring profits
3845:improve this section
3834:to meet Knowledge's
3786:The Economic Journal
3306:of 8 major OFCs, or
3304:§ IMF 2018 list
3298:§ IMF 2007 list
2899:of OFCs had become.
2897:§ IMF 2007 list
2869:Leprechaun economics
2839:private equity funds
2317:Netherlands Antilles
2164:§ IMF 2007 list
2116:corporate tax havens
1990:The Economic Journal
1867:Dutch Stock Exchange
1611:United Arab Emirates
1353:Individual Countries
1062:Foreign revenue rule
854:Inheritance (estate)
573:Leprechaun economics
7539:Business portal
7098:Transnational crime
7004:Forced displacement
6989:Economic inequality
6863:Trade globalization
6759:Alter-globalization
6103:Offshore investment
5840:Tax Justice Network
5685:on 31 October 2006.
5679:The Daily Telegraph
5374:on 5 September 2018
5077:. 25 September 2017
5024:2017NatSR...7.6246G
4932:Tax Justice Network
4764:. 7 September 2017.
4361:Market manipulation
4346:Corporate tax haven
4082:Market manipulation
3737:Promotion of growth
3398:
3337:Banking Law of 1934
2911:
2717:§ Focus on tax
2499:
2335:St. Kitts and Nevis
2266:Antigua and Barbuda
1650:Business portal
1345:Tax rates in Europe
1215:Tax Justice Network
1161:Dhammika Dharmapala
664:Airport improvement
472:Transfer mispricing
263:Distribution of Tax
35:Part of a series on
7585:Offshore companies
7312:Andre Gunder Frank
7086:Race to the bottom
7076:North–South divide
6794:Global citizenship
6504:Warioba Commission
6442:(Papua New Guinea)
6186:Regulatory capture
5991:Commercial bribery
5828:David Cay Johnston
5817:Lax Little Islands
5783:has a profile for
5657:XL Capital Limited
5637:. 12 October 2003.
5635:The Times of India
5340:10.1093/qje/qjt012
5242:"Treasure Islands"
5238:James R. Hines Jr.
5002:Scientific Reports
4896:(523): 1310–1335.
4406:§ Definitions
4265:
4148:
4076:Creditor avoidance
3998:
3789:, (September 2007)
3766:James R. Hines Jr.
3664:Better regulations
3396:
3341:
3276:James R. Hines Jr.
2909:
2895:, and the largest
2889:largest tax havens
2867:" BEPS tool (see "
2818:The third reason,
2799:
2700:
2519:Global Shadow Bank
2493:
2491:
2080:In July 2017, the
2074:
2062:
2000:Link to tax havens
1992:, (September 2007)
1871:
1860:
1856:Singapore Exchange
1824:
1820:Spuerkeess Bank HQ
1709:
1251:Eight per thousand
1166:James R. Hines Jr.
1057:European Union FTT
74:Government revenue
18:Offshore tax haven
7547:
7546:
7513:
7512:
7372:K. Anthony Appiah
7367:Daniele Archibugi
7116:
7115:
6905:COVID-19 pandemic
6811:Global governance
6683:
6682:
6679:
6678:
6519:
6518:
6257:
6256:
6234:Election security
6181:Political scandal
5916:Police corruption
5789:
5569:. 11 April 2011.
4655:Irish Independent
4392:Explanatory notes
4215:captive insurance
4209:Captive insurance
4185:security interest
4062:off-balance-sheet
3873:
3872:
3865:
3836:quality standards
3827:This section may
3731:financial centres
3719:financial centres
3711:Orphan structures
3678:financial centres
3615:
3614:
3268:
3267:
2875:for abuse of the
2797:in 1991 and 2007.
2637:
2636:
2627:Top 5 Conduit OFC
2613:Top 5 Conduit OFC
2585:Top 5 Conduit OFC
2245:Malaysia (Labuan)
2180:FSF–IMF 2000 list
1698:
1697:
1633:
1632:
1229:
1228:
1221:Tax Policy Center
964:Negative (income)
740:Environmental tax
622:
621:
540:Financial centres
360:Tax investigation
298:
297:
166:Tax harmonization
16:(Redirected from
7612:
7560:Offshore finance
7537:
7536:
7525:
7524:
7478:
7387:Jean Baudrillard
7355:
7302:Giovanni Arrighi
7290:
7247:Branko Milanović
7227:Jagdish Bhagwati
7205:
7200:
7091:pollution havens
7056:Invasive species
6960:
6881:
6876:
6826:Global workforce
6736:
6735:
6710:
6703:
6696:
6687:
6530:
6268:
6249:Vote suppression
6136:Crony capitalism
6066:Hawala and crime
6056:Money laundering
6036:Graft (politics)
6016:Confidence trick
5957:
5951:Forms or aspects
5880:
5873:
5866:
5857:
5787:
5777:
5776:
5762:
5727:
5724:
5718:
5715:
5709:
5708:
5706:
5704:
5693:
5687:
5686:
5670:
5664:
5645:
5639:
5638:
5627:
5621:
5620:
5608:
5602:
5590:
5584:
5581:
5575:
5574:
5557:
5551:
5550:
5538:
5532:
5531:
5519:
5507:
5501:
5500:
5488:
5482:
5481:
5477:. 10 June 2018.
5467:
5461:
5460:
5450:
5442:
5436:
5435:
5428:
5422:
5421:
5419:
5390:
5384:
5383:
5381:
5379:
5373:
5367:. Archived from
5362:
5353:
5347:
5346:
5333:
5324:(3): 1321–1364.
5313:
5301:
5295:
5294:
5279:
5268:
5259:
5258:
5234:
5223:
5222:
5220:
5218:
5213:. 30 August 2016
5203:
5197:
5196:
5190:
5181:
5172:
5171:
5161:
5152:
5143:
5137:
5131:
5130:
5124:
5122:
5112:
5104:
5087:
5086:
5084:
5082:
5067:
5056:
5055:
5045:
5035:
5017:
4993:
4974:
4973:
4966:
4957:
4956:
4949:
4943:
4942:
4929:
4920:
4914:
4913:
4885:
4876:
4865:
4864:
4854:
4845:
4844:
4833:
4820:
4819:
4813:
4805:
4794:
4793:
4775:
4766:
4765:
4754:
4745:
4744:
4724:
4705:
4704:
4698:
4687:
4660:
4659:
4646:
4637:
4636:
4618:
4599:
4598:
4594:. 13 June 2018.
4584:
4568:
4564:Treasure Islands
4560:
4554:
4543:
4534:
4527:
4518:
4510:
4499:
4496:
4487:
4472:
4463:
4459:
4450:
4447:
4441:
4437:
4426:
4415:
4409:
4402:
4351:Financial centre
4261:offshore funding
4176:emerging markets
4136:Central American
4050:orphan structure
3982:exchange control
3909:exchange control
3901:Asset protection
3876:Legal structures
3868:
3861:
3857:
3854:
3848:
3822:
3821:
3814:
3790:
3769:
3634:offshore capital
3399:
3392:
3314:Finance services
2912:
2833:In August 2013,
2738:money laundering
2514:Global Tax Haven
2500:
2305:Marshall Islands
2158:
1993:
1964:
1934:
1921:financial centre
1779:capital controls
1775:foreign exchange
1756:financial centre
1690:
1683:
1676:
1662:Money portal
1660:
1659:
1658:
1648:
1647:
1324:
1145:
1052:Transfer pricing
1032:Tax equalization
1006:
949:Corporate profit
585:Luxembourg Leaks
519:Corporate havens
398:
214:
51:
32:
21:
7620:
7619:
7615:
7614:
7613:
7611:
7610:
7609:
7550:
7549:
7548:
7543:
7531:
7509:
7490:Thomas Friedman
7476:
7471:
7422:Anthony Giddens
7397:Manuel Castells
7362:Arjun Appadurai
7353:
7351:
7346:
7288:
7286:
7281:
7277:Joseph Stiglitz
7217:Richard Baldwin
7203:
7195:
7189:
7148:Fiscal localism
7112:
7066:McDonaldization
6984:Development aid
6958:
6953:
6922:Multilingualism
6917:Labor arbitrage
6893:Climate justice
6879:
6867:
6821:Global politics
6774:Deglobalization
6747:
6719:
6714:
6684:
6675:
6623:
6617:
6585:
6583:
6577:
6534:
6525:Anti-corruption
6515:
6312:
6264:with corruption
6263:
6253:
6229:Electoral fraud
6224:Ballot stuffing
6212:
6114:
5952:
5946:
5925:
5901:Corporate crime
5889:
5884:
5824:Wayback Machine
5795:
5794:
5793:
5778:
5774:
5769:
5751:
5738:
5735:
5733:Further reading
5730:
5725:
5721:
5716:
5712:
5702:
5700:
5695:
5694:
5690:
5672:
5671:
5667:
5646:
5642:
5629:
5628:
5624:
5610:
5609:
5605:
5591:
5587:
5582:
5578:
5559:
5558:
5554:
5540:
5539:
5535:
5517:
5509:
5508:
5504:
5490:
5489:
5485:
5469:
5468:
5464:
5448:
5444:
5443:
5439:
5430:
5429:
5425:
5396:(August 2014).
5392:
5391:
5387:
5377:
5375:
5371:
5360:
5355:
5354:
5350:
5331:10.1.1.371.3828
5311:
5307:(August 2013).
5303:
5302:
5298:
5288:
5277:
5270:
5269:
5262:
5254:(24): 103–125.
5236:
5235:
5226:
5216:
5214:
5205:
5204:
5200:
5188:
5183:
5182:
5175:
5159:
5154:
5153:
5146:
5138:
5134:
5120:
5118:
5110:
5106:
5105:
5090:
5080:
5078:
5069:
5068:
5059:
4995:
4994:
4977:
4968:
4967:
4960:
4951:
4950:
4946:
4927:
4922:
4921:
4917:
4883:
4878:
4877:
4868:
4856:
4855:
4848:
4843:. 23 June 2000.
4835:
4834:
4823:
4818:. 5 April 2000.
4811:
4807:
4806:
4797:
4777:
4776:
4769:
4756:
4755:
4748:
4726:
4725:
4708:
4696:
4689:
4688:
4663:
4658:. 6 March 2018.
4648:
4647:
4640:
4620:
4619:
4602:
4586:
4585:
4581:
4577:
4572:
4571:
4561:
4557:
4544:
4537:
4528:
4521:
4511:
4502:
4497:
4490:
4473:
4466:
4460:
4453:
4448:
4444:
4438:
4429:
4416:
4412:
4403:
4399:
4394:
4376:Paradise Papers
4342:
4321:
4315:
4249:
4243:
4211:
4205:
4128:
4122:
4105:GlaxoSmithKline
4070:securitisations
4058:syndicated loan
4056:or by way of a
3928:forced heirship
3878:
3869:
3858:
3852:
3849:
3842:
3823:
3819:
3812:
3791:
3782:
3770:
3764:
3739:
3696:
3690:
3666:
3661:
3626:
3620:
3431:
3426:
3421:
3416:
3411:
3406:
3393:
3390:
3346:
3333:Banking secrecy
3326:
3320:Banking secrecy
3318:Main articles:
3316:
3301:
3295:
3289:
3283:
3280:Hines 2010 List
3066:Netherlands*†Δ⹋
2956:
2951:
2947:Shifted ($ bn)
2946:
2942:Foreign ($ bn)
2941:
2934:
2928:Profits ($ bn)
2927:
2923:Profit Shifted
2922:
2918:
2916:
2816:
2776:
2770:
2763:
2711:(FATF) and the
2689:
2687:Countermeasures
2684:
2649:
2642:
2640:
2557:Top 10 Sink OFC
2554:Cayman Islandsâ€
2520:
2515:
2510:
2506:
2504:
2473:
2466:
2464:
2461:
2460:
2386:
2378:
2351:
2350:
2254:
2218:
2182:
2175:
2159:
2156:
2135:, and top five
2119:
2043:
2037:
2025:banking secrecy
2008:
2002:
1994:
1987:
1965:
1962:
1952:
1935:
1932:
1905:
1876:
1874:Core definition
1849:
1694:
1656:
1654:
1642:
1635:
1634:
1321:
1311:
1310:
1266:Fiscus Judaicus
1241:
1231:
1230:
1189:Advocacy groups
1142:
1134:
1133:
1124:Trade agreement
1119:Free-trade zone
1077:
1067:
1066:
1004:
984:
974:
973:
634:
624:
623:
595:Paradise Papers
436:Debtors' prison
395:
385:
384:
355:Tax preparation
315:Revenue service
310:
300:
299:
211:
201:
200:
181:Double taxation
176:Tax withholding
171:Tax competition
89:Non-tax revenue
69:
28:
23:
22:
15:
12:
11:
5:
7618:
7616:
7608:
7607:
7602:
7597:
7592:
7587:
7582:
7577:
7572:
7567:
7562:
7552:
7551:
7545:
7544:
7542:
7541:
7529:
7518:
7515:
7514:
7511:
7510:
7508:
7507:
7502:
7497:
7492:
7487:
7481:
7479:
7473:
7472:
7470:
7469:
7464:
7459:
7454:
7449:
7444:
7439:
7434:
7429:
7424:
7419:
7414:
7409:
7404:
7399:
7394:
7392:Zygmunt Bauman
7389:
7384:
7379:
7374:
7369:
7364:
7358:
7356:
7348:
7347:
7345:
7344:
7339:
7334:
7329:
7324:
7319:
7314:
7309:
7304:
7299:
7293:
7291:
7283:
7282:
7280:
7279:
7274:
7269:
7264:
7259:
7257:Thomas Piketty
7254:
7252:Kevin O'Rourke
7249:
7244:
7242:Michael Hudson
7239:
7234:
7232:Robert Brenner
7229:
7224:
7219:
7214:
7208:
7206:
7197:
7191:
7190:
7188:
7187:
7182:
7177:
7172:
7167:
7166:
7165:
7160:
7150:
7145:
7140:
7135:
7130:
7124:
7122:
7118:
7117:
7114:
7113:
7111:
7110:
7105:
7103:Westernization
7100:
7095:
7094:
7093:
7083:
7078:
7073:
7068:
7063:
7058:
7053:
7052:
7051:
7046:
7041:
7036:
7031:
7026:
7016:
7011:
7006:
7001:
6996:
6991:
6986:
6981:
6976:
6975:
6974:
6963:
6961:
6955:
6954:
6952:
6951:
6946:
6945:
6944:
6942:Tax inversions
6939:
6929:
6924:
6919:
6914:
6912:Digital divide
6909:
6908:
6907:
6897:
6896:
6895:
6888:Climate change
6884:
6882:
6873:
6869:
6868:
6866:
6865:
6860:
6855:
6850:
6849:
6848:
6843:
6833:
6828:
6823:
6818:
6813:
6808:
6803:
6802:
6801:
6791:
6786:
6781:
6776:
6771:
6766:
6761:
6755:
6753:
6749:
6748:
6746:
6745:
6740:
6730:
6724:
6721:
6720:
6715:
6713:
6712:
6705:
6698:
6690:
6681:
6680:
6677:
6676:
6674:
6673:
6668:
6663:
6658:
6653:
6648:
6643:
6638:
6633:
6627:
6625:
6619:
6618:
6616:
6615:
6610:
6605:
6600:
6595:
6589:
6587:
6579:
6578:
6576:
6575:
6570:
6565:
6560:
6555:
6550:
6545:
6538:
6536:
6527:
6521:
6520:
6517:
6516:
6514:
6513:
6507:
6501:
6495:
6489:
6483:
6478:
6472:
6467:
6461:
6455:
6449:
6443:
6437:
6431:
6425:
6419:
6414:
6408:
6403:
6397:
6391:
6385:
6379:
6374:
6368:
6367:
6366:
6361:
6350:
6344:
6338:
6332:
6327:
6320:
6318:
6314:
6313:
6311:
6310:
6305:
6300:
6295:
6290:
6285:
6283:Global Witness
6280:
6274:
6272:
6265:
6259:
6258:
6255:
6254:
6252:
6251:
6246:
6241:
6239:Gerrymandering
6236:
6231:
6226:
6220:
6218:
6214:
6213:
6211:
6210:
6205:
6200:
6199:
6198:
6188:
6183:
6178:
6173:
6168:
6163:
6158:
6156:Ghost soldiers
6153:
6148:
6143:
6138:
6133:
6128:
6122:
6120:
6116:
6115:
6113:
6112:
6111:
6110:
6105:
6095:
6090:
6085:
6080:
6075:
6070:
6069:
6068:
6063:
6053:
6048:
6043:
6038:
6033:
6028:
6023:
6018:
6013:
6012:
6011:
6006:
5998:
5993:
5988:
5983:
5978:
5969:
5963:
5961:
5954:
5948:
5947:
5945:
5944:
5939:
5933:
5931:
5927:
5926:
5924:
5923:
5918:
5913:
5908:
5903:
5897:
5895:
5891:
5890:
5885:
5883:
5882:
5875:
5868:
5860:
5854:
5853:
5847:
5842:
5837:
5836:, May 13, 2009
5814:
5809:
5801:
5779:
5772:
5771:
5770:
5768:
5767:External links
5765:
5764:
5763:
5749:
5734:
5731:
5729:
5728:
5719:
5710:
5688:
5665:
5640:
5622:
5603:
5585:
5576:
5566:New York Times
5552:
5533:
5502:
5483:
5462:
5437:
5423:
5394:Gabriel Zucman
5385:
5348:
5305:Gabriel Zucman
5296:
5287:978-8184739336
5286:
5260:
5224:
5198:
5173:
5144:
5140:G20 Communiqué
5132:
5088:
5057:
5008:(6246): 6246.
4975:
4958:
4944:
4915:
4866:
4846:
4821:
4795:
4767:
4746:
4706:
4661:
4638:
4622:Gabriel Zucman
4600:
4578:
4576:
4573:
4570:
4569:
4555:
4535:
4519:
4500:
4488:
4464:
4451:
4442:
4427:
4410:
4396:
4395:
4393:
4390:
4389:
4388:
4383:
4378:
4373:
4371:Pandora Papers
4368:
4363:
4358:
4353:
4348:
4341:
4338:
4326:offshore banks
4314:
4311:
4297:Cayman Islands
4277:Cayman Islands
4257:Cayman Islands
4242:
4239:
4204:
4201:
4181:civil aviation
4172:Cayman Islands
4121:
4118:
4117:
4116:
4093:
4079:
4073:
4043:
4013:
3987:
3986:
3972:
3962:
3940:
3913:
3898:
3877:
3874:
3871:
3870:
3853:September 2018
3826:
3824:
3817:
3811:
3808:
3780:
3762:
3738:
3735:
3700:securitisation
3689:
3686:
3665:
3662:
3660:
3657:
3630:securitisation
3619:
3618:Securitisation
3616:
3613:
3612:
3609:
3606:
3604:
3601:
3598:
3595:
3591:
3590:
3587:
3584:
3582:
3579:
3576:
3573:
3569:
3568:
3565:
3562:
3560:
3557:
3554:
3551:
3550:United Kingdom
3547:
3546:
3543:
3540:
3537:
3534:
3531:
3528:
3524:
3523:
3520:
3517:
3515:
3512:
3509:
3506:
3502:
3501:
3498:
3495:
3492:
3489:
3486:
3483:
3479:
3478:
3475:
3472:
3470:
3467:
3464:
3461:
3457:
3456:
3453:
3450:
3447:
3444:
3441:
3438:
3437:Cayman Islands
3434:
3433:
3428:
3423:
3418:
3413:
3408:
3403:
3388:
3350:shadow banking
3345:
3344:Shadow banking
3342:
3315:
3312:
3266:
3265:
3263:
3261:
3258:
3256:
3254:
3252:
3249:
3245:
3244:
3241:
3238:
3235:
3232:
3229:
3226:
3223:
3219:
3218:
3215:
3212:
3209:
3206:
3203:
3200:
3197:
3193:
3192:
3189:
3186:
3183:
3180:
3177:
3174:
3171:
3167:
3166:
3163:
3160:
3157:
3154:
3151:
3148:
3145:
3141:
3140:
3137:
3134:
3131:
3128:
3125:
3122:
3119:
3115:
3114:
3111:
3108:
3105:
3102:
3099:
3096:
3093:
3089:
3088:
3085:
3082:
3079:
3076:
3073:
3070:
3067:
3063:
3062:
3059:
3056:
3053:
3050:
3047:
3044:
3041:
3040:Switzerland*†Δ
3037:
3036:
3033:
3030:
3027:
3024:
3021:
3018:
3015:
3011:
3010:
3007:
3004:
3001:
2998:
2995:
2992:
2989:
2985:
2984:
2981:
2978:
2975:
2972:
2969:
2966:
2963:
2959:
2958:
2957:Gain/Loss (%)
2953:
2948:
2943:
2936:
2929:
2924:
2919:
2891:, the largest
2835:Gabriel Zucman
2815:
2814:
2811:
2808:
2804:
2772:Main article:
2769:
2766:
2762:
2761:
2753:
2745:
2742:FATF Blacklist
2733:
2688:
2685:
2683:
2682:
2679:
2676:
2673:
2669:
2648:
2645:
2635:
2634:
2631:
2628:
2625:
2621:
2620:
2617:
2614:
2611:
2607:
2606:
2603:
2600:
2599:Top 5 Sink OFC
2597:
2593:
2592:
2589:
2586:
2583:
2579:
2578:
2575:
2572:
2571:Top 5 Sink OFC
2569:
2565:
2564:
2561:
2558:
2555:
2551:
2550:
2547:
2544:
2543:Top 5 Sink OFC
2541:
2537:
2536:
2533:
2530:
2529:Top 5 Sink OFC
2527:
2523:
2522:
2517:
2512:
2507:
2505:(alphabetical)
2472:
2469:
2459:
2458:
2455:
2452:
2449:
2446:
2443:
2440:
2437:
2434:
2431:
2428:
2425:
2422:
2419:
2416:
2413:
2410:
2407:
2404:
2401:
2398:
2395:
2391:
2390:
2385:
2382:
2377:
2376:
2370:
2363:
2355:
2349:
2348:
2345:
2342:
2339:
2336:
2333:
2330:
2327:
2324:
2321:
2318:
2315:
2312:
2309:
2306:
2303:
2300:
2297:
2294:
2291:
2288:
2285:
2282:
2281:Cayman Islands
2279:
2276:
2273:
2270:
2267:
2264:
2260:
2257:IMF Group III*
2253:
2252:
2249:
2246:
2243:
2240:
2237:
2234:
2231:
2228:
2224:
2217:
2216:
2213:
2210:
2207:
2204:
2201:
2198:
2195:
2191:
2187:
2181:
2178:
2174:
2171:
2154:
2122:
2121:
2112:
2086:Orbis database
2039:Main article:
2036:
2033:
2004:Main article:
2001:
1998:
1985:
1960:
1951:
1950:
1947:
1944:
1940:
1930:
1904:
1903:
1900:
1897:
1894:
1890:
1875:
1872:
1848:
1845:
1810:securitization
1730:OFCs, such as
1696:
1695:
1693:
1692:
1685:
1678:
1670:
1667:
1666:
1665:
1664:
1652:
1637:
1636:
1631:
1630:
1629:
1628:
1623:
1618:
1616:United Kingdom
1613:
1608:
1603:
1598:
1593:
1588:
1583:
1578:
1573:
1568:
1563:
1558:
1553:
1548:
1543:
1538:
1533:
1528:
1523:
1518:
1513:
1508:
1503:
1498:
1493:
1488:
1483:
1478:
1473:
1468:
1463:
1458:
1453:
1448:
1443:
1438:
1433:
1428:
1423:
1418:
1413:
1408:
1403:
1398:
1393:
1388:
1383:
1378:
1373:
1368:
1363:
1355:
1354:
1350:
1349:
1348:
1347:
1342:
1337:
1329:
1328:
1322:
1317:
1316:
1313:
1312:
1309:
1308:
1303:
1298:
1293:
1288:
1283:
1278:
1273:
1268:
1263:
1258:
1253:
1248:
1242:
1237:
1236:
1233:
1232:
1227:
1226:
1225:
1224:
1218:
1212:
1209:Tax Foundation
1206:
1200:
1191:
1190:
1186:
1185:
1184:
1183:
1181:Gabriel Zucman
1178:
1173:
1168:
1163:
1158:
1156:Mihir A. Desai
1150:
1149:
1143:
1140:
1139:
1136:
1135:
1132:
1131:
1126:
1121:
1116:
1111:
1106:
1105:
1104:
1099:
1089:
1084:
1078:
1073:
1072:
1069:
1068:
1065:
1064:
1059:
1054:
1049:
1044:
1039:
1034:
1029:
1024:
1019:
1017:Robin Hood tax
1014:
1009:
1001:
996:
991:
985:
980:
979:
976:
975:
972:
971:
966:
961:
956:
954:Excess profits
951:
946:
945:
944:
939:
934:
925:
920:
906:
901:
896:
891:
886:
881:
876:
871:
866:
861:
856:
851:
846:
841:
839:Gross receipts
836:
831:
826:
821:
820:
819:
814:
809:
804:
799:
794:
789:
779:
778:
777:
772:
767:
762:
757:
752:
747:
737:
732:
731:
730:
725:
720:
715:
710:
705:
700:
690:
689:
688:
678:
677:
676:
671:
666:
656:
651:
646:
641:
635:
630:
629:
626:
625:
620:
619:
618:
617:
612:
607:
602:
597:
592:
590:Offshore Leaks
587:
582:
577:
576:
575:
570:
555:
554:
553:Major examples
550:
549:
548:
547:
542:
537:
532:
527:
521:
516:
508:
507:
503:
502:
501:
500:
495:
490:
488:Dutch Sandwich
485:
480:
474:
469:
461:
460:
456:
455:
454:
453:
448:
443:
438:
433:
428:
426:Tax resistance
423:
418:
417:
416:
403:
402:
396:
391:
390:
387:
386:
383:
382:
377:
372:
367:
362:
357:
352:
347:
342:
337:
332:
330:Taxable income
327:
325:Tax assessment
322:
317:
311:
306:
305:
302:
301:
296:
295:
294:
293:
288:
283:
278:
273:
265:
264:
260:
259:
258:
257:
252:
247:
242:
237:
232:
227:
219:
218:
217:General Theory
212:
207:
206:
203:
202:
199:
198:
193:
188:
186:Representation
183:
178:
173:
168:
163:
158:
153:
148:
143:
138:
133:
128:
123:
118:
113:
108:
107:
106:
96:
91:
86:
81:
76:
70:
65:
64:
61:
60:
53:
52:
44:
43:
37:
36:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
7617:
7606:
7603:
7601:
7598:
7596:
7595:Tax avoidance
7593:
7591:
7588:
7586:
7583:
7581:
7578:
7576:
7575:Global issues
7573:
7571:
7568:
7566:
7563:
7561:
7558:
7557:
7555:
7540:
7535:
7530:
7528:
7520:
7519:
7516:
7506:
7505:Vandana Shiva
7503:
7501:
7498:
7496:
7493:
7491:
7488:
7486:
7483:
7482:
7480:
7474:
7468:
7465:
7463:
7460:
7458:
7457:Saskia Sassen
7455:
7453:
7452:George Ritzer
7450:
7448:
7447:Antonio Negri
7445:
7443:
7442:L. H. M. Ling
7440:
7438:
7435:
7433:
7430:
7428:
7427:Michael Hardt
7425:
7423:
7420:
7418:
7415:
7413:
7410:
7408:
7407:Alfred Crosby
7405:
7403:
7400:
7398:
7395:
7393:
7390:
7388:
7385:
7383:
7380:
7378:
7375:
7373:
7370:
7368:
7365:
7363:
7360:
7359:
7357:
7349:
7343:
7340:
7338:
7337:Susan Strange
7335:
7333:
7330:
7328:
7325:
7323:
7320:
7318:
7315:
7313:
7310:
7308:
7307:Robert W. Cox
7305:
7303:
7300:
7298:
7295:
7294:
7292:
7284:
7278:
7275:
7273:
7270:
7268:
7267:Jeffrey Sachs
7265:
7263:
7260:
7258:
7255:
7253:
7250:
7248:
7245:
7243:
7240:
7238:
7235:
7233:
7230:
7228:
7225:
7223:
7220:
7218:
7215:
7213:
7210:
7209:
7207:
7201:
7198:
7192:
7186:
7185:World-systems
7183:
7181:
7180:World history
7178:
7176:
7175:Social change
7173:
7171:
7168:
7164:
7161:
7159:
7156:
7155:
7154:
7153:Modernization
7151:
7149:
7146:
7144:
7141:
7139:
7136:
7134:
7131:
7129:
7126:
7125:
7123:
7119:
7109:
7106:
7104:
7101:
7099:
7096:
7092:
7089:
7088:
7087:
7084:
7082:
7079:
7077:
7074:
7072:
7069:
7067:
7064:
7062:
7059:
7057:
7054:
7050:
7047:
7045:
7042:
7040:
7037:
7035:
7032:
7030:
7027:
7025:
7022:
7021:
7020:
7017:
7015:
7012:
7010:
7007:
7005:
7002:
7000:
6997:
6995:
6992:
6990:
6987:
6985:
6982:
6980:
6977:
6973:
6970:
6969:
6968:
6965:
6964:
6962:
6956:
6950:
6947:
6943:
6940:
6938:
6935:
6934:
6933:
6930:
6928:
6925:
6923:
6920:
6918:
6915:
6913:
6910:
6906:
6903:
6902:
6901:
6898:
6894:
6891:
6890:
6889:
6886:
6885:
6883:
6877:
6874:
6870:
6864:
6861:
6859:
6856:
6854:
6851:
6847:
6844:
6842:
6839:
6838:
6837:
6834:
6832:
6829:
6827:
6824:
6822:
6819:
6817:
6816:Global health
6814:
6812:
6809:
6807:
6804:
6800:
6797:
6796:
6795:
6792:
6790:
6787:
6785:
6782:
6780:
6777:
6775:
6772:
6770:
6767:
6765:
6762:
6760:
6757:
6756:
6754:
6750:
6744:
6741:
6739:
6731:
6729:
6726:
6725:
6722:
6718:
6717:Globalization
6711:
6706:
6704:
6699:
6697:
6692:
6691:
6688:
6672:
6669:
6667:
6664:
6662:
6659:
6657:
6654:
6652:
6649:
6647:
6644:
6642:
6639:
6637:
6634:
6632:
6629:
6628:
6626:
6620:
6614:
6611:
6609:
6606:
6604:
6601:
6599:
6596:
6594:
6591:
6590:
6588:
6582:International
6580:
6574:
6571:
6569:
6566:
6564:
6561:
6559:
6556:
6554:
6551:
6549:
6546:
6543:
6540:
6539:
6537:
6531:
6528:
6526:
6522:
6511:
6508:
6505:
6502:
6499:
6496:
6493:
6490:
6488:(South Korea)
6487:
6484:
6482:
6479:
6476:
6473:
6471:
6468:
6465:
6462:
6459:
6456:
6453:
6450:
6447:
6444:
6441:
6438:
6435:
6432:
6429:
6426:
6423:
6420:
6418:
6415:
6412:
6409:
6407:
6404:
6401:
6398:
6395:
6392:
6389:
6386:
6383:
6380:
6378:
6375:
6372:
6369:
6365:
6362:
6360:
6357:
6356:
6354:
6351:
6348:
6345:
6342:
6339:
6336:
6333:
6331:
6328:
6325:
6322:
6321:
6319:
6315:
6309:
6306:
6304:
6301:
6299:
6296:
6294:
6291:
6289:
6286:
6284:
6281:
6279:
6276:
6275:
6273:
6271:International
6269:
6266:
6260:
6250:
6247:
6245:
6242:
6240:
6237:
6235:
6232:
6230:
6227:
6225:
6222:
6221:
6219:
6215:
6209:
6206:
6204:
6203:State capture
6201:
6197:
6194:
6193:
6192:
6189:
6187:
6184:
6182:
6179:
6177:
6174:
6172:
6169:
6167:
6164:
6162:
6159:
6157:
6154:
6152:
6149:
6147:
6146:Elite capture
6144:
6142:
6139:
6137:
6134:
6132:
6129:
6127:
6124:
6123:
6121:
6117:
6109:
6106:
6104:
6101:
6100:
6099:
6096:
6094:
6091:
6089:
6086:
6084:
6081:
6079:
6076:
6074:
6071:
6067:
6064:
6062:
6059:
6058:
6057:
6054:
6052:
6049:
6047:
6044:
6042:
6039:
6037:
6034:
6032:
6029:
6027:
6024:
6022:
6019:
6017:
6014:
6010:
6007:
6005:
6002:
6001:
5999:
5997:
5994:
5992:
5989:
5987:
5984:
5982:
5979:
5977:
5973:
5970:
5968:
5965:
5964:
5962:
5958:
5955:
5953:of corruption
5949:
5943:
5940:
5938:
5935:
5934:
5932:
5928:
5922:
5919:
5917:
5914:
5912:
5909:
5907:
5904:
5902:
5899:
5898:
5896:
5892:
5888:
5881:
5876:
5874:
5869:
5867:
5862:
5861:
5858:
5851:
5848:
5846:
5843:
5841:
5838:
5835:
5834:
5829:
5825:
5821:
5818:
5815:
5813:
5810:
5808:
5806:
5805:The Economist
5802:
5800:
5797:
5796:
5791:
5790:
5782:
5766:
5760:
5756:
5752:
5750:9781250281920
5746:
5742:
5737:
5736:
5732:
5723:
5720:
5714:
5711:
5698:
5692:
5689:
5684:
5680:
5676:
5669:
5666:
5662:
5658:
5654:
5650:
5644:
5641:
5636:
5632:
5626:
5623:
5618:
5614:
5607:
5604:
5599:
5595:
5589:
5586:
5580:
5577:
5573:
5568:
5567:
5562:
5556:
5553:
5548:
5544:
5537:
5534:
5530:
5525:
5524:
5516:
5512:
5506:
5503:
5498:
5497:Bloomberg.com
5494:
5487:
5484:
5480:
5476:
5472:
5466:
5463:
5459:
5454:
5447:
5441:
5438:
5433:
5427:
5424:
5418:
5413:
5410:(4): 121–48.
5409:
5405:
5404:
5399:
5395:
5389:
5386:
5370:
5366:
5359:
5352:
5349:
5345:
5341:
5337:
5332:
5327:
5323:
5319:
5318:
5310:
5306:
5300:
5297:
5293:
5289:
5283:
5276:
5275:
5267:
5265:
5261:
5257:
5253:
5249:
5248:
5243:
5239:
5233:
5231:
5229:
5225:
5212:
5208:
5202:
5199:
5194:
5187:
5180:
5178:
5174:
5170:
5166:. p. 7.
5165:
5158:
5151:
5149:
5145:
5141:
5136:
5133:
5129:
5116:
5109:
5103:
5101:
5099:
5097:
5095:
5093:
5089:
5076:
5072:
5066:
5064:
5062:
5058:
5053:
5049:
5044:
5039:
5034:
5029:
5025:
5021:
5016:
5011:
5007:
5003:
4999:
4992:
4990:
4988:
4986:
4984:
4982:
4980:
4976:
4971:
4965:
4963:
4959:
4954:
4953:"An Ill Wind"
4948:
4945:
4941:
4937:
4933:
4926:
4919:
4916:
4911:
4907:
4903:
4899:
4895:
4891:
4890:
4882:
4875:
4873:
4871:
4867:
4863:
4859:
4853:
4851:
4847:
4842:
4838:
4832:
4830:
4828:
4826:
4822:
4817:
4810:
4804:
4802:
4800:
4796:
4792:
4787:
4786:
4781:
4774:
4772:
4768:
4763:
4759:
4753:
4751:
4747:
4743:
4738:
4734:
4730:
4723:
4721:
4719:
4717:
4715:
4713:
4711:
4707:
4702:
4695:
4694:
4686:
4684:
4682:
4680:
4678:
4676:
4674:
4672:
4670:
4668:
4666:
4662:
4657:
4656:
4651:
4645:
4643:
4639:
4635:
4631:
4627:
4623:
4617:
4615:
4613:
4611:
4609:
4607:
4605:
4601:
4597:
4593:
4589:
4583:
4580:
4574:
4565:
4559:
4556:
4552:
4547:
4542:
4540:
4536:
4532:
4526:
4524:
4520:
4515:
4509:
4507:
4505:
4501:
4495:
4493:
4489:
4485:
4481:
4477:
4471:
4469:
4465:
4458:
4456:
4452:
4446:
4443:
4436:
4434:
4432:
4428:
4424:
4420:
4414:
4411:
4407:
4401:
4398:
4391:
4387:
4384:
4382:
4379:
4377:
4374:
4372:
4369:
4367:
4366:Panama Papers
4364:
4362:
4359:
4357:
4354:
4352:
4349:
4347:
4344:
4343:
4339:
4337:
4335:
4331:
4327:
4320:
4319:Offshore bank
4312:
4310:
4308:
4307:
4302:
4298:
4294:
4290:
4286:
4280:
4278:
4274:
4270:
4262:
4258:
4253:
4248:
4247:Offshore fund
4240:
4238:
4236:
4232:
4227:
4225:
4220:
4216:
4210:
4202:
4200:
4198:
4194:
4189:
4186:
4182:
4177:
4173:
4169:
4165:
4161:
4157:
4153:
4145:
4141:
4137:
4132:
4127:
4119:
4114:
4110:
4106:
4101:
4097:
4094:
4091:
4087:
4083:
4080:
4077:
4074:
4071:
4067:
4063:
4059:
4055:
4051:
4047:
4044:
4041:
4037:
4033:
4029:
4025:
4024:corporate law
4021:
4017:
4014:
4011:
4007:
4006:joint venture
4003:
4000:
3999:
3995:
3991:
3983:
3979:
3978:
3973:
3970:
3966:
3963:
3960:
3956:
3952:
3948:
3944:
3941:
3938:
3934:
3929:
3925:
3921:
3917:
3914:
3910:
3906:
3905:expropriation
3902:
3899:
3896:
3895:
3890:
3886:
3883:
3882:
3881:
3875:
3867:
3864:
3856:
3846:
3841:
3837:
3833:
3832:
3825:
3816:
3815:
3809:
3807:
3804:
3802:
3798:
3788:
3787:
3779:
3774:
3767:
3761:
3756:
3753:
3749:
3745:
3736:
3734:
3732:
3728:
3724:
3720:
3716:
3712:
3708:
3705:
3701:
3695:
3687:
3685:
3683:
3679:
3674:
3672:
3663:
3658:
3656:
3654:
3650:
3645:
3640:
3639:legal conduit
3635:
3631:
3625:
3617:
3610:
3607:
3605:
3602:
3599:
3596:
3593:
3592:
3588:
3585:
3583:
3580:
3577:
3574:
3571:
3570:
3566:
3563:
3561:
3558:
3555:
3552:
3549:
3548:
3544:
3541:
3538:
3535:
3532:
3529:
3526:
3525:
3521:
3518:
3516:
3513:
3510:
3507:
3504:
3503:
3499:
3496:
3493:
3490:
3487:
3484:
3481:
3480:
3476:
3473:
3471:
3468:
3465:
3462:
3459:
3458:
3454:
3451:
3448:
3445:
3442:
3439:
3436:
3435:
3429:
3424:
3419:
3414:
3409:
3404:
3401:
3400:
3387:
3382:
3380:
3376:
3372:
3368:
3363:
3359:
3355:
3351:
3343:
3338:
3334:
3330:
3325:
3321:
3313:
3311:
3309:
3305:
3299:
3293:
3287:
3281:
3278:in 2010 (the
3277:
3273:
3264:
3262:
3259:
3257:
3255:
3253:
3250:
3247:
3246:
3242:
3239:
3236:
3233:
3230:
3227:
3224:
3221:
3220:
3216:
3213:
3210:
3207:
3204:
3201:
3198:
3195:
3194:
3190:
3187:
3184:
3181:
3178:
3175:
3172:
3169:
3168:
3164:
3161:
3158:
3155:
3152:
3149:
3146:
3144:Hong Kong*‡Δ⹋
3143:
3142:
3138:
3135:
3132:
3129:
3126:
3123:
3120:
3117:
3116:
3112:
3109:
3106:
3103:
3100:
3097:
3094:
3092:Luxembourg*Δ⹋
3091:
3090:
3086:
3083:
3080:
3077:
3074:
3071:
3068:
3065:
3064:
3060:
3057:
3054:
3051:
3048:
3045:
3042:
3039:
3038:
3034:
3031:
3028:
3025:
3022:
3019:
3016:
3014:Singapore*†Δ⹋
3013:
3012:
3008:
3005:
3002:
2999:
2996:
2993:
2990:
2988:Caribbean*‡Δ⹋
2987:
2986:
2982:
2979:
2976:
2973:
2970:
2967:
2964:
2961:
2960:
2954:
2952:Tax Rate (%)
2949:
2944:
2940:
2937:
2935:Local ($ bn)
2933:
2930:
2925:
2920:
2914:
2913:
2907:
2905:
2900:
2898:
2894:
2890:
2886:
2881:
2878:
2874:
2870:
2866:
2862:
2857:
2855:
2850:
2847:
2844:
2840:
2836:
2831:
2827:
2825:
2821:
2812:
2809:
2806:
2805:
2803:
2796:
2792:
2788:
2785:
2780:
2775:
2767:
2765:
2759:
2754:
2750:
2746:
2743:
2739:
2735:
2734:
2732:
2730:
2726:
2722:
2718:
2714:
2710:
2706:
2697:
2693:
2686:
2680:
2677:
2674:
2671:
2670:
2668:
2666:
2662:
2658:
2654:
2646:
2644:
2632:
2629:
2626:
2623:
2622:
2618:
2615:
2612:
2609:
2608:
2604:
2601:
2598:
2595:
2594:
2590:
2587:
2584:
2581:
2580:
2576:
2573:
2570:
2567:
2566:
2562:
2559:
2556:
2553:
2552:
2548:
2545:
2542:
2539:
2538:
2534:
2531:
2528:
2525:
2524:
2518:
2516:BEPS Ranking
2513:
2508:
2503:IMF Major OFC
2502:
2501:
2497:
2488:
2484:
2480:
2478:
2471:IMF 2018 list
2470:
2468:
2456:
2453:
2450:
2447:
2444:
2441:
2438:
2435:
2432:
2429:
2426:
2423:
2420:
2417:
2414:
2411:
2408:
2405:
2402:
2399:
2396:
2393:
2392:
2389:
2384:IMF 2007 list
2383:
2381:
2375:
2371:
2368:
2364:
2361:
2357:
2356:
2354:
2346:
2343:
2340:
2337:
2334:
2331:
2328:
2325:
2322:
2319:
2316:
2313:
2310:
2307:
2304:
2302:Liechtenstein
2301:
2298:
2295:
2292:
2289:
2286:
2283:
2280:
2277:
2274:
2271:
2268:
2265:
2262:
2261:
2259:
2258:
2250:
2247:
2244:
2241:
2238:
2235:
2232:
2229:
2226:
2225:
2223:
2222:
2221:IMF Group II*
2214:
2211:
2208:
2205:
2202:
2199:
2196:
2193:
2192:
2190:
2186:
2179:
2177:
2172:
2170:
2168:
2165:
2153:
2152:environments.
2148:
2146:
2142:
2138:
2134:
2129:
2127:
2117:
2113:
2110:
2106:
2105:
2104:
2102:
2097:
2095:
2091:
2087:
2083:
2078:
2071:
2066:
2059:
2055:
2051:
2047:
2042:
2034:
2032:
2028:
2026:
2021:
2016:
2013:
2007:
1999:
1997:
1991:
1984:
1980:
1977:
1975:
1971:
1959:
1955:
1948:
1945:
1942:
1941:
1939:
1929:
1924:
1922:
1916:
1915:
1910:
1901:
1898:
1895:
1892:
1891:
1889:
1886:
1881:
1873:
1868:
1864:
1857:
1853:
1846:
1844:
1842:
1837:
1836:study in 2017
1833:
1829:
1821:
1817:
1813:
1811:
1807:
1802:
1798:
1796:
1792:
1788:
1784:
1780:
1776:
1771:
1767:
1762:
1759:
1757:
1753:
1749:
1745:
1741:
1737:
1733:
1729:
1725:
1720:
1718:
1714:
1706:
1702:
1691:
1686:
1684:
1679:
1677:
1672:
1671:
1669:
1668:
1663:
1653:
1651:
1646:
1641:
1640:
1639:
1638:
1627:
1624:
1622:
1621:United States
1619:
1617:
1614:
1612:
1609:
1607:
1604:
1602:
1599:
1597:
1594:
1592:
1589:
1587:
1584:
1582:
1579:
1577:
1574:
1572:
1569:
1567:
1564:
1562:
1559:
1557:
1554:
1552:
1549:
1547:
1544:
1542:
1539:
1537:
1534:
1532:
1529:
1527:
1524:
1522:
1519:
1517:
1514:
1512:
1509:
1507:
1504:
1502:
1499:
1497:
1494:
1492:
1489:
1487:
1484:
1482:
1479:
1477:
1474:
1472:
1469:
1467:
1464:
1462:
1459:
1457:
1454:
1452:
1449:
1447:
1444:
1442:
1439:
1437:
1434:
1432:
1429:
1427:
1424:
1422:
1419:
1417:
1414:
1412:
1409:
1407:
1404:
1402:
1399:
1397:
1394:
1392:
1389:
1387:
1384:
1382:
1379:
1377:
1374:
1372:
1369:
1367:
1364:
1362:
1359:
1358:
1357:
1356:
1351:
1346:
1343:
1341:
1338:
1336:
1333:
1332:
1331:
1330:
1327:All Countries
1325:
1320:
1315:
1314:
1307:
1304:
1302:
1299:
1297:
1294:
1292:
1289:
1287:
1284:
1282:
1281:Tolerance tax
1279:
1277:
1274:
1272:
1269:
1267:
1264:
1262:
1259:
1257:
1254:
1252:
1249:
1247:
1244:
1243:
1240:
1235:
1234:
1222:
1219:
1216:
1213:
1210:
1207:
1204:
1201:
1198:
1195:
1194:
1193:
1192:
1187:
1182:
1179:
1177:
1174:
1172:
1169:
1167:
1164:
1162:
1159:
1157:
1154:
1153:
1152:
1151:
1146:
1138:
1137:
1130:
1127:
1125:
1122:
1120:
1117:
1115:
1112:
1110:
1107:
1103:
1100:
1098:
1095:
1094:
1093:
1090:
1088:
1085:
1083:
1080:
1079:
1076:
1071:
1070:
1063:
1060:
1058:
1055:
1053:
1050:
1048:
1045:
1043:
1040:
1038:
1035:
1033:
1030:
1028:
1025:
1023:
1020:
1018:
1015:
1013:
1010:
1007:
1002:
1000:
997:
995:
992:
990:
987:
986:
983:
982:International
978:
977:
970:
967:
965:
962:
960:
957:
955:
952:
950:
947:
943:
940:
938:
935:
933:
929:
926:
924:
921:
919:
916:
915:
914:
910:
907:
905:
902:
900:
897:
895:
892:
890:
887:
885:
884:Resource rent
882:
880:
877:
875:
872:
870:
867:
865:
862:
860:
857:
855:
852:
850:
847:
845:
842:
840:
837:
835:
832:
830:
827:
825:
822:
818:
815:
813:
810:
808:
805:
803:
800:
798:
795:
793:
790:
788:
785:
784:
783:
780:
776:
773:
771:
768:
766:
763:
761:
758:
756:
753:
751:
748:
746:
743:
742:
741:
738:
736:
733:
729:
726:
724:
721:
719:
716:
714:
711:
709:
706:
704:
701:
699:
696:
695:
694:
691:
687:
684:
683:
682:
681:Capital gains
679:
675:
672:
670:
667:
665:
662:
661:
660:
657:
655:
652:
650:
647:
645:
642:
640:
637:
636:
633:
628:
627:
616:
613:
611:
608:
606:
603:
601:
600:Panama Papers
598:
596:
593:
591:
588:
586:
583:
581:
578:
574:
571:
569:
568:
564:
563:
562:
559:
558:
557:
556:
551:
546:
543:
541:
538:
536:
533:
531:
528:
525:
522:
520:
517:
515:
512:
511:
510:
509:
504:
499:
496:
494:
491:
489:
486:
484:
481:
478:
475:
473:
470:
468:
467:Tax inversion
465:
464:
463:
462:
457:
452:
449:
447:
444:
442:
439:
437:
434:
432:
429:
427:
424:
422:
419:
415:
412:
411:
410:
409:Tax avoidance
407:
406:
405:
404:
399:
394:
393:Noncompliance
389:
388:
381:
378:
376:
373:
371:
370:Tax collector
368:
366:
363:
361:
358:
356:
353:
351:
350:Tax residence
348:
346:
343:
341:
338:
336:
333:
331:
328:
326:
323:
321:
320:Revenue stamp
318:
316:
313:
312:
309:
304:
303:
292:
289:
287:
284:
282:
279:
277:
274:
272:
269:
268:
267:
266:
261:
256:
253:
251:
248:
246:
243:
241:
238:
236:
235:Tax incidence
233:
231:
230:Excess burden
228:
226:
223:
222:
221:
220:
215:
210:
205:
204:
197:
194:
192:
189:
187:
184:
182:
179:
177:
174:
172:
169:
167:
164:
162:
159:
157:
156:Tax incentive
154:
152:
151:Tax advantage
149:
147:
144:
142:
139:
137:
134:
132:
129:
127:
124:
122:
119:
117:
114:
112:
111:Tax threshold
109:
105:
102:
101:
100:
97:
95:
92:
90:
87:
85:
82:
80:
77:
75:
72:
71:
68:
63:
62:
59:
58:fiscal policy
56:An aspect of
55:
54:
50:
46:
45:
42:
38:
34:
33:
30:
19:
7500:John R. Saul
7485:Noam Chomsky
7477:Non–academic
7417:Susan George
7412:Nancy Fraser
7382:Walden Bello
7327:David Harvey
7317:Stephen Gill
7237:Jayati Ghosh
7143:Earth system
7009:Human rights
6949:Water crisis
6936:
6846:early modern
6413:(Madagascar)
6337:(Bangladesh)
6244:Vote pairing
6196:Rent-setting
6191:Rent-seeking
6151:Failed state
6107:
6051:Match fixing
6021:Embezzlement
6000:Corporation
5972:Black market
5831:
5804:
5785:
5740:
5722:
5713:
5701:. Retrieved
5691:
5683:the original
5678:
5668:
5643:
5634:
5625:
5616:
5606:
5588:
5579:
5570:
5564:
5555:
5547:The Guardian
5546:
5536:
5527:
5521:
5511:Joel Slemrod
5505:
5499:. Bloomberg.
5496:
5486:
5478:
5474:
5465:
5456:
5440:
5426:
5407:
5401:
5388:
5376:. Retrieved
5369:the original
5351:
5343:
5321:
5315:
5299:
5291:
5273:
5255:
5251:
5245:
5215:. Retrieved
5210:
5201:
5167:
5135:
5126:
5119:. Retrieved
5079:. Retrieved
5005:
5001:
4947:
4939:
4918:
4893:
4887:
4861:
4789:
4783:
4762:The Guardian
4761:
4740:
4736:
4732:
4692:
4653:
4633:
4595:
4591:
4582:
4563:
4558:
4545:
4517:auxiliaries"
4513:
4478:sections of
4475:
4445:
4413:
4400:
4322:
4304:
4281:
4273:mutual funds
4266:
4228:
4212:
4190:
4149:
4139:
4095:
4081:
4075:
4045:
4020:stock market
4015:
4001:
3976:
3974:
3964:
3947:Mutual funds
3942:
3920:Saudi Arabia
3915:
3912:allowances).
3900:
3892:
3884:
3879:
3859:
3850:
3843:Please help
3839:
3828:
3805:
3793:
3784:
3776:
3772:
3758:
3740:
3722:
3703:
3697:
3675:
3667:
3643:
3638:
3633:
3627:
3384:
3370:
3367:bank secrecy
3357:
3353:
3347:
3307:
3269:
2938:
2931:
2903:
2901:
2884:
2882:
2877:double Irish
2865:Green Jersey
2858:
2851:
2848:
2832:
2828:
2823:
2819:
2817:
2800:
2790:
2784:double Irish
2768:Tax services
2764:
2758:bank secrecy
2757:
2749:data sharing
2707:(OECD), the
2701:
2660:
2656:
2650:
2638:
2610:Netherlandsâ€
2521:OFI Ranking
2511:OFC Ranking
2509:Conduit Sink
2496:pass through
2495:
2476:
2474:
2462:
2421:Isle of Manâ€
2387:
2379:
2373:
2366:
2359:
2352:
2284:Cook Islands
2256:
2255:
2220:
2219:
2189:IMF Group I*
2188:
2183:
2176:
2169:
2161:
2150:
2133:Conduit OFCs
2130:
2126:tax treaties
2123:
2098:
2093:
2089:
2079:
2075:
2069:
2057:
2054:Conduit OFCs
2053:
2049:
2031:strategies.
2029:
2024:
2017:
2011:
2009:
1996:
1982:
1978:
1973:
1969:
1967:
1957:
1953:
1937:
1926:
1917:
1912:
1906:
1883:
1879:
1877:
1832:double Irish
1825:
1800:
1799:
1763:
1760:
1736:South Dakota
1721:
1716:
1712:
1710:
1581:South Africa
1176:Joel Slemrod
844:Hypothecated
812:Sugary drink
686:Expatriation
565:
523:
483:Double Irish
446:Black market
291:Proportional
240:Laffer curve
225:Price effect
29:
7600:Tax evasion
7495:Naomi Klein
7377:Ulrich Beck
7352:Politics /
7342:Robert Wade
7332:Ronen Palan
7322:Peter Gowan
7272:Amartya Sen
7262:Dani Rodrik
7212:David Autor
7138:Development
7019:Imperialism
6967:Brain drain
6586:and efforts
6584:instruments
6535:enforcement
6477:(Singapore)
6390:(Indonesia)
6326:(Argentina)
6208:State crime
6166:Mafia state
6161:Kleptocracy
6126:Clientelism
6093:Tax evasion
5976:Grey market
5661:ACE Limited
5378:5 September
5217:14 November
4592:Irish Times
4546:Tax-neutral
4476:Definitions
4224:reinsurance
4197:Boeing 777s
4096:Tax evasion
4054:bond issues
3969:derivatives
3955:unit trusts
3951:Hedge funds
3847:if you can.
3704:tax neutral
3572:Switzerland
3505:Netherlands
3432:(% of GDP)
3427:(% of GDP)
3422:(% of GDP)
3417:(% of GDP)
3412:(% of GDP)
3407:(% of GDP)
3170:Bermuda*‡Δ⹋
3118:Puerto Rico
2962:Ireland*†Δ⹋
2843:hedge funds
2596:Luxembourgâ€
2372:Group III:
2311:Montserrat‡
2215:Switzerland
2203:Isle of Man
1885:concerned.”
1847:Definitions
1801:Tax-neutral
1596:Switzerland
1561:Philippines
1536:New Zealand
1531:Netherlands
1171:Ronen Palan
909:User charge
728:Value-added
693:Consumption
605:Swiss Leaks
493:Single Malt
431:Tax shelter
421:Tax evasion
380:Tax farming
365:Tax shelter
281:Progressive
245:Optimal tax
146:Tax amnesty
141:Tax holiday
99:Tax bracket
84:Tax revenue
7554:Categories
7437:Paul Hirst
7432:David Held
7297:Samir Amin
7287:Political
7222:Ravi Batra
7163:history of
7158:ecological
7133:Dependency
7081:Offshoring
7044:scientific
7034:linguistic
6999:Fair trade
6979:Care drain
6932:Tax havens
6927:Population
6836:History of
6661:Yo Soy 132
6506:(Tanzania)
6436:(Pakistan)
6349:(Cameroon)
6176:Plutocracy
6131:Coronelism
6088:Slush fund
5887:Corruption
5833:The Nation
5759:1303568974
5458:countries.
5169:countries.
5015:1703.03016
4575:References
4480:tax havens
4317:See also:
4245:See also:
4231:Hiscox PLC
4207:See also:
4124:See also:
3810:Structures
3748:Dharmapala
3692:See also:
3622:See also:
3460:Luxembourg
3362:Eurodollar
3272:tax havens
3248:All Others
2752:avoidance.
2721:World Bank
2624:Singaporeâ€
2568:Hong Kongâ€
2365:Group II:
2332:Seychelles
2287:Costa Rica
2209:Luxembourg
2109:tax havens
2099:CORPNET's
1970:proxy text
1744:Luxembourg
1506:Kazakhstan
1391:Bangladesh
1386:Azerbaijan
1319:By country
1276:Temple tax
1246:Church tax
1129:ATA Carnet
1114:Free trade
1109:Tariff war
1037:Tax treaty
918:Congestion
859:Land value
750:Eco-tariff
718:Television
674:Solidarity
654:Ad valorem
514:Tax havens
345:Tax shield
340:Tax refund
308:Collection
286:Regressive
161:Tax reform
7462:John Urry
7354:sociology
7204:Economics
7108:World war
6831:Globality
6799:education
6624:movements
6544:(pending)
6512:(Vietnam)
6500:(Ukraine)
6460:(Romania)
6454:(Romania)
6430:(Nigeria)
6424:(Myanmar)
6402:(Liberia)
6373:(Croatia)
6343:(Burundi)
6217:Elections
6098:Tax haven
6026:Extortion
5986:Collusion
5967:Baksheesh
5788:(Q205181)
5699:. Cima.ky
5529:countries
5326:CiteSeerX
5211:europa.eu
4910:153485002
4567:havens'."
4482:, and of
4381:Tax haven
4219:insurance
4203:Insurance
4162:(notably
4100:evade tax
3994:Hong Kong
3924:Louisiana
3723:effective
3649:orphaning
3594:Singapore
3527:Hong Kong
3402:Location
2955:Corp. Tax
2950:Effective
2939:Of Which:
2932:Of Which:
2926:Corporate
2917:Tax Haven
2774:Tax haven
2412:Guernseyâ€
2400:Barbadosâ€
2358:Group I:
2338:St. Lucia
2308:Mauritius
2293:Dominica‡
2239:Gibraltar
2212:Singapore
2197:Hong Kong
2137:Sink OFCs
2070:Sink OFCs
2058:Sink OFCs
2020:tax haven
1914:business.
1748:Hong Kong
1740:Singapore
1586:Sri Lanka
1551:Palestine
1511:Lithuania
1476:Indonesia
1461:Hong Kong
1381:Australia
1371:Argentina
1239:Religious
1027:Spahn tax
1022:Tobin tax
874:Pigouvian
792:Cigarette
765:Severance
698:Departure
506:Locations
459:Corporate
441:Smuggling
209:Economics
131:Tax shift
126:Deduction
116:Exemption
7527:Category
7196:scholars
7121:Theories
7029:cultural
7024:academic
6728:Journals
6533:Laws and
6466:(Russia)
6448:(Poland)
6396:(Latvia)
6355:(China)
6317:National
6171:Nepotism
6141:Cronyism
6046:Kickback
5820:Archived
5240:(2010).
5121:29 April
5081:25 April
5075:RTE News
5052:28740120
4742:reasons.
4462:capital,
4340:See also
4301:Guernsey
4285:leverage
4235:FTSE 250
4170:and the
4160:aircraft
4140:Pictured
4090:Parmalat
4038:and the
3889:asbestos
3829:require
3781:—
3763:—
3659:Defences
3455:247,941
3389:—
3371:offshore
3354:offshore
3286:Conduits
2729:supports
2723:'s 2019
2582:Irelandâ€
2526:Bermudaâ€
2457:Vanuatuâ€
2397:Bahrainâ€
2394:Bahamasâ€
2296:Grenada‡
2263:Anguilla
2233:Barbados
2194:Guernsey
2155:—
2090:terminus
2068:List of
1986:—
1961:—
1931:—
1732:Delaware
1606:Tanzania
1571:Portugal
1546:Pakistan
1426:Colombia
1406:Bulgaria
1271:Leibzoll
1148:Academic
1141:Research
959:Windfall
899:Turnover
879:Property
829:Georgist
775:Stumpage
770:Steering
755:Landfill
735:Dividend
659:Aviation
649:Per unit
644:Indirect
335:Tax lien
271:Tax rate
250:Theories
104:Flat tax
67:Policies
41:Taxation
7289:economy
7194:Notable
6972:reverse
6900:Disease
6841:archaic
6752:Aspects
6743:Studies
6738:Outline
6622:Protest
6494:(Spain)
6384:(India)
6083:Scandal
5981:Bribery
5960:General
5781:Scholia
5043:5524793
5020:Bibcode
4330:Bahamas
4313:Banking
4289:Bermuda
4168:Bermuda
4152:Bahamas
3937:codicil
3831:cleanup
3797:Slemrod
3644:onshore
3482:Ireland
3477:26,803
3443:211,844
3358:onshore
3196:Belgium
2945:Profits
2921:Rank by
2885:et alia
2454:Uruguay
2442:Panamaâ€
2347:Vanuatu
2299:Lebanon
2272:Bahamas
2236:Bermuda
2230:Bahrain
2227:Andorra
2200:Ireland
2012:outcome
1626:Uruguay
1526:Namibia
1521:Morocco
1486:Ireland
1466:Iceland
1451:Germany
1441:Finland
1436:Denmark
1431:Croatia
1376:Armenia
1366:Algeria
1361:Albania
1008:(CCCTB)
869:Payroll
824:General
817:Tobacco
787:Alcohol
723:Tourist
669:Landing
401:General
136:Tax cut
94:Tax law
7049:social
6880:Global
6872:Issues
6411:BIANCO
5757:
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5617:Forbes
5328:
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4233:, the
4156:Panama
4144:Panama
4084:: The
4034:, the
4028:NASDAQ
4010:TNK-BP
3959:SICAVs
3801:Zucman
3799:, and
3567:1,138
3545:1,188
3522:1,480
3500:1,751
3466:24,675
3440:34,171
3222:MaltaΔ
2915:Zucman
2427:Latvia
2326:Palau‡
2323:Panama
2290:Cyprus
2275:Belize
2251:Monaco
2206:Jersey
1601:Taiwan
1591:Sweden
1576:Russia
1566:Poland
1541:Norway
1491:Israel
1456:Greece
1446:France
1416:Canada
1401:Brazil
1396:Bhutan
1291:Kharaj
1199:(ITEP)
1102:Export
1097:Import
1092:Tariff
1082:Custom
969:Wealth
894:Surtax
889:Single
864:Luxury
849:Income
782:Excise
745:Carbon
639:Direct
526:(OFCs)
479:(BEPS)
191:Unions
121:Credit
7039:media
6959:Other
6371:USKOK
6119:State
6031:Fraud
6009:Shell
6004:Dummy
5703:7 May
5518:(PDF)
5449:(PDF)
5372:(PDF)
5361:(PDF)
5312:(PDF)
5278:(PDF)
5189:(PDF)
5160:(PDF)
5128:(58%)
5111:(PDF)
5010:arXiv
4928:(PDF)
4906:S2CID
4884:(PDF)
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4271:, or
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4158:) or
4086:Enron
3752:Desai
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3463:1,414
3446:1,900
3292:Sinks
3009:100%
2659:, or
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2329:Samoa
2314:Nauru
2269:Aruba
2248:Malta
2242:Macau
2173:Lists
2094:nodes
1834:). A
1516:Malta
1501:Japan
1496:Italy
1471:India
1421:China
1306:Zakat
1301:Nisab
1296:Khums
1286:Jizya
1261:Tithe
1256:Teind
1217:(TJN)
1203:Oxfam
1075:Trade
994:ATTAC
713:Stamp
708:Sales
703:Hotel
632:Types
5755:OCLC
5745:ISBN
5705:2022
5659:and
5453:OECD
5380:2018
5282:ISBN
5219:2016
5123:2019
5083:2019
5048:PMID
4934:and
4531:GNI*
4299:and
4255:The
4154:and
4109:Sony
4107:and
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3957:and
3933:will
3750:and
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3589:977
3322:and
3243:90%
3217:16%
3191:n.a
3165:33%
3139:79%
3113:50%
3087:32%
3061:20%
3035:41%
2983:58%
2977:-106
2841:and
2787:BEPS
2703:the
2320:Niue
2056:and
1791:FATF
1787:OECD
1777:and
1746:and
1705:IFSC
1556:Peru
1481:Iran
1223:(US)
1211:(US)
1205:(UK)
1087:Duty
937:Toll
932:GNSS
928:Road
923:Fuel
834:Gift
802:Meat
498:CAIA
276:Flat
6388:KPK
5826:by
5412:doi
5336:doi
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5038:PMC
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3508:319
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