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Tax Havens or Offshore Financial Centre - Thesis Example

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There are numerous ways of utilizing the loopholes in the taxation process to your benefit. The present study "Tax Havens or Offshore Financial Centre" would deal with the evolution of one particular way - Offshore Financial Centers and the issues concerning their legitimate nature…
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Tax Havens or Offshore Financial Centre
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Download file to see previous pages Recently some countries have emerged as evident tax havens and are attracting hefty capital inflow. Singapore, Hong-Kong, Barbdos etc are only a few to name. "In Asia, offshore interbank markets began to develop after 1968 when Singapore launched the Asian Dollar Market (ADM) and introduced the Asian Currency Units (ACUs). The ADM was an alternative to the London euro-dollar market, and the ACU rule enabled mainly foreign banks to engage in international transactions under a favorable tax and regulatory environment"
Similarly in Europe, Luxembourg attracted investors from Germany, France and Belgium in the early 1970s (IMF, 2000) due to its low income tax rates, the lack of withholding taxes for nonresidents on interest and dividend income, and banking secrecy rules. On the same ground The Channel Islands and the Isle of Man provided very similar opportunities. Moreover Bahrain began to serve as a collection center for the region's oil surpluses during the mid 1970s, after passing banking laws and providing tax incentives to facilitate the incorporation of offshore banks. In the Western Hemisphere, the Bahamas and later the Cayman Islands provided similar facilities. Following this initial success by other countries, a number of other small countries tried to attract this business. Many had little success, because they were unable to offer any advantage over the more established centers. This did, however, lead some late arrivals to appeal to the less legitimate side of the business. ...Download file to see next pagesRead More
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