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Ireland is a top-five conduit OFC, the largest global tax haven, [1] [2] and the third-largest OFC shadow banking centre. [3] An offshore financial centre (OFC) 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." [a] [4]
The Xinhua–Dow Jones International Financial Centers Development Index (IFCD) was a ranking of circa 45 major global financial centres, and was compiled annually by the Xinhua News Agency of China with the Chicago Mercantile Exchange and Dow Jones & Company of the United States from 2010 to 2014; the IFSC (or Dublin) ranked 37th overall of 45 ...
In April 2000, the FSF–IMF listed Ireland as an offshore financial centre ("OFC"), based on criteria which academics and the OECD support. [31] The Irish State has never refuted the OFC label, and there are Irish State documents that note Ireland as an OFC. Yet, the terms OFC and "tax haven" are often considered synonymous. [32] [33] [34]
Conduit OFC and sink OFC is an empirical quantitative method of classifying corporate tax havens, offshore financial centres (OFCs) and tax havens. [ 1 ] [ 2 ] [ 3 ] "Uncovering Offshore Financial Centers ": CORPNET's map of connections between countries.
Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools, tax–neutral vehicles, [b] and shadow banking/securitisation, and can include smaller locations (e.g. Luxembourg), or city-states (e.g. Singapore).
Policymakers should "tether" London to the European Union to avoid isolating the region's largest financial hub, harming the euro zone economy and spawning an offshore financial centre, the head ...
At the core of the FSF-IMF definition of an offshore financial centre is a country where the financial BEPS flows are out of proportion to the size of the indigenous economy. [47] Apple's Q1 2015 "leprechaun economics" BEPS transaction in Ireland was a dramatic example, which caused Ireland to abandon its GDP and GNP metrics in February 2017 ...
Ireland is considered by some academic studies to be a major tax haven, and offshore financial centre, with a range of base erosion and profit shifting ("BEPS") tools. [32] [33] Ireland's main debt–based BEPS tool was the Section 110 SPV.