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According to a 2013 academic study published by the Norwegian Center for Taxation, Panama's reputation as a tax haven began in the year 1919, when it began registering foreign ships in order to help Standard Oil avoid US taxes and regulations; other US ship owners followed, some seeking to avoid the higher wages and better working conditions ...
Because it is cited as the first coherent academic list of tax havens, the 41 jurisdictions from Appendix 2 in Hines-Rice (1994) are listed below, in the three sub-categories Hines-Rice used. The 7 major tax havens identified by Hines-Rice, who represent over 89% of tax haven GDP, are marked with a dagger (†). [8]
1983: The first officially recognized US corporate tax inversion as McDermott International moves from Texas to a tax haven, Panama. [55] [53] 1994: James R. Hines Jr. publishes the important Hines–Rice paper, producing the first academic list of 41 tax havens, including 7 major tax havens.
Panama still has a reputation worldwide for being a tax haven but has agreed to enhanced transparency, especially since the release in 2016 of the Panama Papers. Significant progress has been made to improve full compliance with anti-money laundering recommendations. Panama was removed from the FATF gray list in February 2016
The International Monetary Fund estimates that tax havens cost governments between $500 billion and $600 billion every year — mostly in corporate tax revenue that they couldn’t collect ...
CORPNET's top 5 Conduits and top 5 Sinks are 9 of the 10 largest tax havens identified in 2010 by one of the academic founders of tax haven research, James R. Hines Jr. Hines' 2010 list of 10 major tax havens only differs in its omission of the U.K., which in 2010, had only just reformed its corporate tax system. [12]
A ship is guided through the Panama Canal's Miraflores locks near Panama City on April 24, 2023. (Luis Acosta/AFP/Getty Images)
After over a decade of terrorizing the city of Chicago, Capone was convicted of tax evasion and sentenced to 11 years in prison. Mandatory Credit: Photo by Globe Photos Inc/REX/Shutterstock ...