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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 elsewhere, and where the majority of the institutions ...
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. [4]
Financial and Consumer Services Commission of New Brunswick (FCNB) ; Financial Services Regulatory Authority of Ontario (FSRA) ; British Columbia Financial Services Authority (BCFSA) India: GIFT International Financial Services Centre: International Financial Services Centres Authority (IFSCA) Kazakhstan: Astana International Financial Centre
The example of tax avoidance in the context of international company is partial relocation of assets within the jurisdiction that has lax regulations which is considered to be regulatory haven. Financial regulation avoidance that is considered to be avoidance of compliance with existing financial regulations, mostly in tax havens. [7]
The advantage to offshore investment is that such operations are both legal and less costly than those offered in the investor's country—or "onshore". Locations favored by investors for low rates of tax are known as offshore financial centers or (sometimes) tax havens. Payment of less tax is the driving force behind most 'offshore' activity.
Panama has been cited repeatedly in recent years by the State Department of the United States and the International Monetary Fund (IMF) as a jurisdiction which does not cooperate with international tax transparency initiatives due to the legislation which regulates the country's offshore jurisdiction and financial services. [10]
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Modern corporate tax havens, such as Ireland, Singapore, the Netherlands and the U.K., are different from traditional "offshore" financial centres like Bermuda, the Cayman Islands or Jersey. [ 1 ] [ 2 ] Corporate havens offer the ability to reroute untaxed profits from higher-tax jurisdictions back to the haven; [ 3 ] [ 4 ] as long as these ...