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To prevent naked tax inversions of US corporations to mostly Caribbean-type tax havens (e.g. Bermuda and the Cayman Islands), the US Congress added Regulation 7874 to the IRS code with the passing of the American Jobs Creation Act of 2004.
The Republic of Panama is one of the oldest and best-known tax havens in the Caribbean, as well as one of the most established in the region. [1] Panama has had a reputation for tax avoidance since the early 20th century, and Panama has been cited repeatedly in recent years as a jurisdiction which does not cooperate with international tax ...
The Bahamas. The Bahamas is a former British colony that gained independence in 1973. This Caribbean island nation attracts tax avoiders due to its lack of withholding or corporate taxes.
Beyond addressing specific tax issues, the British Virgin Islands' tax treaties and agreements also serve to promote broader cooperation in tax matters. Through mechanisms for mutual assistance and collaboration, the territory seeks to build trust and strengthen relationships with other countries and jurisdictions.
Not all tax havens come with fancy resorts and sun-drenched beaches. Westend61/Getty ImagesClose your eyes and imagine a tax haven. Does a Caribbean island come to mind? Sand, surf and thousands ...
Popular examples include countries in the Caribbean and Switzerland. ... corporate tax havens and similar maneuvers cost governments about $500 billion to $600 billion annually in lost corporate ...
The above five corporate tax haven Conduit OFCs, plus the three general tax haven Sink OFCs (counting the Caribbean "triad" as one major Sink OFC), are replicated at the top 8-10 corporate tax havens of many independent lists, including the Oxfam list, [197] [198] and the ITEP list. [199] (see § Corporate tax haven lists).
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