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(↕) Identified on the European Union's first 2017 list of 17 tax havens; the above list contains 8 of the 17. [61] (Δ) Identified on the first, and the largest, OECD 2000 list of 35 tax havens (the OECD list only contained Trinidad & Tobago by 2017); the above list contains 34 of the 35 (U.S. Virgin Islands missing). [29]
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]
Tax havens are places where individuals and companies go to avoid paying higher taxes. ... Apple had booked $246 billion offshore by 2017, avoiding $76.7 billion in taxes. ... Situated at the ...
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Switzerland - long-established corporate tax haven and a major Conduit OFC for Jersey, one of the largest established offshore tax havens. Singapore - the main Conduit OFC for Asia, and the link to the two major Asian Sink OFCs of Hong Kong and Taiwan (Taiwan is described as the Switzerland of Asia [195]).
At least 366 companies in the Fortune 500 operate one or more subsidiaries in tax haven countries, according to a 2017 report.
The list has been said to have violated EU Law by discriminating against a former EU-Member State's territory such as Gibraltar, therefore violating the principle of free movement of capital. Furthermore, the list does not take into account whether Portugal has in place a double taxation agreement with the blacklisted territory. [23] [24] [25]
Offshore tax havens used by individuals and corporations cost governments trillions of dollars annually. Economists estimate that individuals have stashed anywhere from $8.7 trillion to $36 ...