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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]
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]
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]
[1] the Dubai International Financial Centre (DIFC) is another jurisdiction demonstrating the growth of expansion. It contributes 12 percent to the GDP of Dubai and has an estimated a growth rate of 27 percent (as per 2015). [2] The authorities speculate that the region will triple in size by 2024. [3]
One of the key elements of the center is a privately held financial exchange that opened in September 2005 as Dubai International Financial Exchange (DIFX) but was rebranded as NASDAQ Dubai in 2008. The trading hours of NASDAQ Dubai are from 10:00 a.m. to 2:00 p.m. (6:00 a.m. to 10:00 a.m. GMT), from Sunday to Thursday. [10]
[1] 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]
Financial services in Jersey are a highly important part of the economy of the British island of Jersey. Jersey is considered to be an offshore financial centre (OFC) and one of the most economically successful OFCs in the world. [1] Jersey has the preconditions to be a microstate, but it is a self-governing Crown dependency of the UK. [2]
The Labuan IBFC shares a common time zone with many large Asian cities and its location between China and India as well as its proximity to several other financial centres has been used to promote the Labuan IBFC as a convenient location for business dealings. [2] Labuan has been designated as a financial centre and free trade zone by the ...