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In July 2012, following a study into wealthy individuals with offshore accounts, the Tax Justice Network published claims regarding deposits worth at least $21 trillion (£13 trillion), potentially even $32 trillion, in secretive tax havens. As a result, governments suffer a lack of income taxes of up to $280 billion. [6] [7] [8]
The Tax Justice Network ranks the US third in terms of the secrecy and scale of its offshore financial industry, behind Switzerland and Hong Kong but ahead of the Cayman Islands and Luxembourg. [2] The United States has been popular as a destination for offshore funds for Chinese investors, said Canadian financial crimes expert Bill Majcher ...
While related to tax havens, the FSI is not a list of tax havens per se, and it does not attempt to estimate actual taxes avoided or profits shifted, unlike the techniques used in compilation of modern tax haven lists. The FSI is therefore more correctly a list of financial secrecy jurisdictions. While having many similarities to tax havens ...
False Profits. Offshore tax havens used by individuals and corporations cost governments trillions of dollars annually. Economists estimate that individuals have stashed anywhere from $8.7 ...
While the term “tax haven” usually conjures images of tropical islands, TJN notes there are also plenty of corporate tax havens in large, developed economies too — such as the United Kingdom ...
In December 2008, Dharmapala wrote that the OECD process had removed much of the need to include "bank secrecy" in any definition of a tax haven and that it was now "first and foremost, low or zero corporate tax rates", [77] and this has become the general "financial dictionary" definition of a tax haven. [1] [2] [3]
Academic leaders in tax haven research, and other non–governmental organizations, point to the role of OECD and EU tax havens in tax avoidance from base erosion and profit shifting (BEPS) schemes, like the Double Irish, the Single Malt and the Dutch Sandwich. [31] [32] [33] They regard them as major tax havens in their definitions of tax ...
In 2013, Pfizer operated 128 subsidiaries in tax havens and had $69 billion offshore which could not be collected by the Internal Revenue Service (IRS); Microsoft maintains five tax haven subsidiaries and held $76.4 billion overseas in 2013, thus saving the corporation $24.4 billion in taxes;