LURING FISCAL REFUGEES: THE HIGHS AND LOWS OF TAX HAVENS

Article OPEN
Larissa BATRANCEA (2014)
  • Publisher: Academica Brâncuşi
  • Journal: Constatin Brancusi University of Targu Jiu Annals - Economy Series, volume 1, issue February, pages 79-87 (issn: 1844-7007, eissn: 1844-7007)
  • Subject: tax haven | compliance behavior | tax flight. | tax haven, fiscal refugees, compliance behavior, tax avoidance, tax evasion, tax flight. | HF1021-1027 | tax avoidance | HB71-74 | Economics as a science | Commercial geography. Economic geography | tax evasion | fiscal refugees

Created mostly for tax purposes and boasting other financial services like asset protection or financial investments, tax havens have been often associated across time with tax incentives and tax noncompliance (either avoidance or evasion). On the grounds of double tax treatise, banking secrecy and lack of collaboration with international tax authorities, tax havens have succeeded to concentrate over 50% of the world’s financial industry and to manage 32 billion dollars, fuelling unfair competition on global market. Lately, due to pressure exerted by international bodies like the OECD, Joint International Tax Shelter Information Center, Seven Country Working Group on Tax Havens, The Leeds Castle Group or the United Nations, many countries have renounced banking secrecy and started to share client details with tax authorities. Amid rapid changes, a new generation of tax havens emerges in the Southern hemisphere.
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