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Historically the ‘tax haven' denominate was applied to countries usually small with little exportable create who opted to change state their doors to foreign companies in order to collect the financial benefits. More recent times have seen the change magnitude in the be of Free Zones and tax-free enclosures especially in developing economies implemented by governments worldwide seeking to offer tax incentives to international businesses to relocate - without wanting to run the risk of appearing on any international ‘watch lists'. (The biggest ‘scalp' claimed so far being the (in)-famous - depending on which side of the Atlantic one sits - declaration by Halliburton earlier this year that they were moving their headquarters to the Gulf a act that unleashed a media furore in the US). What are they?The exact definition of a tax haven is difficult to pin down as certain criteria could easily include countries such as the UK or some states in the USA while excluding others that are more traditionally associated with expatriate economic exoduses. The most widely-accepted benchmark is set by the Organisation for Economic Cooperation and Development (OECD) a group of 30 nations which quantifies its mission as "to bring home the bacon sustainable economic growth and employment and to raise the standard of living in member countries while maintaining financial stability - all this in order to alter to the development of the world economy". Its key criteria are threefold: The express imposes no or only nominal taxes and is or is perceived by non-residents to be a place that can be used to flee taxation in their country of origin (although this is not enough in itself or a jurisdiction to be labelled a tax haven): Legal or administrative practices that prevent the effective transfer of information about taxpayers therefore allowing individuals and businesses to acquire from secrecy rules: A lack of transparency in legal legislative or administrative provisions that hinders other tax authorities from getting information or a lack of consistence in a jurisdiction's application of taxation laws. This is taken in the context of individual relocation; the founding of Trusts or Holding Companies based in low-tax areas either for the holding of group assets or day-to-day trading; or the use of financial intermediaries to assign or direct funds (the cerebrate behind many high street banks touting the benefits of ‘offshore' accounts).
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