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Amicalement, Extremiste.

Bien ma grote

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Amicalement, Extremiste.

Mon monologue en live

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Amicalement, Extremiste.

lol,amusant a lire.J'espere quelle est chauffée ta grotte^^

Tax havens

During this presentation, We are going to deal with a not very famous financial phenomenon:
tax havens, bound to the context of globalization.
Personnally, I am to describe to you what is a tax haven whereas Michael will give a
current example of tax haven in detail.

The everlasting progress of globalization during the twenthieth century was mainly
characterised by a multiplication of foreign banks, an internationalization of companies
and several kinds of tax systems and laws. That expansion of all the financial systems
allowed in particular the propagation of what we call tax havens.

A tax haven is a territory of which fiscalities are very low compared with the average level
of taxation in existing developed countries. It's often an attracting place for capital
investments from firms, or even private individuals who want to make their finances yield.
And most of the time, tax havens are also countries which are enthusiasts of the financial
opacity and the lack of foreign juridical cooperation.

There is no precise legislation to exactly define tax havens, and as you will have guessed,
these are hedge funds for many of those who make the most of it. The financial activities it
allows (like money laundering, maximization of profits or tax evasion for private individuals)
are often considered as illegal and contended by financial bodies, the OECD being the first
one in the run. Therefore the OECD has defined 4 criteria to distinguish a tax haven :
- non-existent or very low taxes
- financial transparency
- no exchange of finance information
- no substantial activity

Besides, even if a tax haven has many advantages, it is also a phenomenon engendering some
problems: this distorts competition, this concentrates money where there is no strong economic activity
and the financing of criminal organizations is made easier.

Which areas are tax havens ?
A ranking published by the newspaper Forbes in 2011 reported that Switzerland, Hong-Kong,
Luxembourg, the Cayman Islands or Ireland are among the biggest tax havens in the world.
Thus, these are often small countries rather developed and not very far from the main rich
countries (the United States and Europe).