TAX HAVENS: The policy response to the changing environment. Tax Havens and Tax Competition June 18-19, 2007 Bocconi University Milan Presentation by Jeffrey Owens Director Centre for Tax Policy and Administration OECD. Integrated financial markets pose new global challenges.
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TAX HAVENS: The policy response to the changing environment
Tax Havens and Tax Competition
June 18-19, 2007
Centre for Tax Policy and Administration
All activities which thrive in climate of secrecy, non-transparency and non-cooperation
Jurisdictions characterized by:
Lack of transparency
Lack of effective exchange of information
So a low tax jurisdiction is not necessarily a tax haven
The reality is we don’t know exactly, but sums are large.
Reducing effective tax rates by encouraging
tax evasion is not good tax policy
Almost no compliance burden on business
Only 5 offshore jurisdictions now listed as un-cooperative tax havens:
33 offshore jurisdictions committed to transparency and effective exchange of information:
Isle of Man
St. Kitts & Nevis
Turks & Caicos
US Virgin Is.
Improving Access to Bank Information:
Belgium has changed its policy!
Only Austria, Luxemburg, Switzerland do not yet meet ideal standard
Survey confirms progress is being made but more action is required
Not as concealment centers
Yes, as service centers