tax haven

A country or territory that offers low *tax rates or *tax avoidance benefits to individuals or organizations. The economic impact of tax havens tends to be wildly disproportionate to their size. Tax havens are often small island nations or tiny territories at the geographical fringes of major economies, but it is estimated that as much as one-third of the world’s Gross Domestic Product passes through them at some point (Mitchell et al., 2002). The Organization for Economic Co-operation and Development (OECD) has brought pressure on territories it suspects of facilitating *tax evasion or *money laundering. In 2000, for example, the OECD drafted a list of thirty-five "uncooperative" countries and territories it criticized for allegedly poor standards of financial transparency, tax Regulation, and exchange of information. Most of the territories subsequently committed to improvements in regulation and transparency, but by the end of 2003 the OECD still identified five jurisdictions on its list. Further reading: Mitchell et al. (2002) Web site: www.oecd.org

Auditor's dictionary. 2014.

Look at other dictionaries:

  • tax haven — index shelter (tax benefit) Burton s Legal Thesaurus. William C. Burton. 2006 tax haven …   Law dictionary

  • tax haven — tax havens N COUNT A tax haven is a country or place which has a low rate of tax so that people choose to live there or register companies there in order to avoid paying higher tax in their own countries …   English dictionary

  • tax haven — tax .haven n a place where people go to live to avoid paying high taxes in their own country …   Dictionary of contemporary English

  • tax haven — tax ,haven noun count a place where people go to live or where they keep their money so that they do not have to pay higher taxes in their home country …   Usage of the words and phrases in modern English

  • tax haven — ► NOUN ▪ a country or autonomous area where taxes are levied at a low rate …   English terms dictionary

  • Tax haven — A tax haven is a place where certain taxes are levied at a low rate or not at all. Individuals and/or firms can find it attractive to move themselves to areas with lower tax rates. This creates a situation of tax competition among governments.… …   Wikipedia

  • Tax haven — A nation with a moderate level of taxation and/or liberal tax incentives for undertaking specific activities such as exporting or investing. The New York Times Financial Glossary * * * tax haven ˈtax ˌhaven noun [countable] TAX a place where… …   Financial and business terms

  • tax haven — A nation with a moderate level of taxation and/or liberal tax incentives for undertaking specific activities such as exporting or investing. Bloomberg Financial Dictionary * * * tax haven ˈtax ˌhaven noun [countable] TAX a place where people go… …   Financial and business terms

  • tax haven — A country or area that has a low rate of tax and therefore offers advantages to retired wealthy individuals or to companies that can arrange their affairs so that their tax liability falls at least partly in the low tax haven. In the case of… …   Big dictionary of business and management

  • tax haven — A country or independent area that has a low rate of tax and therefore offers advantages to wealthy individuals or to companies that can arrange their affairs so that their tax liability falls at least partly in the low tax haven. In the case of… …   Accounting dictionary

  • Tax Haven — A country that offers foreign individuals and businesses little or no tax liability in a politically and economically stable environment. Tax havens also provide little or no financial information to foreign tax authorities. Individuals and… …   Investment dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.