How many tax havens are there in the world

Switzerland, 4. Hong Kong, 5. Singapore, 6. Luxembourg, 7. Japan, 8. Netherlands, 9. United Arab Emirates. See note 4. The State of Tax Justice , a first-of-its-kind annual report by the Tax Justice Network, revealed for the first time in November how much tax each country in the world loses to both international corporate tax abuse and private tax evasion.

While there have been estimates in the past about the tax lost at a global level to tax abuse, it had been difficult in the past to determine how much each country loses individually. The data was collected under a transparency measure known as country by country reporting. The transparency measure is designed to expose profit shifting see note 9 by multinational corporations by requiring multinationals to report their profits and costs at a country level for each country the are present in, instead of publishing their profits and costs as a global, aggregated sum that obscures the movement of money between countries.

By analysing country by country reporting data published by the OECD, the State of Tax Justice measured observable profit shifting self-reported by multinational corporations and calculated the resulting corporate tax losses. The first international accounting standard for public country by country reporting was first proposed by the Tax Justice Network in Although initially resisted by the OECD, the reporting method was eventually backed by the G20 group of countries in , with the OECD producing a standard for use from Reports collected from multinational corporations were then aggregated and anonymised by OECD countries before the data was shared with the OECD body and published.

In late February , a majority took shape among EU ministers for the first time in favour of finalising the negotiation of a new directive on requiring multinational corporations to publicly disclose their country by country reporting. See note 7. The plan included a number of global standards, four of which were required to be committed to by OECD and Inclusive Framework members as minimum standards.

Secondly, the peer review and monitoring of the Action 5 transparency framework through the compulsory spontaneous exchange of relevant information on taxpayer-specific rulings which, in the absence of such information exchange, could give rise to BEPS concerns.

Thirdly, the review of substantial activities requirements in no or only nominal tax jurisdictions to ensure a level playing field, where the first assessment is not applicable. This is due to two reasons: First, under the second area of assessment, the OECD does not provide countries with a rating. It only provides countries with recommendations for further action or no recommendation for action. It would be unfair to conclude that countries given no recommendations are considered non-harmful by the OECD and those given recommendations are considered harmful by the OECD.

In this context, Switzerland is often cited for its strict banking secrecy. Comparison: Corruption worldwide A ranking of corruption over countries. USA ranks 22nd. Cost of living in a global comparison Ranking of international living costs from countries compared to the US. Average income around the world A comparison of the average income p. But not all blood is the same. Using data sourced from Wikipedia , we can map the most widespread blood types across the globe.

Of the 7. The rarest, meanwhile, is AB-, with only 0. Breaking it down to the national level, these statistics begin to change. It is also the most common blood type in Canada and the United States. The A blood group is common in Europe. Blood provides an ideal opportunity for the study of human variation without cultural prejudice. It can be easily classified for many different genetically inherited blood typing systems.

Our individuality is a factor that helps determine our life, choices, and personalities. But at the end of the day, commonalities like blood are what bring us together. Connect with us. Which Countries are the Biggest Tax Havens?

This includes analysis of ownership registration, legal entity transparency, tax and financial regulations, and cooperation with international standards. Please enable JavaScript in your browser to complete this form. Sign up. Related Topics: wealth Taxes tax haven rich cayman islands earnings tax uk wealthy ultra rich ultra-wealthy ultra high net worth tax evasion irs corporate tax british virgin islands. Click for Comments. You may also like. Ranked: The Revenue Impact of U.

Here are some of the world's top tax haven countries in the world: 1. Switzerland Along with being one of the popular tourist destinations, Switzerland is also known for the robustness and success of its financial institutions. Shutterstock Bankers are prohibited from giving any information about their clients to anyone who inquires.

Panama Panama has a territorial tax system - wherein the income earned within the country is taxed, but exempts income earned elsewhere. Shutterstock However, there have been apprehensions about how safe the haven really is, after the Panama papers hit and spread like wildfire.

The Cayman Islands Perhaps the most efficient tax haven in the world, the Cayman Islands have a solid international reputation for providing a comprehensive range of financial services to a wide spectrum of clientele. Shutterstock In the Cayman Islands, there is no corporate tax whatsoever. Bermuda Another beautiful island spot turns out to be one of the more expensive countries to call home. Shutterstock The country does not impose any taxes on offshore accounts, and it has no tax treaties with other nations, thus protecting the financial privacy of bank account holders.

Shutterstock The government of the Netherlands often states that their country is not a tax haven. The Conversation 0 Start a conversation, not a fire. Post with kindness. Post Comment. Play Quiz. Powered By. Please review and accept these changes below to continue using the website. We use cookies to ensure the best experience for you on our website. I agree to see customized ads that are tailor-made to my preferences.