12/29/2009
Illusion rate of the signature of tax agreements
The French magazine L’Expansion has published an interesting article to explain to what extent juridictions that were considered as tax havens (black list) or other financial centers (grey list, politically correct for tax havens) by OECD are cheating in their process of the signature of the required tax agreements.
Many of these jurisdiction have signed with other dubious jurisdictions: one third of every agreement was signed with tax havens.
L’Expansion publishes an interesting table per jurisdiction that I have translated below.
Exclusive in L'Expansion - Top false repented jurisdictions
|
| Tax Agreements | Of which Tax havens | « Illusion rate » |
| Austria | 15 | 10 | 67 % |
| Monaco | 13 | 8 | 62 % |
| San Marino | 13 | 7 | 54 % |
| Liechtenstein | 13 | 6 | 46 % |
| Luxembourg | 17 | 7 | 41 % |
| Aruba | 15 | 5 | 33 % |
| Belgium | 18 | 6 | 33 % |
| Bahrain | 14 | 4 | 29 % |
| Netherlands Antilles | 18 | 4 | 22 % |
| Singapore | 15 | 3 | 20 % |
| Switzerland | 12 | 2 | 17 % |
| BVI | 15 | 2 | 13 % |
| Bermuda | 16 | 2 | 13 % |
| Gibraltar | 13 | 1 | 8 % |
| Cayman Islands | 13 | 0 | 0 % |
| Average | 220 | 67 | 30 % |
L’Expansion does not take into account two other ways for cheating:
- the wording of the law to enforce the agreements, that may create loopholes;
- the process before the legislature that may be a long shot to enforce agreements with a significant delay;
- recs to go before the courts
Luxembourg illustrates these behaviours to fool OECD and contracting jurisdictions.
17:47 Posted in General | Permalink | Comments (0)
The comments are closed.