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Tax Havens In The Global Financial Centers Index

Author

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  • Ana-Maria GEAMÃNU

    (Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, Romania)

Abstract

Previously scrutinized for adopting harmful fiscal measures, tax havens have progressively adhered to the internationally agreed principles of transparency and exchange of information for tax purposes promoted by the Organization for Economic Cooperation and Development (OECD). In this respect, important amendments have been made to both their tax and commercial legislation. Their main competitive advantage remains the favorable fiscal systems characterized by 0% tax rates which have favored the development of well established financial services sectors. The aim of this paper is to analyze the fiscal framework offered by six former tax haven jurisdictions: Monaco, Jersey, Guernsey, Cayman Islands, Isle of Man and British Virgin Islands, which occupy high ranks in the Global Financial Centers Index. The results come to emphasize the importance of these jurisdictions’ tax systems in the development of strong financial sectors.

Suggested Citation

  • Ana-Maria GEAMÃNU, 2014. "Tax Havens In The Global Financial Centers Index," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 3, pages 204-215, April.
    • Handle: RePEc:cmj:seapas:y:2014:i:3:p:204-215
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    More about this item

    Keywords

    Tax haven; Tax policy; Financial sector; Global Financial Center; Internationally agreed tax standard;
    All these keywords.

    JEL classification:

    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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