Tax Havens and the Financial Law
AbstractAfter the beginning of the financial crisis, the topic of tax havens has been emphasized as priority and put back in financial and economical debate. The participating countries requested update of the ''black list of tax havens” in Europe, some voices calling for the addition of Switzerland. Previous list contained only three countries, namely Monaco, Andorra and Liechtenstein Tax havens are using easily convertible national currency and fiscal and financial control is dedicated only for the residents. The effect of tax havens in the context of current economical crisis requires more points of view. In the analysis, should be considered, also, the off shore territories, due to the fact that, in the current globalization, tax havens have become a part of the global economy According to some views tax havens, primarily generates and encourages tax evasion in off shore territories. Permanent fight to reduce taxes, avoiding taxes is not all the time tax evasion. It is obvious that, essentially, evasion is an unlawful act, in all tax systems, assuming a tax fraud for the financial system.
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Bibliographic InfoArticle provided by Ovidius University of Constantza, Faculty of Economic Sciences in its journal Ovidius University Annals, Economic Sciences Series.
Volume (Year): XII (2012)
Issue (Month): 1 (May)
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Web page: http://www.univ-ovidius.ro/facultatea-de-stiinte-economice
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Financial Law; Tax havens; Crisis; Tax evasion; Off shore companies;
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