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Tax Havens and the Financial Law

Author

Listed:
  • Popa George Dorel

    () (Faculty of Law, Public Administration and Sociology „Ovidius” University)

  • Dica Alexandru Manuel

    (Faculty of Law, Public Administration and Sociology „Ovidius” University)

Abstract

After 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.

Suggested Citation

  • Popa George Dorel & Dica Alexandru Manuel, 2012. "Tax Havens and the Financial Law," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 112-113, May.
  • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:12:p:112-113
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    More about this item

    Keywords

    Financial Law; Tax havens; Crisis; Tax evasion; Off shore companies;

    JEL classification:

    • K - Law and Economics

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