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Countries or jurisdictions, some times called ‘fiscal paradises’, that provide financial services to nonresidents on a disproportionate scale to the domestic economy as a result of financial incentives, such as minimum government interference and very low or zero tax rates.47
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Example in practice
Citigroup, an American-based bank and recipient of US$ 45 billion in federal bailout money,48 operates 427 subsidiaries in offshore financial centres such as the Cayman Islands, British Virgin Islands andSwitzerland — countries which have been documented as offering incentives to evade or defer tax bills.49
Relevant links
—— IMF: Background Paper Offshore Financial Centres.
—— Offshore Watch: Association for Accountancy and Business Affairs.
——Tax Justice Network.
—— World Bank: Stolen Asset Recovery (StAR) Initiative.
47 A. Zorome, ‘Concept of Off-Shore Financial Centres: In Search of an Operational Definition’ (IMF Working Paper: 2007)
United Nations Development Programme, Tackling Corruption, Transforming Lives: Accelerating Human Development in the Asia and the Pacific (New Delhi: Macmillan, 2008).
48 Edmund L. Andrews and Eric Dash, “Banks in Need of Even More Bailout Money”. New York Times. 13 January, 2009.
49 Lynnley Browning, “U.S. Subsidiaries in Offshore Tax Havens”. New York Times. 16 January 16 2009.