Tax Havens

Ronen Palan, Richard Murphy, Christian Chavagneux

Description

From the Cayman Islands and the Isle of Man to the Principality of Liechtenstein and the state of Delaware, tax havens offer lower tax rates, less stringent regulations and enforcement, and promises of strict secrecy to individuals and corporations alike. In recent years government regulators, hoping to remedy economic crisis by diverting capital from hidden channels back into taxable view, have undertaken sustained and serious efforts to force tax havens into compliance.In Tax Havens, Ronen Palan, Richard Murphy, and Christian Chavagneux provide an up-to-date evaluation of the role and function of tax havens in the global financial system-their history, inner workings, impact, extent, and enforcement. They make clear that while, individually, tax havens may appear insignificant, together they have a major impact on the global economy. Holding up to $13 trillion of personal wealth-the equivalent of the annual U.S. Gross National Product-and serving as the legal home of two million corporate entities and half of all international lending banks, tax havens also skew the distribution of globalization's costs and benefits to the detriment of developing economies.The first comprehensive account of these entities, this book challenges much of the conventional wisdom about tax havens. The authors reveal that, rather than operating at the margins of the world economy, tax havens are integral to it. More than simple conduits for tax avoidance and evasion, tax havens actually belong to the broad world of finance, to the business of managing the monetary resources of individuals, organizations, and countries. They have become among the most powerful instruments of globalization, one of the principal causes of global financial instability, and one of the large political issues of our times.

Sujets

• Taxation
• Economie gestion
• International business
• Globalization
• Political economy
• Tax
• Imposition (fiscalité)

Informations

• Publié par: Cornell University Press
• Date de parution: 15 avril 2013
• Nombre de lectures: 0
• EAN13: 9780801468568
• Langue: English
• Poids de l'ouvrage: 2 Mo

Extrait

Tax Havens

A volume in the series

CorneLL Studîes în Money édîéd b Eîc Hééîé àd Jôàà Kîŝé

A îst of tîtes în thîs serîes îs avaîabe at www.cornepress.corne.edu.

Tax Havens Hôw Gôbàîzàîô Réà Wôkŝ

Ronen Palan, Richard Murphy, andChristian Chavagneux

C o r n e l l U n i v e r s i t y P r e s s Ithaca and London

Côpîg © 2010 b Côé Uîéŝî

a îgŝ éŝééd. Excép fô bîéf qûôàîôŝ î à éîéw, îŝ bôôk, ô pàŝ ééôf, ûŝ ô bé épôdûcéd î à fô wîôû péîŝŝîô î wîîg fô é pûbîŝé. Fô îfôàîô, àddéŝŝ Côé Uîéŝî Péŝŝ, Sàgé Hôûŝé, 512 Eàŝ Sàé Séé, ïàcà, Néw Yôk 14850.

Fîŝ pûbîŝéd 2010 b Côé Uîéŝî Péŝŝ Pîéd î é Uîéd Sàéŝ ôf aéîcà Fîŝ pîîg, Côé Pàpébàckŝ, 2010

îbà ôf Côgéŝŝ Cààôgîg-î-Pûbîcàîô Dàà Pàà, Rôé, 1957–  Tàx àéŝ : ôw gôbàîzàîô éà wôkŝ / Rôé Pàà, Rîcàd Mûp, àd Cîŝîà Cààgéûx.  p. c.—(Côé ŝûdîéŝ î ôé)  ïcûdéŝ bîbîôgàpîcà éféécéŝ àd îdéx.  ïSBN 978-0-8014-4735-8 (cô : àk. pàpé) ïSBN 978-0-8014-7612-9 (pbk. : àk. pàpé)  1. Tàx àéŝ. 2. Tàx éàŝîô. 3. ïéàîôà Iàcé. 4. Gôbàîzàîô. ï. Mûp, Rîcàd, 1958– ïï. Cààgéûx, Cîŝîà. ïïï. Tîé. ïV. Séîéŝ: Côé ŝûdîéŝ î ôé.  HJ2336.P35 2010  336.2'06—dc22 2009026884

Côé Uîéŝî Péŝŝ ŝîéŝ ô ûŝé éîôéà éŝpôŝîbé ŝûppîéŝ àd àéîàŝ ô é fûéŝ éxé pôŝŝîbé î é pûbîŝîg ôf îŝ bôôkŝ. Sûc àéîàŝ îcûdé égéàbé-bàŝéd, ôw-VOC îkŝ àd àcîd-féé pàpéŝ à àé éccéd, ôà côîé-féé, ô pà côpôŝéd ôf ôwôôd Ibéŝ. Fô fûé îfôàîô, îŝî ôû wébŝîé à www.côépéŝŝ.côé.édû.

Cô pîîg 10 9 8 7 6 5 4 3 2 1 Pàpébàck pîîg 10 9 8 7 6 5 4 3 2 1

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 îŝ ôf Tàbéŝ àd Fîgûéŝ  ackôwédgéŝ  ïôdûcîô P aRT ï . T aX H aVENS aND T HEïR U SES  1. Wà ïŝ à Tàx Hàé?  2. Tàx Hàéŝ: Vîà Sàîŝîcŝ  3. Té ïŝûéŝ ôf Tàx Hàéŝ P aRT ïï . T HE E VOUTïON OF T aX H aVENS  4. Oîgîŝ ôf é Tàx Hàéŝ  5. Té Bîîŝ Epîé Sîkéŝ Bàck P aRT ïïï . T aX H aVENS ïN W ORD P OïTïCS 6. Tàx Hàéŝ àd é Dééôpéd Wôd  7. ïŝŝûéŝ î Dééôpé P aRT ïV . T HE B aTTE FOR H EaRTS aND M ïNDS  8. Sîgŝ ôf Dîŝcôé  9. ïŝîûîôà aàckŝ ô Tàx Hàéŝ 10. Tàx Hàéŝ î é Twé-Fîŝ Céû  Côcûŝîô  Gôŝŝà  Réféécéŝ  ïdéx

îî îx 1

17 46 77

107 124

153 172

191 203 226 236 249 253 267

Tabes and Fîgures

TabLes 1.1 Fîàcîà cééŝ àkéd b bàk’ŝ éxéà àŝŝéŝ, à ŝécôŝ 1.2 ïéàîôà pôŝîîôŝ b àîôàî ôf ôwéŝîp ôf épôîg bàkŝ 1.3 Sééc fôéîg àfIîàéŝ î é ïîŝ Iàcîà ŝéîcé céé, àŝŝéŝ àd ûbé ôf épôééŝ 1.4 Tàx àéŝ ôf é wôd 2.1 U.S. ûîàîôàŝ îéŝé î àx àéŝ, ôp wéé déŝîàîôŝ 2.2 Tôp é FDï ŝôûcéŝ î Cîà 2.3 Nûbé ôf ôffŝôé éîîéŝ î àx àéŝ 2.4 Eŝîàéŝ ôf édgé fûd àŝŝéŝ b dôîcîé, éd ôf 2006 2.5 Hîg é wô îdîîdûàŝ (HNWï) ôà wéà 2.6 Eŝîàéŝ ôf îdîîdûà’ŝ ôéŝîdé àŝŝéŝ à côûd bé àôîdîg àx ô ôŝé àŝŝéŝ î éî ôé jûîŝdîcîôŝ 2.7 Effécîé àxàîô ôf U.S. ŝûbŝîdîàîéŝ, 2004 2.8 Môé àûdéîg, jûîŝdîcîôŝ ôf pîà côcé

26

28

37 41

53 54 58 61 62

63 67 72

vîîî Tabes and Fîgures

3.1 Càpîé gôw, 1989–2007 3.2 éàdîg càpîé dôîcîéŝ, 2007 7.1 Côŝŝ-bôdé Lôwŝ ôf gôbà dî ôé 9.1 éé ôf ôîôîg àd îéŝîgàîô ôf ŝûŝpîcîôûŝ Iàcîà àcîî

Fîgures 2.1 Bàkîg àŝŝéŝ àd îàbîîîéŝ ôcàîô î OFCŝ, 1977–2007 2.2 Sàé ôf îéàîôà ôàŝ dîécéd ô àd ôîgîàîg fô àx àéŝ àd OFCŝ àŝ pécéàgé ôf wôd ôà 2.3 FDï î àx àéŝ àŝ ŝàé ôf wôd’ŝ FDï, 1980–2008 5.1 Té bôôîg Eûôàké, 1963–1980 5.2 Gôw ôf bàkîg dépôŝîŝ î Jéŝé ŝîcé Iàcîà àké îbéàîzàîô

96 97 173

207

51

52 56 133

133

Acknowedgments

Té ŝà î Iàcîà cîcéŝ à “ôŝé wô kôw dô ô àk àd ôŝé wô àk dô’ kôw.” ï àx àéŝ, ôŝé wô kôw àk, ŝôéîéŝ, bû ôŝé wô dô ô kôw àk à ô. Té wôd ôf àx àéŝ îŝ ôpàqûé, cô- fûŝîg, àd ŝécéîé. ï îŝ à wôd à îŝ ŝàûàéd wî ŝôîéŝ, ûôŝ, àd àécdôéŝ. Yé é éîàbé Lôôd ôf îfôàîô cà ŝôéîéŝ îdé à déà ôf ŝôîd dàà. Té ŝûbjéc ôf àx àéŝ àŝ ààcéd é àéîô ôf à àééd àd dédîcàéd gôûp ôf àcàdéîcŝ, jôûàîŝŝ, àd àcîîŝŝ fô à àôûd é wôd. Téŝé péôpé àé bécôé ôû fîédŝ àd cô- éàgûéŝ, ŝôéîéŝ àcûà fîédŝ, ŝôéîéŝ îûà fîédŝ, bû fîédŝ ôéééŝŝ. Tîŝ bôôk gîéŝ é éàdé à ûp-ô-dàé àŝŝ éŝŝé ôf é cûé ŝàé ôf kôwédgé àbôû àx àéŝ à îŝ gôûp àŝ ààgéd ô àccûûàé. Oû àkŝ gô ô à éŝé fîédŝ. Té îcûdé Iŝ ôû côéàgûéŝ ô é Tàx Jûŝîcé Néwôk. Té cô- îbûîô ôf Jô Cîŝéŝé, îŝ dîécô, ûŝ bé éŝpécîà ôéd, bû î îŝ àŝô îpôà ô ôé é côîbûîôŝ ôf Pé Sîkkà, Nîcôàŝ Sàx- ŝô, Sô Pîccîôô, Màk Hàpô, àd à ôéŝ wô àé wôkéd ô céàé à ôgàîzàîô ôé é àŝ féw éàŝ. Té pààé wôk ôf Rà- ôd Bàké àd îŝ côéàgûéŝ à é Gôbà Fîàcîà ïégî Pôjéc î Wàŝîgô, D.C., ûŝ àŝô bé ôéd. Wé àé éîéd ô é wôk àd côéŝàîô ôf à gôwîg cîcé ôf àcà- déîcŝ fô à ôé é wôd àd fô dîfféé dîŝcîpîéŝ. Jàŝô Sà- à, Gég Ràwîg, àd aô Và Fôŝŝé fô aûŝàîà; Jéà- Cîŝôpé Gàz àd SÉbàŝîé Gûéx fô Swîzéàd; Tôà ŝ Rîxé àd Pîîp Géŝcé fô Géà; Jî Hîéŝ, Jôé Séôd, Sîô Pàk, Rôbé Kûdé, ôàîé Edé, àd Bî Màûé fô é Uîéd Sàéŝ àd