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TAX HAVENS

TAX HAVENS. PLAN. What is a tax haven ? Companies related to tax havens Main tax havens Complaints against the tax havens What to do against tax havens ?. How to describe quickly a tax haven ?. Absence or low level of taxation for reduced public spending Economic and political stability

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TAX HAVENS

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  1. TAX HAVENS

  2. PLAN • What is a tax haven ? • Companies related to tax havens • Main tax havens • Complaints against the tax havens • What to do against tax havens ?

  3. How to describe quickly a tax haven ? • Absence or low level of taxation for reduced public spending • Economic and political stability • Commercial and banking secrecy • Highly developed financial sector relative to the size of the country or the size of its economy • Good communication infrastructure and transport • Judicial impunity

  4. Tax Havens are « T**, B*** and J******* » paradises ? • TAX paradise • BANK paradise • JUDICIAL paradise

  5. Find the name of these firms which use tax havens GAME

  6. DELL

  7. MICROSOFT

  8. TOTAL

  9. PEUGEOT

  10. CARREFOUR

  11. LEROY-MERLIN

  12. Companies related to Tax havens • Offshore company • Front company • Shell bank

  13. Some figures on tax havens • In 1978  $160 billion non-resident deposits • In 1997  $4800 billion (55% of global financial assets) • more than half of the funds deposited in the world are now in taxhavens • offshore investment funds $1000 billion • GDP of France  $1500 billion

  14. FIND MAIN TAX HAVENS GAME

  15. SWITZERLAND

  16. LUXEMBOURG

  17. THE CAYMAN ISLANDS

  18. HONG KONG

  19. IRELAND

  20. THE BRITISH VIRGIN ISLANDS

  21. BERMUDA

  22. MONACO

  23. Complaints against tax havens • They encourage tax evasion • They allow the laundering of dirty money • They assist in the financing of terrorism

  24. How to deal with tax havens ? • Break bank secrecy • Stop talking and act together So…tax havens are quiet for a moment.

  25. DEBATEFor or against tax havens ? AGAINST : • They finance the terrorism • They undermine the international financial system • They constitute a major obstacle to international judicial cooperation • They encourage tax evasion • Tax havens will cause degradation of public services FOR : • The OECD action is unacceptable; these « tax havens » are not colonies. • Fiscal competition is necessary • Bank secrecy is the right to privacy • Criminal aspect is negligible • Wealth generated by tax havens is sources of growth • An alternative system to “Big Government High Tax”

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