ACCOUNTING FOR THE MISSING MILLIONS: THE CASE OF TAX: HAVENS

Michael Ward

Review of Income and Wealth, 1978, vol. 24, issue 2, 185-194

Abstract: The problem of identification and classification of off‐shore financial flows and extra‐territorial funds is discussed with special reference to the case of the “captive” insurance market in Bermuda. The problem is examined in the context of the UN SNA definitions relating to the evaluation of insurance activities and the difficulty of gaining access to relevant and complete data. The conclusion is reached that the conduct of off‐shore financial operations by local institutions and the resulting surpluses generated remain essentially extranational and thus contribute very little to the domestic value added of the tax haven concerned. Furthermore, by its very nature, information relating to the transactors involved, as well as the value of their transactions, is difficult to obtain. This raises a much wider issue, however, as to whether such surpluses are ever identified in any country's national income estimates.

Date: 1978
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