Tax Havens in the Offshore World

Sergiu-Bogdan Constantin ()
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Sergiu-Bogdan Constantin: Bucharest University of Economic Studies, Faculty of Accounting and Management Information Systems

Ovidius University Annals, Economic Sciences Series, 2016, vol. XVI, issue 1, 487-491

Abstract: The research on tax havens started because of the “Panama Papers” scandal. Tax havens exist because of taxation. Taxation is vital for any society because it is a revenue source for government. Through taxation governments get money to fulfil their role in society. It plays a major role in investment decisions and can be also an innoportunity for taxpayers. Tax havens are tax free areas that have the status of states and function legally. Their main business is to attract money by creating taxpayers friendly environments and by total secrecy. Panama is the biggest USinfluenced tax haven. Tax evasion through tax havens is illegal and is the evading of declaring and paying taxes. Tax avoidance through tax havens is the legally avoiding of declaring and paying taxes. Tax havens are not illegal but are immoral because vast amounts of money drain from the states around the world to them.

Keywords: tax havens; taxation; tax evasion; tax avoidance; Panama (search for similar items in EconPapers)
JEL-codes: F65 H25 H26 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xvi:y:2016:i:1:p:487-491

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