tax haven

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However, it would appear that if the cascading theory is applied, under the proposed provision a 4 percent tax would be due on the amount ceded to the low tax jurisdiction.
TORONTO, June 9, 2010 /PRNewswire/ -- A survey released today by Invest Barbados showed that the majority of people in the UK, the US and Canada believe that investments in low tax jurisdictions (international financial centres) are good for business, but bad for their local economies.
The primary factors driving the company's marked improvement in its second quarter results include: the well- documented rise in base metal prices, particularly nickel; a lower than anticipated effective income tax rate for the quarter due to a higher proportion of the company's income earned in low tax jurisdictions and favorable foreign currency impacts; and higher sale volumes in the company's Specialties Group.
As more of the world establishes tax havens, low tax jurisdictions and tax treaties, there are increasing opportunities for people to shift profits from high-tax jurisdictions--like Canada -- to other jurisdictions in order to avoid paying taxes.