tax haven

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The Finance Ministry has already signed various financial information exchange agreements with some of these top tax haven countries and is currently negotiating deals with the rest including Gibraltar, the Cayman Islands, the Bahamas, Barbados, the Virgin Islands, the Isle of Man, Seychelles and Panama.
Tax haven countries and privileged tax regimes, whose laws provide, in most cases, absolute banking secrecy, end up eroding the tax base of other states, distortisng trade and investment patterns and underminingfairness, neutrality and broad social acceptanceof tax systems (see OECD Report on Harmful Tax Competition--An Emerging Global Issue--1998) (8).
33) In this manner, the more tax competition is punished in the world of the capital neutrality paradox, the more intense, and harmful, the tax competition must become for tax haven countries to continue to meet their minimum revenue needs.
For example, many countries have anti-tax avoidance rules designed to make ineligible certain income held in tax haven countries.
Canadians are stashing away more and more of their money in tax haven countries renowned for their secrecy laws, many of them in the Caribbean, creating an enormous problem for tax authorities, reports The Toronto Globe & Mail (June 9, 2003).
The current trend, he said, is "to use secrecy laws of tax haven countries to facilitate tax evasion.