Corporate haven - Knowledge

4367: 3207: 2855: 47: 4508:, as it felt that it had low exposure to profit shifting. An American official said at a transfer pricing conference that they did not sign the tax treaty inked by 68 countries in Paris 7 June 2017 "because the U.S. tax treaty network has a low degree of exposure to base erosion and profit shifting issues." This beneficial effect of global tax havens to the IRS was predicted by Hines and Rice in 1994 in which the authors said: "some American business operations are drawn offshore by the lure of low tax rates in tax havens; nevertheless, the policies of tax havens may, on net, enhance the U.S. Treasury's ability to collect tax revenue from American corporations." 2664: 5229: 4039: 3381:

German tax-relief). The law also enforces a minum "effective" 25% tax rate on IP. While there was initial concern amongst global corporate tax advisors (who encode the IP legislation) that a "Royalty Barrier" was the "beginning of the end" for IP-based BEPS tools, the final law was instead a boost for modern corporate tax havens, whose OECD-compliant, and more carefully encoded and embedded IP tax regimes, are effectively exempted. More traditional corporate tax havens, which do not always have the level of sophistication and skill in encoding IP BEPS tools into their tax regimes, will fall further behind.

3502: 4209: 5602: 4055: 5538: 6278: 5942: 5522: 3972: 2383: 6236: 5921: 2700:), highlighted an emerging gap between corporation tax haven specialists (called Conduit OFCs), and more traditional tax havens (called Sink OFCs). It also highlighted that each Conduit OFC was highly connected to specific Sink OFC(s). For example, Conduit OFC Switzerland was highly tied to Sink OFC Jersey. Conduit OFC Ireland was tied to Sink OFC Luxembourg, while Conduit OFC Singapore was connected to Sink OFCs Taiwan and Hong Kong (the study clarified that Luxembourg and Hong Kong were more like traditional tax havens). 5458: 2563: 5490: 4081: 2912: 5442: 3956: 6406: 6049: 5474: 3936: 3025: 2413: 6343: 6007: 5398:(i.e. an important test of the attractiveness of a corporate tax haven). However, cases like inversions to Canada could reflect more of a "relative-tax" view (i.e. Canada offers lower taxes than the U.S. and it is close by and less controversial), than an "absolute-tax" view on the best global locations for a corporate tax haven. The list still captures much of Zucman's list, particularly for the EU and the Caribbean. It captures the popularity of Ireland and the rise of the U.K. 6364: 6028: 2731:, a huge law firm based in Chicago. The firm has a reputation for devising creative offshore structures for multinationals and defending them to tax regulators. It has also fought international proposals for tax avoidance crackdowns. Baker McKenzie wanted to use a local Appleby office to maintain an offshore arrangement for Apple. For Appleby, Mr. Adderley said, this assignment was "a tremendous opportunity for us to shine on a global basis with Baker McKenzie." 2473: 3701: 14810: 6150: 5986: 5795: 5506: 4097: 2443: 6321: 6194: 5964: 5816: 5618: 4113: 3988: 2503: 2353: 12856: 3663:

tax law enables IP-light companies to "overcharge" their subsidiaries for asset financing (i.e. reroute all untaxed profits back to the Netherlands), which is treated as tax-free in the Netherlands. The technique of getting full tax-relief for an artificially high-interest rate in a foreign subsidiary, while getting additional tax relief on this income back home in the Netherlands, became known by the term, "double dipping". As with the

1655: 6385: 6257: 6091: 6070: 5858: 5426: 5410: 4068: 4004: 2533: 2303: 14021: 6448: 6427: 5570: 2227:). By focusing on "headline" vs. "effective" corporate tax rates, researchers have been able to more accurately estimate the annual financial tax losses (or "profits shifted"), due to corporate tax havens specifically. This is not easy, however. As discussed above, havens are sensitive to discussions on "effective" corporate tax rates and obfuscate data that does not show the "headline" tax rate mirroring the "effective" tax rate. 6215: 5900: 5837: 5586: 5554: 6299: 5879: 5634: 6172: 6129: 5773: 5751: 2593: 14821: 1643: 6469: 5225:(i.e. traditional tax haven proxy), as calculated by analysing over 71 million global corporate connections on the Orbis database (i.e. it is by number of connections, not specifically by quantum of taxes shielded). Even though the method is different, CORPNET captures all of Zucman's list but separated into Conduits and Sinks (and breaks out the Caribbean), however, Zucman's list has a different ranking: 7245: 12863: 2158:(the largest tax fine in corporate history), the EU stated that Apple's effective tax rate in Ireland was approximately 0.005% for the 2004-2014 period. The EU's position was found, on appeal in the EU's court, to be unsupported by the facts. However, the G7 leaders in the wake of reporting about a Microsoft subsidiary's level of taxation in 2020, have proposed an agreement on a global 11410: 2192:, published a multi-year investigation into corporate tax havens in June 2018, showing that Ireland is the largest global corporate tax haven (having allegedly shielded $ 106 billion in profits in 2015), and that Ireland's effective tax rate was 4% (including all non-Irish corporates), the Irish Government countered that they could not be a tax haven as they are OECD-compliant. 10241: 12683: 3401:, whose clients include some of the largest U.S. multinationals in Ireland, issued a note to its clients confirming that the new German "Royalty Barrier" will have little effect on their Irish IP-based BEPS structures - despite them being the primary target of the law. In fact, Matheson notes that that new law will further highlight Ireland's "robust solution". 7237: 7635: 10454: 3228:-type firms. This is substantive and complex legislation that needs to integrate with tax treaties that involve G20 jurisdictions, as well as advanced accounting concepts that will meet U.S. GAAP, SEC and IRS regulations (U.S. multinationals are leading users of IP-based BEPS tools). It is also why most modern corporate tax havens started as 11402: 7665: 4417:, and have their own explicit anti-IP BEPS tax regimes (as opposed to waiting for the OECD). The U.S. GILTI and BEAT tax regimes are targeted at U.S. multinationals in Ireland, while the EU's Digital Services Tax is also directed at perceived abuses by Ireland of the EU's transfer pricing systems (particularly in regard to IP-based 10233: 2923:(or OFCs), as the scale of the multinational flows rivals their own domestic economies (the IMF's sign of an OFC). The American Chamber of Commerce Ireland estimated that the value of U.S. investment in Ireland was €334bn, exceeding Irish GDP (€291bn in 2016). An extreme example was Apple's "onshoring" of circa $ 300 billion in 7335: 2987:

resulting bubble in asset/property prices from the build-up in credit can unwind quickly if global capital markets withdraw the supply of capital. Extreme credit cycles have been seen in several of the corporate tax havens (i.e. Ireland in 2009-2012 is an example). Traditional tax havens like Jersey have also experienced this.

12675: 2803:, they found Apple Ireland's ETR for 2004–2014, was 0.005%, on over €100bn of globally sourced, and untaxed, profits. The "employment tax" is, therefore, a modest price to pay for achieving very low taxes on global profits, and it can be mitigated to the extent that the job functions are real and would be needed regardless. 4745:, that the latter groups (ii ex. Switzerland, and iii), rely on the first group (i), to act as a conduit in rerouting corporate untaxed income. In this regard, Ireland, the Netherlands, Singapore and the U.K., are considered the most important corporate tax havens, and the "source" of most global corporate tax avoidance. 4344:

U.S. bilateral tax treaties, remit untaxed profits back to the U.S. However, when U.S. multinationals perfected these IP-based BEPS tools and worked out how to relocate them to zero-tax places such as the Caribbean or Ireland, the U.S. became less supportive (i.e. U.S. 2013 Senate investigation into Apple in Bermuda).

4151:'s analysis differs from most other works in that it focuses on the total quantum of taxes shielded. He shows that many of Ireland's U.S. multinationals, like Facebook, do not appear on Orbis (the source for quantitative studies, including CORPNET's) or have a small fraction of their data on Orbis (Google and Apple). 11807: 4828:'s (et alia) June 2018 list calculates the actual quantum of actual taxes shielded (versus counting legal Orbis database connections, or company subsidiaries) by profit shifting. Ireland now exceeds the aggregate Caribbean complex (ex. Bermuda), in terms of being the largest overall global corporate tax haven (see 7627: 2796:

order by hand, and in this regard is more akin to a global logistics hub for Apple (albeit located on the "island" of Ireland). No research is carried out in the facility. Unusually for a plant, over 700 of the 6,000 employees work from home (the largest remote percentage of any Irish technology company).

11255: 3432:), which ignores whether a jurisdiction is OECD compliant (or not), and instead focuses solely on "effective taxes paid", as its metric. Had the German "Royalty Barrier" taken the U.S. approach, it would have been more onerous for havens. Reasons for why the barrier was designed to fail is discussed in 10446: 4267:

In a letter to him the group recommended Ireland not adopt article 12, as the changes "will have effects lasting decades" and could "hamper global investment and growth due to uncertainty around taxation". The letter said that "keeping the current standard will make Ireland a more attractive location

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The only jurisdiction from the above list of major global corporate tax havens that makes an occasional appearance in OECD-IMF tax haven lists is Switzerland. These jurisdictions are the leaders in IP-based BEPS tools and use of intergroup IP charging and have the most sophisticated IP legislation.

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The Netherlands has been a leader in this area, using specifically worded legislation to enable IP-light companies further amplify "earnings-stripping". This is used by mining and resource extraction companies, who have little or no IP, but who use high levels of leverage and asset financing. Dutch

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Financial commentators estimate Apple onshored circa $ 300 billion in IP to Ireland, effectively representing the balance sheet of Apple's non-U.S. business. Thus, Apple completed a quasi-inversion of its non-U.S. business, to itself, in Ireland, which was almost twice the scale of Pfizer-Allergan's

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openly delayed and limited its normal data release to protect the confidentiality of the source of the growth. It was only in early 2018, almost three years after Apple's Q1 2015 $ 300 billion quasi-tax inversion to Ireland (the largest tax inversion in history), that enough Central Statistics Office

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For example, Google Germany should be even more profitable than the already very profitable Google U.S. This is because the marginal additional costs for firms like Google U.S. of expanding into Germany are very low (the core technology platform has been built). In practice, however, Google Germany

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Non-zero headline tax rates. While corporate tax havens have ETRs of close to zero, they all maintain non-zero "headline" tax rates. Many of the corporate tax havens have accounting studies to prove that their "effective" tax rates are similar to their "headline" tax rates, but this is because they

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Building the tools requires advanced legal and accounting skills that can create the BEPS tools in a manner that is acceptable to major global jurisdictions and that can be encoded into bilateral tax-treaties, and do not look like "tax haven" type activity. Most modern corporate tax havens therefore

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Figures released in April 2017 show that since 2015 there has been a dramatic increase in companies using Ireland as a low-tax or no-tax jurisdiction for intellectual property (IP) and the income accruing to it, via a nearly 1000% increase in the uptake of a tax break expanded between 2014 and 2017

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For example, the definitions of IP in corporate tax havens such as Ireland has been broadened to include "theoretical assets", such as types of general rights, general know-how, general goodwill, and the right to use software. Ireland's IP regime includes types of "internally developed" intangible

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A stunning $ 12 trillion—almost 40 percent of all foreign direct investment positions globally—is completely artificial: it consists of financial investment passing through empty corporate shells with no real activity. These investments in empty corporate shells almost always pass through well-known

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For example, Apple employs 6,000 people in Ireland, mostly in the Apple Hollyhill Cork plant. The Cork plant is Apple's only self-operated manufacturing plant in the world (i.e. Apple almost always contracts to 3rd party manufacturers). It is considered a low-technology facility, building iMacs to

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Mr. Chris Woo, tax leader at PwC Singapore, is adamant the Republic is not a tax haven. "Singapore has always had clear law and regulations on taxation. Our incentive regimes are substance-based and require substantial economic commitment. For example, types of business activity undertaken, level of

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of regional or main company headquarters, mostly due to favourable tax regimes (not just the headline tax rate), and/or favourable secrecy laws (such as the avoidance of regulations or disclosure of tax schemes), and/or favourable regulatory regimes (such as weak data-protection or employment laws).

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At least 125 major U.S. companies have registered several hundred subsidiaries or investment funds at 70 Sir John Rogerson's Quay, a seven-story building in Dublin's docklands, according to a review of government and corporate records by The Wall Street Journal. The common thread is the building's

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Accordingly, as of 1 January 2018, German-based licensees will be unable to deduct royalties paid to affiliates to the extent that the licensor's royalty income is not subject to the regular tax regime (e.g. IP box regime) and taxed at a low rate within the meaning of the royalty barrier (effective

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IP-heavy American corporations are the main users of BEPS tools. Studies show that as most other major economies run "territorial" tax systems, their corporates did not need to profit shift. They could just sell their IP to foreign markets from their home jurisdiction at low tax rates (e.g. 5% in

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on offshore activities of U.S. Fortune 500 companies, lists the Netherlands, Singapore, Hong Kong, Luxembourg, Switzerland, Ireland and the Caribbean triad (the Cayman-Bermuda-BVI), as the places where Fortune 500 companies have the most subsidiaries (note: this does not estimate the scale of their

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A proposed test of a modern corporate tax haven is the existence of regional headquarters of major U.S. technology multinationals (largest IP-based BEPS tool users) such as Apple, Google or Facebook. The main EMEA jurisdictions for headquarters are Ireland, and the United Kingdom, while the main

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Modern corporate tax havens further leverage their IP-based BEPS toolbox to enable international corporates to execute quasi-tax inversions, which could otherwise be blocked by domestic anti-inversion rules. The largest example was Apple's Q1 January 2015 restructuring of its Irish business, Apple

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The sectors most associated with IP (e.g., technology and life sciences) are generally some of the most profitable corporate sectors in the world. By using IP-based BEPS tools, these profitable sectors have become even more profitable on an after-tax basis by artificially suppressing profitability

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The creation of IP-based BEPS tools requires advanced legal and tax structuring capabilities, as well as a regulatory regime willing to carefully encode the complex legislation into the jurisdiction's statute books (note that BEPS tools bring increased risks of tax abuse by the domestic tax base in

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It is hard to imagine any business, under the current IP regime, which could not generate substantial intangible assets under Irish GAAP that would be eligible for relief under capital allowances . ... This puts the attractive 2.5% Irish IP-tax rate within reach of almost any global business

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The Netherlands is fighting back against its reputation as a tax haven with reforms to make it more difficult for companies to set up without a real business presence. Menno Snel, the Dutch secretary of state for finance, told parliament last week that his government was determined to "overturn the

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There is a broad consensus that Ireland must defend its 12.5 per cent corporate tax rate. But that rate is defensible only if it is real. The great risk to Ireland is that we are trying to defend the indefensible. It is morally, politically and economically wrong for Ireland to allow vastly wealthy

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Once the untaxed funds are rerouted back to the corporate tax haven, additional BEPS tools shield against paying taxes in the haven. It is important these BEPS tools are complex and obtuse so that the higher-tax jurisdictions do not feel the corporate haven is a traditional tax haven (or they will

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Economic Substance legislation introduced in recent years has identified that BEPS is not a material part of the financial services business for Cayman, BVI and Bermuda. While the legislation was originally resisted on extraterritoriality, human rights, privacy, international justice, jurisprudence

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It has been noted in the OECD's defence, that G8 economies like the U.S. were strong supporters of the OECD's IP work, as they saw it as a tool for their domestic corporates (especially IP-heavy technology and life sciences firms), to charge-out US-based IP to international markets and thus, under

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Focus on transparency and compliance vs. net tax paid. Most of the OECD's work focuses on traditional tax havens where secrecy (and criminality) are issues. The OECD defends modern corporate tax havens to confirm that they are "not tax havens" due to their OECD-compliance and transparency. The

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In June 2017, the German Federal Council approved a new law called an IP "Royalty Barrier" (Lizenzschranke) that restricts the ability of corporates to deduct intergroup cross-border IP charges against German taxation (and also encourage corporates to allocate more employees to Germany to maximise

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Hard to value. IP made in a U.S. R&D laboratory, can be sold to the group's Caribbean subsidiary for a small sum (and a tiny U.S. taxable gain is realised), but then repackaged and revalued upwards by billions after an expensive valuation audit by a major accounting firm (from a corporate tax

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A growing array of tax benefits have made London the city of choice for big firms to put everything from "letterbox" subsidiaries to full-blown headquarters. A loose regime for "controlled foreign corporations" makes it easy for British-registered businesses to park profits offshore. Tax breaks on

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The U.K. changed its tax regime in 2009–2013. It lowered its corporate tax rate to 19%, brought in new IP-based BEPS tools, and moved to a territorial tax system. The U.K. became a "recipient" of U.S. corporate tax inversions, and ranked as one of Europe's leading havens. A major study now ranks

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Several modern corporate tax havens, such as Singapore and the United Kingdom, ask that in return for corporates using their IP-based BEPS tools, they must perform "work" on the IP in the jurisdiction of the haven. The corporation thus pays an effective "employment tax" of circa 2–3% by having to

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and other outlets suggest that the effective tax rate is close to the headline 12.5 percent rate – but this is a theoretical result based on a theoretical "standard firm with 60 employees" and no exports: in reality, multinational businesses and their corporate structures vary significantly. It is

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have often marketed themselves as such, modern Offshore Financial Centres robustly refute the tax haven label. This is to ensure that other higher-tax jurisdictions, from which the corporate's main income and profits often derive, will sign bilateral tax-treaties with the haven, and also to avoid

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Data protection laws. To maintain OECD–whitelist status, corporate tax havens cannot use the secrecy legislation. Activists assert that companies keep the "effective" tax rates of corporations hidden with data protection and privacy laws which prevent the public filing of accounts and also limit

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One of the simpler, but effective, methods proposed of identifying tax havens (both corporate and traditional) is by tracking the distortion that the tax-driven accounting flows make on national economic flows. This is an effect that is particularly pronounced for corporate tax havens due to the

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This distortion leads to exaggerated credit cycles. The artificial/distorted "headline" GDP growth increases optimism and borrowing in the haven, which is financed by global capital markets (who are misled by the artificial/distorted "headline" GDP figures and misprice the capital provided). The

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where advanced skills are in-situ for financial structuring. In addition to being able to create the tools, the haven needs the respectability to use them. Large high-tax jurisdictions like Germany do not accept IP–based BEPS tools from Bermuda but do from Ireland. Similarly, Australia accepts

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It was certainly an improvement on the list recently published by the Organisation for Economic Co-operation and Development, which featured only one name – Trinidad & Tobago – but campaigners believe the European Union has much more to do if it is to prove it is serious about addressing tax

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is a founder of research into tax havens. His area of expertise is the U.S. corporate taxation system, and much of his research is on U.S. multinational use of tax havens. In 2010, Hines produced a table of U.S. multinational investment in havens, and produced the following ranking of the ten

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For example, the new U.S. GILTI regime forces U.S. multinationals in Ireland to pay an effective corporate tax rate of over 12%, even with a full Irish IP BEPS tool (i.e. "single malt", whose effective Irish tax rate is circa 0%). If they pay full Irish "headline" 12.5% corporate tax rate, the

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The rise of modern corporate tax havens, like the United Kingdom, the Netherlands, Ireland and Singapore, contrasts with the failure of OECD initiatives to combat global corporate tax avoidance and BEPS activities. There are many reasons advocated for the OECD's failure, the most common being:

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In 2006 he abolished another provision meant to prevent abuse, this one pertaining to hybrid loans. Some revenue services classify those as loans, while others classify those as capital, so some qualify payments as interest, others as profits. This means that if a Dutch company provides such a

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Thus, Apple was able to achieve what Pfizer-Allergan could not, by making use of Ireland's advanced IP-based BEPS tools. Apple avoided any U.S regulatory scrutiny/blocking of its actions, as well as any wider U.S. public outcry, as Pfizer-Allergan incurred. Apple structured an Irish corporate

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becomes State Secretary of Economic Affairs in May 2003. It's not long before the Wall Street Journal reports about his tour of the US, during which he pitches the new Netherlands tax policy to dozens of American tax lawyers, accountants and corporate tax directors. In July 2005, he decides to

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tax havens. The eight major pass-through economies—the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore—host more than 85 percent of the world's investment in special purpose entities, which are often set up for tax reasons.

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Modern corporate tax havens, such as Ireland, Singapore, the Netherlands and the U.K., are different from traditional "offshore" financial centres like Bermuda, the Cayman Islands or Jersey. Corporate havens offer the ability to reroute untaxed profits from higher-tax jurisdictions back to the

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list (Figure 1, page 11), is based on the % of Fortune 500 companies with subsidiaries in the corporate tax haven in 2016. The drawback of the list is that it is a U.S. focused list, and focuses on the number of connections (i.e. or subsidiaries) rather than the scale of taxes shielded.

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The analysis highlights the difference between "suspected" onshore tax havens (i.e. major Sink OFCs Luxembourg and Hong Kong), which because of their suspicion, have limited/restricted bilateral tax treaties (as countries are wary of them), and the Conduit OFCs, which have less "suspicion" and

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IP Index, the leaders in IP management, features the five largest modern corporate tax havens: United Kingdom (#2), Ireland (#6), the Netherlands (#7), Singapore (#9) and Switzerland (#10). This is despite the fact that patent-protection has traditionally been synonymous with the largest, and

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The separation of tax havens into Conduit OFCs and Sink OFCs, enables the corporate tax haven specialist to promote "respectability" and maintain OECD-compliance (critical to extracting untaxed profits from higher-taxed jurisdictions via cross-border intergroup IP charging), while enabling the

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However, corporate tax havens still retain close connections with traditional tax havens as there are instances where a corporation cannot "retain" the untaxed funds in the corporate tax haven, and will instead use the corporate tax haven like a "conduit", to route the funds to more explicitly

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strategies. Leading corporate tax havens distance themselves from zero tax jurisdictions by requiring corporates to establish a "presence of substance" in their jurisdiction. This equates to an effective "employment tax" of circa 2–3% but it gives the corporate, and the jurisdiction, defense

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Analysed using a "quantum of funds" method (not an "Orbis corporate connections" method), Zucman shows Ireland as the largest EU-28 corporate tax haven, and the major route for Zucman's estimated annual loss of 20% in EU-28 corporate tax revenues. Ireland exceeds the Netherlands in terms of

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The global securitisation market is circa $ 10 trillion in size, and involves an array of complex financial loan instruments, structured on assets all over the world, using established securitization vehicles that are accepted globally (and whitelisted by the OECD). This is also helpful for

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Had American multinationals not used IP-based BEPS tools in corporate tax havens, and paid the circa 25% corporation tax (average OECD rate) abroad, the IRS would have only received an additional 10% in tax, to bring the total effective American worldwide tax rate to 35%. However, after the

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is actually unprofitable (for tax purposes), as it pays intergroup IP charges back to Google Ireland, who reroutes them to Google Bermuda, who is extremely profitable (more so than Google U.S.). These intergroup IP charges (i.e. the IP-based BEPS tools), are artificial internal constructs.

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The total value of US business investment in Ireland - ranging from data centres to the world's most advanced manufacturing facilities - stands at $ 387bn (€334bn) - this is more than the combined US investment in South America, Africa and the Middle East, and more than the BRIC countries

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A related but similar test is the ratio of GNI to GDP, as GNI is less prone to distortion by IP-based BEPS tools. Countries with low GNI/GDP ratios (e.g., Luxembourg, Ireland, and Singapore) are almost always tax havens. However, not all havens have low GNI/GDP ratios. An example is the

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league tables. In fact, not being a county with oil & gas resources and still ranking in the top 10 of world GDP-per-capita league tables, is considered a strong proxy sign of a corporate (or traditional) tax haven. GDP-per-capita tables with identification of haven types are here

3244:"Why should Ireland be the policeman for the US?" he asks. "They can change the law like that!" He snaps his fingers. "I could draft a bill for them in an hour." "Under no circumstances is Ireland a tax haven. I'm a player in this game and we play by the rules." said PwC Ireland 3328:" for a class of IP-based BEPS tools, such as in Ireland and in the U.K.), however, their development as a GAAP accounting entry, with few exceptions, is for the purposes of tax management. A lawyer said "Intellectual property (IP) has become the leading tax-avoidance vehicle." 3156:

for an example). Modern corporate tax havens, therefore, tend to have large global legal and accounting professional service firms in-situ (many classical tax havens lack this) who work with the government to build the legislation. In this regard, havens are accused of being

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The eight major pass-through economies—the Netherlands, Luxembourg, Hong Kong SAR, the British Virgin Islands, Bermuda, the Cayman Islands, Ireland, and Singapore—host more than 85 percent of the world's investment in special purpose entities, which are often set up for tax

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list (Figure 4, page 16), is based on the reported profits of U.S. Fortune 500 controlled subsidiaries in 2013. It tries to capture the scale of taxes shielded by looking at reported profits as a proxy. Ireland now jumps to 2nd place, only just behind the Netherlands. The

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OECD compliance and endorsement. Most corporate tax structures in modern corporate tax havens are OECD–whitelisted. The OECD has been a long-term supporter of IP–based BEPS tools and cross-border intergroup IP charging. All the corporate tax havens signed the 2017 OECD

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suppressed its regular data release to protect the identity of Apple (unverifiable for 3 years, until 2018), but then described the artificial 26.3% rise in Irish GDP as "meeting the challenges of a modern globalised economy". The behaviour of the CSO was described as

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as an intergroup charge. The OECD spent decades developing IP as a legal and accounting concept. The rise in IP, and particularly intergroup IP charging, as the main BEPS tool is incompatible with this position. Ireland has created the first OECD-nexus compliant

3571:" scheme. This BEPS tool enables corporates to write-off the "arm's length" (to be OECD-compliant), intergroup acquisition of offshored IP, against all Irish corporate taxes. The "arm's length" criteria are achieved by getting a major accounting firm in Ireland's 3100:

Very mobile. Because IP is a virtual asset which only exists in contracts (i.e. on paper), it is easy to move/relocate around the world; it can be restructured into vehicles that provide secrecy and confidentiality around the scale, ownership, and location, of the

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When corporate tax havens quote "effective rates of tax", they exclude large amounts of income not considered taxable due to the IP-based tools. Thus, in a self-fulfilling manner, their "effective" tax rates equal their "headline" tax rates. As discussed earlier

4432:, Eaton, Allergan, and Medtronic. This is the effect of Pfizer being able to use the new U.S. 13.125% FDII regime, as well as the new U.S. BEAT regime penalising non-U.S. multinationals (and past tax inversions) by taxing income leaving the U.S. to go to low-tax 11262: 3052:" schemes (i.e. how the IP is charged out), as a deduction against tax. A crude indicator of a corporate tax haven is the amount of full bilateral tax treaties that it has signed. The U.K. is the leader with over 122, followed by the Netherlands with over 100. 4500:

This is at the expense of higher-tax Europe and Asian countries, who received no taxes from American corporations, as the corporations used IP-based BEPS tools from bases in corporate tax havens, while German corporations are charged 5% tax by their regulator.

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Perpetually replenishable. The firms that have IP (i.e. Google, Apple, Facebook), have "product cycles" where new versions/new ideas emerge. This product cycle thus creates new IP which can replace older IP that has been used up and/or written-off against

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hybrid loan to a foreign company, the foreign company could use the payments as a tax deduction, while the Dutch company can classify it as profit from capital, which is exempt from taxes in the Netherlands . This way no taxes are paid in either country.

7820: 13627:"Identifying Tax Havens and Offshore Finance Centres: Various attempts have been made to identify and list tax havens and offshore finance centres (OFCs). This Briefing Paper aims to compare these lists and clarify the criteria used in preparing them" 3086:

IP is described as the "raw material" of tax planning. Modern corporate tax havens have IP-based BEPS tools, and are in all their bilateral tax-treaties. IP is a powerful tax management and BEPS tool, with almost no other equal, for four reasons:

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However, both Administrations were silent when the Irish State announced in July 2016 that 2015 GDP has risen 26.3% in one quarter due to the "onshoring" of corporate IP, and it was rumoured to be Apple. It might have been due to the fact that the

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not just Ireland, however. The same BEA calculation showed that the ETRs of U.S. corporates in other jurisdictions was also very low: Luxembourg (2.4%), the Netherlands (3.4%) and the US for multinationals based in other parts of the World. When

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However, while Debt-based BEPS tools may not feature with U.S. multinational technology companies, they have become attractive to global financial institutions (who do not need to meet the same "substance" tests on their financial transactions).

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income from patents are more generous than almost anywhere else. Britain has more tax treaties than any of the three countries on the naughty step—and an ever-falling corporate-tax rate. In many ways, Britain is leading the race to the bottom.

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The statistical distortions created by the impact on the Irish National Accounts of the global assets and activities of a handful of large multinational corporations have now become so large as to make a mockery of conventional uses of Irish

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The above five corporate tax haven Conduit OFCs, plus the three general tax haven Sink OFCs (counting the Caribbean "triad" as one major Sink OFC), are replicated at the top 8-10 corporate tax havens of many independent lists, including the

10544: 4525:), have highlighted the greater scale of corporate tax haven activity. The OECD, who only list one jurisdiction in the world as a tax haven, Trinidad and Tobago, note the scale of corporate tax haven activity. Note that the IMF list of 3828:). Since the first U.S. corporate tax inversion in 1982, Ireland has received the most U.S. inversions, with Bermuda second, the United Kingdom third and the Netherlands fourth. Since 2009, Ireland and the United Kingdom have dominated. 3810:

type tax haven screens, which focus on assessing legal and tax structures, are less effective given the high levels of transparency and OECD-compliance in modern corporate tax havens (i.e. most of their BEPS tools are OECD-whitelisted).

6744: 10513: 1757:

as a "new economy" asset, rather than a tax management tool, which is encoded into their statute books as their primary BEPS tool. This perceived respectability encourages corporates to use these IFCs as regional headquarters (i.e.

3886:

systems amongst corporate tax havens, including Ireland, the U.K., Singapore, Hong Kong, most Caribbean (e.g. the Caymans, Bermuda, and the BVI). However, it is not conclusive, as major havens, Luxembourg and the Netherlands run

3740:

This area is therefore an important new BEPS tool for EU corporate tax havens, Ireland and Luxembourg, who are also the EU's leading securitisation hubs. Particularly so, given the new anti-IP-based BEPS tool taxes of the U.S.

13486:

said: It's disheartening to see the OECD fall back into the old pattern of creating 'tax haven' blacklists on the basis of criteria that are so weak as to be near enough meaningless, and then declaring success when the list is

2810:). The Netherlands has been introducing new "employment tax" type regulations, to ensure it is seen as a modern corporate tax haven (more like Ireland, Singapore, and the U.K.), than a traditional tax haven (e.g. Hong Kong). 1821:, some jurisdictions like Singapore and Ireland require corporates to have a "substantive presence", equating to an "employment tax" of approximately 2–3% of profits shielded and if these are real jobs, the tax is mitigated. 9181: 4090:- The Caribbean "triad" of Bermuda/BVI/Cayman are classic major tax havens, and therefore with limited access to full global tax treaty networks, thus relying on Conduit OFCs for access; heavily used by U.S. multinationals. 11684: 11919: 9991:

The tax deduction can be used to achieve an effective tax rate of 2.5% on profits from the exploitation of the IP purchased. Provided the IP is held for five years, a subsequent disposal of the IP will not result in a

4249:

was signed by 70 jurisdictions. The corporate tax havens opted out of the key articles (i.e. Article 12), while emphasising their endorsement of others (especially Article 5 which benefits corporate havens using the

3843:

system and require corporates to maintain a "substantive" presence in the haven for respectability. Ireland is the most profitable location, followed by the Caribbean (incl. Bermuda), Luxembourg, Switzerland and the

4324:

IP-related tax benefits are not about to disappear. In fact, BEPS will help to regularise some of them, albeit in diluted form. Perversely, this is encouraging countries that previously shunned them to give them a

6599: 991: 3456:

assets and intangible assets purchased from "connected parties". The real control in Ireland is that the IP assets must be acceptable under GAAP (older 2004 Irish GAAP is accepted), and thus auditable by an Irish

2622:

Zucman used this analysis to estimate that the annual financial impact of corporate tax havens was $ 250 billion in 2015. This is beyond the upper limit of the OECD's 2017 range of $ 100–200 billion per annum for

2898:

The U.K.'s successful transformation from "donor" to corporate tax havens, to a major global corporate tax haven in its own right, was quoted as a blueprint for type of changes that the U.S. needed to make in the

11654: 10424: 3755:

SPVs are important new BEPS tools, and acceptable under global tax-treaties, they suffer from "substance" tests (i.e. challenges by tax authorities that the loans are artificial). Irish Section 110 SPV's use of

13610:

EU members were not screened but Oxfam said that if the criteria were applied to publicly available information the list should feature 35 countries including EU members Ireland, Luxembourg, the Netherlands and

7288:

Local subsidiaries of multinationals must always be required to file their accounts on public record, which is not the case at present. Ireland is not just a tax haven at present, it is also a corporate secrecy

2100:

12518: 3048:(or BEPS) tools, which facilitate avoiding taxes in all global jurisdictions in which the corporation operates. This is as long as the corporate tax haven has tax-treaties with the jurisdictions that accept " 13031: 11233: 12452: 7945: 4155:"quantum" of taxes shielded, which would arguably make Ireland the largest global corporate tax haven (it even matches the combined Caribbean triad of Bermuda-British Virgin Islands-the Cayman Islands). See 2788:" BEPS scheme), have the need to perform a "relevant trade" and "relevant activities" on Irish-based IP, encoded in their legislation, which requires specified employment levels and salary levels (discussed 12014: 10983: 9818: 8896: 12194: 8959: 13147: 13002: 12165: 8121: 7428: 3642:

While the focus of corporate tax havens continues to be on developing new IP-based BEPS tools (such as OECD-compliant knowledge/patent boxes), Ireland has developed new BEPS tools leveraging traditional

11014: 8558: 11039: 8349: 4180:

Of the wider tax environment, O'Rourke thinks the OECD base-erosion and profit-shifting (BEPS) process is "very good" for Ireland. "If BEPS sees itself to a conclusion, it will be good for Ireland."

2154:

method), it led to denials by the Irish Government and the production of studies claiming Ireland's effective tax rate was 12.5%. However, when the EU fined Apple in 2016, Ireland's largest company,

10603: 9307: 8685: 7517: 13203: 12109: 7841:

A study by James Stewart, associate professor in finance at Trinity College Dublin, suggests that in 2011 the subsidiaries of US multinationals in Ireland paid an effective tax rate of 2.2 per cent.

7605: 7576: 13533: 12426: 10777: 8258: 10537: 12804: 11706: 10358: 9644: 8472: 7890: 4375:

EU Competition Commissioner, levied the largest corporate tax fine in history on Apple Inc. on the 29 August 2016, for €13 billion (plus interest) in Irish taxes avoided for the period 2004–2014.

13438: 11984: 4497:, the IRS is now getting more tax, at the higher 15.5% rate, and American corporations have avoided the 25% foreign taxes and therefore will have brought more capital back to America as result. 10808: 9605: 8763: 2143:

This issue has caused debate on what constitutes a tax haven, with the OECD most focused on transparency (the key issue of traditional tax havens), but others focused on outcomes such as total

10391: 6736: 8614: 7767: 10959: 10506: 8417: 13117: 12922: 12716: 11745: 7687: 3586:), thus giving Apple a 0% effective tax rate on the "onshored" IP. Ireland then restored the 80% cap in 2016 (and a return to a minimum 2.5% effective tax rate), but only for new schemes. 3392:

Tax regimes where there is no "preferential treatment" of IP. Modern corporate tax havens apply the full "headline" rate to all IP, but then achieve lower "effective" rates via BEPS tools.

13087: 12079: 10042: 7275: 10211: 8655: 8287: 7181: 4425:

effective corporate tax rate rises to over 14%. This is compared to a new U.S. FDII tax regime of 13.125% for U.S.-based IP, which reduces to circa 12% after the higher U.S. tax relief.

3594:

I cannot see a justification for giving full Irish tax relief to the intragroup acquisition of a virtual asset, except that it is for the purposes of facilitating corporate tax avoidance.

11295: 10876: 9911: 4428:

U.S. multinationals like Pfizer announced in Q1 2018, a post-TCJA global tax rate for 2019 of circa 17%, which is very similar to the circa 16% expected by past U.S. multinational Irish

7086: 3108:

as a deductible against tax, even intergroup charges; Google Germany is unprofitable because of intergroup IP royalties it pays Google Bermuda (via Google Ireland), which is profitable.

2858:

British Overseas Territories (same geographic scale) includes leading traditional and corporate global tax havens including the Caymans, the BVI and Bermuda, as well as the U.K. itself.

2053: 13177: 12049: 10692: 8583: 7799: 6796: 2047:

Under BEPS, new requirements for country-by-country reporting of tax and profits and other initiatives will give this further impetus, and mean even more foreign investment in Ireland.

11203: 10636: 13563: 11840: 9878: 11954: 11143: 9552: 9173: 3232:, where a critical mass of advanced professional services firms develop around complex financial structuring (almost half of the main 10 corporate tax havens are in the 2017 top 10 4477:

Germany for German corporations). For example, there are no non-U.S./non-U.K. foreign corporates in Ireland's top 50 firms by revenues, and only one by employees, German retailer

10166:

This political capture produces one of the great offshore paradoxes: these zones of ultra-freedom are often highly repressive places, wary of scrutiny and intolerant of criticism.

3776: 13865: 6935: 11676: 11555: 11173: 11380: 4035:

tools, and therefore prefer to base themselves in Conduit OFCs (Ireland and Singapore), which can then route the corporate's funds to the Sink OFCs (Luxembourg and Hong Kong).

11926: 3463:

A broadening range of multinationals are abusing IP accounting to increase after-tax margins, via intergroup charge-outs of artificial IP assets for BEPS purposes, including:

13499: 12888: 12741: 7458: 2874:

New IP legislation was encoded into the U.K. statute books and the concept of IP significantly broadened in U.K. law. The U.K.'s Patent Office was overhauled and renamed the

13888: 13695: 12610: 3286:

The EU Commission has been trying to break the close relationship in the main EU corporate tax havens (i.e. Ireland, the Netherlands, Luxembourg, Malta and Cyprus; the main

12977: 9944: 8084: 6977: 6603: 2150:

For example, when it was shown in 2014, prompted by an October 2013 Bloomberg piece, that the effective tax rate of U.S. multinationals in Ireland was 2.2% (using the U.S.

10316: 9470: 8921: 8442: 8156: 7860: 3310:

EU Commission regulations on advisory firms, the most recent example being of the new disclosure rules on regarding "potentially aggressive" tax schemes from 2020 onwards.

3118:), Ireland claims an "effective" tax rate of circa 12.5%, while the IP-based BEPS tools used by Ireland's largest companies, mostly U.S. multinationals, are marketed with 6867: 3779:

regime to offer the same tax benefits as Section 110 SPVs but without the need for Profit Participation Notes and without the need to file public accounts with the Irish

11646: 10416: 3420:

The failure of the German "Royalty Barrier" approach is a familiar route for systems that attempt to curb corporate tax havens via an OECD-compliance type approach (see

12510: 11493: 7480: 5684:

3 of these top 10 global tax havens, Bermuda, British Virgin Islands and the Cayman Islands are not ranked by the IMF or the World Bank in their GDP-per-capita tables.

12585: 12302: 4832:). Ireland is also the largest EU-28 corporate tax haven. The study estimates Ireland's effective tax rate is really 4%. The U.K. is a notable absence. (slide 68). 4748:

Because of their larger size, it is not uncommon to see Switzerland and the United Kingdom dropped from more informal references to the main tax havens, for example:

2806:"Employment taxes" are considered a distinction between modern corporate tax havens, and near-corporate tax havens, like Luxembourg and Hong Kong (who are classed as 13023: 11225: 9409: 13806:"International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions" 13280: 12462: 10751: 8382: 7937: 7012: 3760:" (i.e. artificial internal intergroup loans), is an impediment to corporates using these structures versus established IP-based BEPS tools. Solutions such as the 12276: 12006: 10990: 9814: 9242: 8888: 7370: 7145: 3389:

OECD-nexus compliant "knowledge box" BEPS tools. Ireland was the first corporate tax haven to introduce this in 2015, and the others are following Ireland's lead.

13254: 13057: 9763: 3847:

The distortion of national accounts by the accounting flows of particular IP-based BEPS tools is a proxy. This was spectacularly shown in Q1 2015 during Apple's

13232: 12857:"Signing by 68 jurisdictions of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS highlights impacts for business to consider" 12186: 11866: 8952: 6673: 6553: 4486: 4314: 3321: 1968: 13139: 12998: 12161: 9016: 8113: 7420: 4356: 3583: 3119: 2954:

This distortion means that all corporate tax havens, and particularly smaller ones like Ireland, Singapore, Luxembourg and Hong Kong, rank at the top in global

2931:

affair. However Luxembourg's GNI is only 70% of GDP. The distortion of Ireland's economic data from corporates using Irish IP-based BEPS tools (especially the

2218: 2144: 1814: 1726: 11018: 10933: 8715: 7916: 3320:

Modern corporate havens present IP-based BEPS tools as "innovation economy", "new economy" or "knowledge economy" business activities (e.g. some use the term "

3181:), his response was that this was very unpatriotic and he should wear the "green jersey". That was the former Minister's response to the fact there is a major 9339: 8554: 5349:" BEPS schemes. Identical list to Zucman's list but with the Caribbean broken out into individual jurisdictions (the Caymans, Bermuda, Bahamas and the BVI). 3709:

Estimated US distressed funds used Section 110 SPVs to avoid €20 billion in Irish taxes on almost €80 billion of Irish domestic investments from 2012 to 2016.

2166:

Applying a 12.5% rate in a tax code that shields most corporate profits from taxation, is indistinguishable from applying a near 0% rate in a normal tax code.

11047: 9976: 8855: 8341: 3452:

Commentators have linked the cyclical peak in U.S. corporate profit margins, with the enhanced after-tax profitability of the biggest U.S. technology firms.

2197:

corporations to escape the basic duty of paying tax. If we don't recognise that now, we will soon find that a key plank of Irish policy has become untenable.

9303: 8677: 7509: 6714: 4660:

Regardless of method, most corporate tax haven lists consistently repeat ten jurisdictions (sometimes the Caribbean "triad" is one group), which comprise:

13740: 13199: 12430: 12101: 10136: 8316: 7597: 7568: 4529:("OFC") is often cited as the first list to include the main corporate tax havens and the term OFC and corporate tax haven are often used interchangeably. 3761: 3294:), between law and accounting advisory firms, and their regulatory authorities (including taxing and statistical authorities) from a number of approaches: 2021:

Make no mistake: the headline rate is not what triggers tax evasion and aggressive tax planning. That comes from schemes that facilitate profit shifting .

1986: 1851:

and colonialism grounds, the introduction of these regulations have had the effect of putting these jurisdictions far ahead of onshore regulatory regimes.

13525: 12332: 10773: 9499: 9376: 8250: 6909: 4254:

BEPS system). Modern corporate tax havens like Ireland and Singapore used the OECD to diminish other corporate tax havens like Luxembourg and Hong Kong.

3757: 2878:. A new U.K. Minister for Intellectual Property was announced with the 2014 Intellectual Property Act. The U.K. is now 2nd in the 2018 Global IP Index. 2223:

It is difficult to calculate the financial effect of tax havens in general due to the obfuscation of financial data. Most estimates have wide ranges (see

13626: 12796: 10578: 10338:

Our key findings demonstrate that there is a strong correlation and causal link between the size of an MNE's tax haven network and their use of the Big 4

10158:"Explainer: what is a tax haven? The most important feature of a secrecy jurisdiction is that local politics is captured by financial services interests" 3538:

In early 2016, the Obama Administration blocked the proposed $ 160 billion Pfizer-Allergan Irish corporate tax inversion, the largest proposed corporate

13928: 13771: 11713: 10350: 9788: 9636: 8494: 8464: 7882: 3997:- the main Conduit OFC for Asia, and the link to the two major Asian Sink OFCs of Hong Kong and Taiwan (Taiwan is described as the Switzerland of Asia). 3784: 3726: 2250:"The Missing Profits of Nations" analysis which uses national accounts data to estimate effective tax rates of all non-domestic corporates in the haven. 13431: 11976: 11439: 4397: 4227:), and corporates the degree of near-term predictability that they need to manage their affairs and not panic (i.e. double Irish only closes in 2020). 4217:

EU Commissioner for Taxes, whose Digital Services Tax aims to force a minimum level of EU taxation on technology multinationals operating in the EU-28.

3300: 2800: 2789: 2155: 1847:. Luxembourg and Hong Kong and the Caribbean "triad" (BVI-Cayman-Bermuda), have elements of corporate tax havens, but also of traditional tax havens. 10804: 9612: 8767: 13305: 11531: 11346: 10383: 9706: 3748:

The U.S. TCJA anticipates a return to debt-based BEPS tools, as it limits interest deductibility to 30% of EBITDA (moving to 30% of EBIT post 2021).

3405:

However, given the nature of the Irish tax regime, the royalty barrier should not impact royalties paid to a principal licensor resident in Ireland.

11317: 10101: 8830: 8621: 7763: 5701:

The outliers in the table are jurisdictions whose economies are neither based on being a widely accepted tax haven or having oil & gas reserves.

4292:

However, given the nature of the Irish tax regime, the royalty barrier should not impact royalties paid to a principal licensor resident in Ireland.

3509:), is the largest recorded individual BEPS action in history, and almost double the 2016 $ 160bn Pfizer-Allergan Irish inversion, which was blocked. 2843:

to Ireland in 2008). However, the speed at which the U.K. changed to becoming one of the leading modern corporate tax havens (at least up until pre-

10955: 8409: 7301: 3907:

More scientific, are the quantitative-driven studies (focused on empirical outcomes), such as the work by the University of Amsterdam's CORPNET in

2638:

on the future of work suggests that tax avoidance by large corporations limits the ability of governments to make vital human capital investments.

13109: 12914: 12708: 12484: 11737: 10666: 9431: 7691: 3839:

Zucman, Tørsløv, and Wier advocate profitability of U.S. corporates in the haven as a proxy. This is particularly useful for havens that use the

13079: 12071: 10034: 9047: 8590: 7713: 7267: 6542: 4588:

Leading academic lists. The first major academic studies were for all classes of tax havens, however, later lists focus on corporate tax havens:

4414: 4318: 4168: 3714: 3648: 3610: 3572: 3457: 3245: 3162: 2684: 2147:

paid. It is common to see the media, and elected representatives, of a modern corporate tax haven ask the question, "Are we a tax haven ?"

13907: 13362: 12952: 10203: 8645: 8283: 7173: 4454:

Other jurisdictions, such as Japan, are also realising the extent to which IP-based BEPS tools are being used to manage global corporate taxes.

4046:

Of the major Sink OFCs, they span a range between traditional tax havens (with very limited tax treaty networks) and near-corporate tax havens:

11287: 10868: 9903: 9216: 9079: 5687:

The remaining top 10 global tax haven, the U.K., is ranked 21 and 26 (respectively); it is possible the U.K.'s transition is not complete (see

3874:" legal systems, whose structure gives greater legal protection to the construction of corporate tax "loopholes" by the jurisdiction (e.g. the 10072: 8532: 7546: 7079: 5232:"Uncovering Offshore Financial Centers": List of the 24 Sink OFCs by value (highlighting the current and ex. U.K. dependencies, in light blue) 13597: 13470: 13169: 12775: 12139: 12041: 11624: 10684: 10484: 10293: 10012: 9739: 8991: 8800: 7789: 7208: 7118: 7054: 6788: 4403:

U.S. IRS investigation, such as Facebook's transfer of U.S. IP to Facebook Ireland, which was revalued much higher to create an IP BEPS tool.

3360: 3071:

schemes, used to route untaxed funds to the haven, by charging-out the IP as a tax-deductible expense to the higher-tax jurisdictions; and/or

2875: 1920:

Bilateral tax treaties with the corporate tax haven, which accept these BEPS tools as deductible against tax in the higher-tax jurisdictions.

1899:, which enable the profits to be extracted via the cross-border charge-out artificially high interest (known as "earnings stripping"); and/or 1337: 11195: 10644: 6629: 4366: 4223:

Slowness and predictability. OECD works in 5-10 year cycles, giving havens time to plan new OECD-compliant BEPS tools (i.e. replacement of

2097:

for examples), however most of the situation that have reached the media have been based on information published by the subject companies.

13555: 12655: 11832: 9870: 4106:- noted by CORPNET as being close to a Conduit, however, U.S. firms are more likely to use Ireland/U.K. as their Conduit OFC to Luxembourg. 2981:

On a Gross Public Debt Per Capita basis, Ireland's 2015 figure at over $ 62,686 per capita, exceeds every other OECD country, except Japan.

13331: 11950: 11135: 9548: 7738: 2255:

They are summarised in the following table (BVI and the Caymans counted as one), as listed in Zucman's analysis (from Appendix, table 2).

10267: 7156:

Minister Donohoe pointed out that the Republic earned the "highest rating possible in terms of transparency" in the OECD's latest review.

4629:

IMF Papers. An important 2018 paper highlighted a small group of major corporate tax haven that are 85% of all corporate haven activity;

4538:

OECD lists. First produced in 2000, but has never contained one of the 35 OECD members, and currently only contains Trinidad and Tobago;

13857: 1741:

show each corporate tax haven is strongly connected with specific traditional tax havens (via additional BEPS tool "backdoors" like the

11556:"Why Letting Section 110 SPVs Operate in the Irish Domestic Economy Will Damage Our Tax Base and Our Reputation As a 'Low-Tax' Economy" 8223: 6946: 6508: 4042:"Uncovering Offshore Financial Centers": List of Sink OFCs by value (highlighting the current and ex. U.K. dependencies, in light blue) 2915:

The distorted GNI to GDP ratio in some EU states indicates a profound disproportionality in corporate havens as Ireland and Luxembourg.

2675:

zero-tax, and more secretive traditional tax havens. Google does this with the Netherlands to route EU funds untaxed to Bermuda (i.e.

13668: 11562: 11165: 4521:

Before 2015, many lists are of general tax havens (i.e. individual and corporate). Post 2015, quantitative studies (e.g. CORPNET and

4347:

However, the U.S. lost further control when corporate havens such as Ireland, developed "closed-loop" IP-based BEPS systems, like the

4294:

Ireland's BEPS-compliant tax regime offers taxpayers a competitive and robust solution in the context of such unilateral initiatives.

4122:- often described as the "Luxembourg of Asia"; U.S. firms are more likely to use Singapore as their Conduit OFC to route to Hong Kong. 11372: 10715: 9268: 5669: 5654: 5337: 5292: 4575: 4133: 3852: 3832: 3407:

Ireland's BEPS-compliant tax regime offers taxpayers a competitive and robust solution in the context of such unilateral initiatives.

3364: 2955: 1194: 13840: 9156: 8741: 8171:

With a conservatively estimated annual revenue loss of USD 100 to 240 billion, the stakes are high for governments around the world.

6767: 4557:

Non-governmental lists. These are less prone to the political dimension and use a range of qualitative and quantitative techniques:

4387:

tool), can be done within the confines of the Irish-office of a global accounting firm, and an Irish law firm, as well as the Irish

3344:. Leprechaun economics an example of how Ireland was able to meet with the OECD's transparency requirements (and score well in the 3267:

abolish the provision that was meant to prevent tax dodging by American companies , in order to meet criticism from tax consultants.

13503: 12892: 12745: 9844: 9154:

Concept of Offshore Financial Centers: In Search of an Operational Definition; Ahmed Zoromé; IMF Working Paper 07/87; April 1, 2007

7450: 4359:), without ever leaving the U.S. Apple's successful $ 300 Q1 2015 billion IP-based Irish tax inversion (which came to be known as 3651:. Use of intercompany loans and loan interest was one of the original BEPS tools and was used in many of the early U.S. corporate 2756:" location), and gives the corporate additional "substance" against challenges by taxing authorities. The OECD's Article 5 of the 1817:

tax rate (ETR) of multinational corporations, net of the BEPS tools, is closer to zero. To increase respectability, and access to

1059: 1054: 12617: 8076: 6525: 4688:

Three general corporate tax havens (offer some traditional tax-haven type services; often have restricted bilateral tax treaties):

4348: 3568: 2932: 2785: 1953: 1893:, which enable the profits to be extracted via the cross-border charge-out of group IP (known as "intergroup IP charging"); and/or 495: 13994: 12973: 9936: 6984: 3965:- 2nd largest Conduit OFC and the link from Europe to Asia; 18 of the 24 Sink OFCs are current, or past, dependencies of the U.K. 3780: 2871:, the traditional tax havens, are current or past dependencies of the U.K. (and embedded into U.K. tax and legal statute books). 1963:

Lower IP-sourced income tax regimes, offering explicitly lower ETRs against charging out of cross-border group IP (i.e. the U.K.

10323: 9462: 8925: 8438: 8149: 7856: 4595:

Cited as the first coherent academic paper on tax havens; created the first list in 1994 of 41, which he expanded to 55 in 2010;

3122:

of <0-3%. These 0-3% rates have been verified in the EU Commission's investigation of Apple (see above), and other sources.

14014: 13396: 11895: 11770: 11471: 6874: 5704:

The same table, but at GDP (Nominal) values, ranks the tax havens even higher (at the expense of the smaller resource nations).

4633: 4391:. No outside consent is needed to execute the BEPS tool (and use via Ireland's global tax-treaties), save for two situations: 1408: 1001: 222: 12247: 10905: 10844: 8009: 6519: 3981:- long-established corporate tax haven and a major Conduit OFC for Jersey, one of the largest established offshore tax havens. 3185:, whether intentional or unintentional, in our tax code that has allowed large companies to continue to use the double Irish . 1985:

vehicle (by owning the IP, or other asset, with debt), and then "washing" the debt by "back-to-backing" with a Eurobond (i.e.

1939: 1750: 490: 8191: 4262: 3178: 2652:

Modern corporate tax havens like Ireland, the United Kingdom and the Netherlands have become more popular for U.S. corporate

11594: 11500: 10178: 7484: 5401:

Destinations for the 85 U.S. corporate inversions, since the first inversion in 1982, to the most recent inversion in 2016:

14357: 12589: 12310: 11104: 6827: 4544:. First produced in 2017 but does not contain any EU-28 members, contained 17 blacklisted and 47 greylisted jurisdictions; 4355:

controls, to enable any U.S. firm (even IP-light firms) create a synthetic corporate tax inversion (and achieve 0-3% Irish

3806:

The study and identification of modern corporate tax havens are still developing. Traditional qualitative-driven IMF-OCED-

1608: 789: 9401: 7146:"Irish Finance Minister Paschal Donohoe rejects Gabrial Zucman report branding Ireland as the 'world's biggest tax haven'" 4268:

for a regional headquarters by reducing the level of uncertainty in the tax relationship with Ireland's trading partners".

3579:

is very broad. This BEPS tool can be continually replenished by acquiring new offshore IP with each new "product cycle".

14362: 13284: 12554: 10743: 9672: 9530: 8374: 7020: 6980: 3547: 3368: 3336: 1483: 17: 13709: 12280: 9246: 8114:"Zucman:Corporations Push Profits Into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says" 7360: 14703: 14603: 13805: 13258: 13053: 9767: 4541: 4534:

Intergovernmental lists. These lists can have a political dimension and have never named member states as tax havens:

2183:

propose that Ireland's effective corporate tax rate was not 12.5%, but closer to the BEA calculation. Studies cited by

1685: 1548: 671: 183: 13228: 12219: 11862: 6665: 2230:

Two academic groups have estimated the "effective" tax rates of corporate tax havens using very different approaches:

14456: 14347: 14208: 13827:

Table 1: Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions and the Sources of Those Jurisdictions

9023: 8615:"Capital Allowances for Intangible Assets under section 291A of the Taxes Consolidation Act 1997 (Part 9 / Chapter2)" 7451:"Oregon Department of Revenue made a recommendation that Ireland be included as a 'listed jurisdiction' or tax haven" 3433: 3206: 2867:(a corporate haven proxy). The U.K. was particularly fortunate as 18 of the 24 jurisdictions that are identified as 1009: 757: 10929: 9577: 8707: 7912: 1832: 14866: 9332: 7395: 6503: 4640: 4564:. One of the most quoted lists but focused on general tax havens; they produce rankings of secrecy jurisdictions ( 3730: 3721:

which adds confidentiality), to enable the profit shifting. This tool is so powerful, it inadvertently enabled US

3590:

effective tax rate of close to zero on its non-U.S. business, at twice the scale of the Pfizer-Allergan inversion.

3045: 3015: 2624: 1913:("TP") at which the finished product is charged-out at, in the jurisdiction, to higher-tax jurisdictions (known as 1860: 1734: 474: 10571: 9965: 9871:"Revealed: Project Goldcrest, how Amazon worked with the Luxembourg Government to avoid huge sumes in tax with IP" 8859: 1885:

Tax academics identify that extracting untaxed profits from higher-tax jurisdictions requires several components:

1835:

ranks Ireland as the largest global corporate tax haven. In proxy tests, Ireland is the largest recipient of U.S.

1828:, ranks the Netherlands, U.K., Switzerland, Ireland, and Singapore as the world's key corporate tax havens, while 1801:

While the "headline" corporate tax rate in jurisdictions most often implicated in BEPS is always above zero (e.g.

14846: 14449: 7396:"What Makes a Country a Tax Haven? An Assessment of International Standards Shows Why Ireland Is Not a Tax Haven" 7271: 6706: 6625: 4466:

has traditionally been seen as the main loser to global corporate tax havens, the 15.5% repatriation rate of the

3745:(TCJA), (i.e. the new GILTI tax regime and BEAT tax regime), and proposed EU Digital Services Tax (DST) regimes. 2792:), which roughly equates to an "employment tax" of circa 2–3% of profits (based on Apple and Google in Ireland). 2106: 656: 252: 13747: 10128: 8312: 3737:

concealing corporate BEPS activities, as demonstrated by sanctioned Russian banks using Irish Section 110 SPVs.

12540: 12336: 11494:"The Netherlands: a tax haven continuing its contribution to the corporate tax race to the bottom (translated)" 10157: 9506: 9366: 6901: 6564: 4735: 4644: 3233: 3081:

schemes, used to avoid corporate taxes within the haven, by allowing corporates write-off their IP against tax.

2967: 1613: 1332: 13778: 13637: 7977: 6737:"Multinationals channel more money through "hubs" in Singapore, Switzerland than ever before, Tax Office says" 6685:

Meanwhile, the tax rate reported by those Irish subsidiaries of U.S. companies plummeted to 3% from 9% by 2010

4604:. Current leading academic researcher into tax havens who explicitly uses the term corporate tax havens (see 3146: 2854: 2094: 14384: 13924: 12272: 9792: 8498: 4494: 4470: 3742: 3425: 2900: 1618: 577: 46: 12511:"UK could become 'tax haven' of Europe if it is shut out of single market after Brexit, Chancellor suggests" 11432: 4506:

Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting

2683:), and Russian banks do this with Ireland to avoid international sanctions and access capital markets (i.e. 14085: 13772:"German Institute for Economic Research: Dirty Money Coming Home: Capital Flows into and out of Tax Havens" 13309: 4719: 1316: 607: 11524: 11350: 9710: 9129: 4031:

therefore the most extensive bilateral tax treaties. Corporates need the broadest tax treaties for their

3725:

funds avoid billions in Irish taxes on circa €80 billion of Irish investments they made in 2012-2016 (see

14503: 14075: 14050: 13987: 11321: 10097: 8822: 8378: 6973: 5713: 5695: 5236: 5218: 4759: 3424:), which is what modern corporate tax havens are distinctive in maintaining. It contrasts with the U.S. 2946: 2663: 2239:(or BEA) calculation applied to get the "effective" tax rates of U.S. corporates in the haven (per above 2236: 2151: 1558: 1528: 7305: 3729:). This was despite the fact that the seller of the circa €80 billion was mostly the Irish State's own 2978:

On a Gross Public Debt-to-GNI* basis, Ireland's 2015 figure at 116.5% is more serious, but not alarming;

14528: 14377: 13962: 13861: 12488: 10741:

primary resident: Matheson, an Irish law firm that specializes in ways companies can use Irish tax law.

9438: 8052: 4526: 4440:

Now that corporate tax reform has passed, the advantages of being an inverted company are less obvious

2920: 2159: 1952:

BEPS tools that allow IP assets to be written off against taxes in the jurisdiction (i.e. Apple's 2015

939: 411: 13952: 9054: 7717: 7211:. Fordham Intellectual Property, Media & Entertainment Law Journal. 30 August 2016. Archived from 5261: 5228: 5222: 4481:(whereas 14 of Ireland's top 20 firms are American multinationals). The British firms are mainly pre 4038: 3582:

In addition, Ireland's 2015 Finance Act removed the 80% cap on this tool (which forced a minimum 2.5%

14223: 14186: 13369: 12944: 12359:"Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network" 10774:"Germany: multinationals faced increasing tax compliance obligations in 2017, uncertainty lies ahead" 6548: 4569: 4548: 1710: 986: 564: 521: 372: 227: 76: 13904: 10713:

A patent box of this kind is likely to be introduced in Switzerland in the context of tax package 17

9220: 9083: 1877:

The Cayman Islands, BVI, Bermuda, Jersey and Guernsey are more properly now known as IFCs or OFCs.

1870:

with the corporate haven. This makes modern corporate tax havens more potent than more traditional

14444: 14122: 14065: 14024: 10064: 8522: 7542: 4598:

Dharmapala. Built on Hines material and expanded the lists of general tax havens in 2006 and 2009;

3888: 3656: 3256:

Jesse Drucker, Bloomberg, "Man Making Ireland Tax Avoidance Hub Proves Local Hero", 28 October 2013

3019: 2635: 1714: 1578: 996: 480: 13589: 13462: 12767: 12131: 11616: 11069:

Barrera, Rita; Bustamante, Jessica (2 August 2017). "The Rotten Apple: Tax Avoidance in Ireland".

10476: 10289: 10004: 9731: 8983: 8792: 7212: 7110: 7044: 3783:(which had exposed the scale of Irish domestic taxes Section 110 SPVs had been used to avoid, see 3575:

to conduct a valuation, and Irish GAAP audit, of the IP. The range of IP acceptable by the Irish

3040:

Whereas traditional corporate tax havens facilitated avoiding domestic taxes (e.g. U.S. corporate

2008:

Tax academics identify a number of elements corporate havens employ in supporting respectability:

14856: 14748: 14300: 14144: 14092: 13419:

Some experts see no difference between tax havens and OFCs, and employ the terms interchangeably.

12648: 6636: 6559: 6498: 4565: 4017:), who make heavy use of Sink OFC Luxembourg as a backdoor out of the Irish corporate tax system. 3807: 3801: 3772: 3492: 3345: 3341: 3166: 3001: 2114: 1978:), enabling it to be treated as non-taxable (i.e. the Dutch "double dipping" interest regime); or 1593: 1533: 1044: 1039: 661: 542: 193: 3224:

It is considered that this type of legal and tax work is beyond the normal trust-structuring of

2835:

The United Kingdom was traditionally a "donor" to corporate tax havens (e.g. the last one being

14871: 14861: 14851: 14813: 14688: 14330: 14320: 14203: 14139: 14070: 14055: 13980: 13335: 7742: 6537: 5607: 4261:, representing a coalition of 24 multinational US software firms, including Microsoft, lobbied 4060: 4014: 1914: 1678: 1503: 1388: 1383: 979: 558: 377: 10263: 5668:. The following tables of the world's top 15 GDP-per-capita jurisdictions are taken from the 2752:

hire staff in the corporate tax haven. This gives the haven more respectability (i.e. not a "

1926:

suspend the bilateral tax treaties). These complex BEPS tools often have interesting labels:

14628: 14466: 14198: 14127: 12357:

Garcia-Bernardo, Javier; Fichtner, Jan; Takes, Frank W.; Heemskerk, Eelke M. (24 July 2017).

11403:"Change in tax treatment of intellectual property and subsequent and reversal hard to fathom" 8889:"Still slipping the net: Europe's corporate-tax havens say they are reforming. Up to a point" 8394:

Figure 3. Foreign Direct Investment - Over half of Irish outbound FDI is routed to Luxembourg

5214: 5202: 4742: 4619: 4388: 4317:" (or KDB), which will be amended, as Ireland did with other OECD-whitelist structures (e.g. 4309: 3924: 3916: 3908: 3902: 3576: 3501: 3304: 3287: 3225: 3056: 2924: 2868: 2864: 2807: 2712: 2697: 2668: 2647: 1825: 1754: 1583: 1508: 1473: 1458: 1378: 1368: 612: 532: 527: 448: 9174:"Denouncing Ireland as a tax haven is as dated as calling it homophobic because of our past" 8219: 7690:. The International Consortium of Investigative Journalists. 5 December 2015. Archived from 5352:

Size of profits routed by Fortune 500 companies via subsidiaries in the jurisdiction, 2016:

4302:, "Germany: Breaking Down The German Royalty Barrier - A View From Ireland", 8 November 2017 3415:, "Germany: Breaking Down The German Royalty Barrier - A View From Ireland", 8 November 2017 14753: 14658: 14471: 14439: 14429: 14414: 14315: 14310: 14253: 13661: 12382: 12162:"Google's new APAC headquarters in Singapore is a blend of office building and tech campus" 6241: 5926: 4467: 4360: 3848: 3532: 3506: 3496: 3332: 2966:

Ireland's distorted economic statistics, post leprechaun economics and the introduction of

2928: 1957: 1603: 1568: 1543: 1423: 1403: 570: 247: 108: 12797:"Ireland's move to close the 'double Irish' tax loophole unlikely to bother Apple, Google" 10719: 9272: 4836:

Missing Profits of Nations. Table 2: Shifted Profits: Country-by-Country Estimates (2015)

4665:

Four modern corporate tax havens (have non-zero "headline" tax rates; require "substance"/

4551:, which enabled them to list member states, but have become known as corporate tax havens. 4379:

The "closed-loop" element refers to the fact that the creation of the artificial internal

4208: 2044:

and marketed their compliance, however, they all opted out of the key article 12 section;

1836: 8: 14290: 14280: 14275: 14258: 14149: 14132: 14045: 13633: 13483: 12306: 9972: 9966:"Ireland as a European gateway jurisdiction for China – outbound and inbound investments" 9153: 8737: 7016: 6942: 6575: 6569: 6262: 5863: 4704:

Three very traditional corporate tax havens (open on zero-tax status; no requirement for

4578:. Sponsor the "Offshore Shell Games" reports which are mainly corporate tax havens (see 4561: 4433: 4299: 4239:, "Impossible Structures: tax structures overlooked in the 2015 spillover analysis", 2017 4185: 3412: 3398: 3249: 3218: 2815:

Netherlands' image as a country that makes it easy for multinationals to avoid taxation".

2753: 2308: 2180: 2110: 2079: 1623: 1523: 1518: 1463: 1448: 1438: 1433: 1428: 1373: 1363: 1358: 1342: 1212: 1158: 961: 469: 14533: 12386: 9840: 2005:

limited IP–based BEPS tools from Hong Kong but accepts the full range from Singapore.

14598: 14424: 14372: 14335: 14080: 12403: 12372: 12358: 11086: 8527: 7398:. Irish Department of Finance and Revenue Commissioners. September 2013. Archived from 5394:

A simple but effective proxy are the destinations to where U.S. multinationals execute

4772: 4592: 4371: 4285:

almost immediate failure of the 2017 German "Royalty Barrier" anti-IP legislation (see

2737: 2720: 1598: 1588: 1573: 1563: 1538: 1488: 1453: 1443: 1413: 1398: 1393: 1248: 1163: 951: 915: 836: 715: 433: 71: 11105:"Intellectual Property Box Regimes: Effective Tax Rates and Tax Policy Considerations" 9105: 6833:. Centre for European Economic Research (ZEW). October 2013. p. 3. Archived from 4413:

The 2017-18 U.S. and EU Commission taxation initiatives, deliberately depart from the

2975:

On a Gross Public Debt-to-GDP basis, Ireland's 2015 figure at 78.8% is not of concern;

2224: 14786: 14653: 14538: 14419: 14325: 14191: 14097: 13363:"John Hines and Eric Rice. FISCAL PARADISE: FOREIGN TAX HAVENS AND AMERICAN BUSINESS" 12408: 11090: 9940: 9578:"Intellectual Property Tax Planning in the light of Base Erosion and Profit Shifting" 7365: 6868:"'Impossible' structures: tax outcomes overlooked by the 2015 tax Spillover analysis" 6600:"Bermuda? Guess again. Turns out Holland is the tax haven of choice for US companies" 4731: 3229: 3198: 3074: 2775: 2741:, "After a Tax Crackdown, Apple Found a New Shelter for Its Profits", 6 November 2017 2716: 2692: 2680: 2001: 1949: 1671: 1513: 1498: 1493: 1468: 1418: 1218: 929: 881: 821: 737: 678: 390: 357: 163: 13403: 11888: 11774: 11463: 10898: 3599:

Professor Jim Stewart, Trinity College Dublin, "MNE Tax Strategies in Ireland", 2016

14693: 14673: 14588: 14513: 14342: 14213: 14112: 13200:"Reassessing the Beloved Double Irish Structure (as Single Malt) in Light of GILTI" 12398: 12390: 12363: 12240: 11078: 10837: 8134:

Such profit shifting leads to a total annual revenue loss of $ 200 billion globally

7999: 7008: 6936:"The Professionals: Dealing with the enablers of tax avoidance and financial crime" 5209: 4380: 4213: 3718: 3705: 3686: 3277: 3177:

It was interesting that when Matt Carthy put that to the Minister's predecessor (

3105: 3078: 3060: 2026: 1910: 1553: 1478: 1084: 1049: 1029: 841: 809: 683: 537: 288: 12889:"Oxfam disputes opaque OECD failing that just one tax haven fails on transparency" 11082: 10417:"Zo werd Nederland het grootste belastingparadijs voor Amerikaanse multinationals" 8183: 4614:

Other notable lists. Other noted and influential studies that produced lists are:

3505:

Apple's Q1 2015 Irish "quasi-inversion" of its $ 300bn international IP (known as

3483:" can be structured to create negative rates of taxation for IP-heavy corporates. 3303:

for Irish taxes avoided, despite protests from the Irish Government and the Irish

14825: 14776: 14708: 14683: 14648: 14563: 14434: 14352: 14270: 14179: 14107: 14060: 13911: 12457: 11586: 10182: 9160: 8650: 8004: 7150: 7049: 5299:

Percentage of Fortune 500 companies with subsidiaries in the jurisdiction, 2016:

4418: 4274: 3722: 3372:

longest established, legal jurisdictions (i.e. mainly older G7-type countries).

3068: 3049: 2997: 2821: 2203: 1931: 1647: 1263: 1121: 1116: 851: 814: 725: 690: 592: 352: 312: 278: 188: 178: 173: 168: 86: 13957: 12696:

Study claims State shelters more multinational profits than the entire Caribbean

11647:"How did the Government shaft mortgage holders and taxpayers in one fell swoop?" 11111: 10869:"The tech giants will never pay their fair share of taxes – unless we make them" 6834: 4622:

explained the link between corporate tax havens and traditional tax havens (see

4363:), compares with the blocked $ 160 billion Pfizer-Allergan Irish tax inversion. 3165:

professional service firms and the State in Ireland, is often described as the "

3161:

by their professional services firms. The close relationship between Ireland's

2903:

tax reforms (e.g. territorial system, lower headline rate, beneficial IP-rate).

14678: 14543: 14518: 14389: 14235: 14174: 14029: 13967: 12974:"Maples and Calder Irish Intellectual Property Tax Regime - 2.5% Effective Tax" 12394: 10640: 9937:"Maples and Calder Irish Intellectual Property Tax Regime - 2.5% Effective Tax" 9679: 9306:. International Monetary Fund: Finance & Development Quarterly. June 2018. 8738:"State aid: Ireland gave illegal tax benefits to Apple worth up to €13 billion" 8044: 6531: 5495: 5447: 5346: 4825: 4601: 4522: 4258: 4148: 4086: 3961: 3946: 3912: 3864: 3752: 3664: 3644: 3631: 3384:

The German "Royalty Barrier" law exempts IP charged from locations which have:

3190: 2728: 2676: 2247: 2189: 1982: 1943: 1909:

performed on the product in the jurisdiction justifies a large increase in the

1829: 1746: 1206: 1178: 1153: 1014: 856: 651: 587: 485: 423: 327: 322: 305: 283: 12561: 12218:. Institute on Taxation and Economic Policy (ITEP). October 2017. p. 11. 9904:"OECD's new tax proposals won't stop companies shifting profits to tax havens" 9500:"CRISIS RECOVERY IN A COUNTRY WITH A HIGH PRESENCE OF FOREIGN OWNED COMPANIES" 7510:"Singapore's government says it's not a tax haven, it's a value-adding IP hub" 2911: 2207:, "Editorial View: Corporate tax: defending the indefensible", 2 December 2017 14840: 14791: 14743: 14738: 14733: 14728: 14713: 14623: 14593: 14553: 14461: 14228: 14102: 14003: 13716: 13368:. Quarterly Journal of Economics (Harvard/MIT). February 1994. Archived from 12427:"The Netherlands is world's biggest conduit to offshore tax havens: research" 10667:"18th Annual NYU/KPMG Tax Lecture Addresses International Provisions of TCJA" 6348: 6012: 5395: 4446: 4429: 4352: 4331: 4236: 3821: 3652: 3539: 3041: 2889: 2840: 2653: 2171: 1725:, modern corporate tax havens reject they have anything to do with near-zero 1278: 946: 871: 762: 695: 629: 597: 464: 406: 367: 347: 317: 232: 153: 148: 123: 113: 55: 13812: 5296:

Contains all of Zucman's list, but with Mauritius and Panama added as well.

3945:- the "mega" Conduit OFC, and focused on moving funds from the EU (via the " 3024: 14771: 14698: 14668: 14613: 14523: 14295: 13662:"Banks in Tax Havens: First Evidence based on Country-by-Country Reporting" 12412: 12270: 12215: 9371: 6513: 6369: 6033: 5342: 4738:: London, Hong Kong, Singapore, and Zurich. Luxembourg was in the top 15. 4224: 4191: 3875: 3635: 3564: 3528: 3170: 2705: 1935: 1844: 1840: 1787: 1742: 1659: 1173: 956: 925: 896: 876: 767: 752: 732: 646: 641: 443: 237: 8584:"Intangible Assets Scheme under Section 291A Taxes Consolidation Act 1997" 7688:"Where is Luxembourg, Ireland and the Netherlands on the new EU blacklist" 6635:. Centre for Research on Multinational Corporations (SOMO). Archived from 3262:

That is until the former venture-capital executive at ABN Amro Holding NV

3194: 2219:

Corporation tax in the Republic of Ireland § Effective tax rate (ETR)

1874:, who have more limited tax treaties, due to their acknowledged status. 206: 14781: 14663: 14618: 14608: 14558: 14548: 14498: 14305: 13140:"Shake-up of EU tax rules a 'more serious threat' to Ireland than Brexit" 11349:. Seamus Coffey, University College Cork. 24 January 2018. Archived from 10805:"Germany: Breaking Down The German Royalty Barrier - A View From Ireland" 9581: 8708:"Apple's multi-billion dollar, low-tax profit hub: Knocknaheeny, Ireland" 8555:"Singapore remains the top choice for multinational hubs, tax data shows" 8251:"'Double Irish' and 'Dutch Sandwich' saved Google $ 3.7bn in tax in 2016" 7238:"Scion of a prominent political dynasty who gave his vote to accountancy" 6411: 6283: 6054: 5947: 5527: 5479: 4278:. "Ireland resists closing corporation tax 'loophole'", 10 November 2017. 3977: 3941: 3915:. They highlight the following modern corporate tax havens, also called 3512: 3028: 2478: 2418: 2388: 1802: 1753:). Corporate tax havens promote themselves as "knowledge economies", and 1168: 906: 866: 784: 720: 666: 602: 428: 418: 362: 242: 143: 138: 96: 81: 13526:"EU blacklist names 17 tax havens and puts Caymans and Jersey on notice" 7938:"Kenny warns continued 'loose talk on taxation is damaging our country'" 7399: 3882:), is sometimes proposed. There is a disproportionate concentration of 3700: 14723: 14718: 14583: 14508: 14367: 14285: 14265: 13914:, World Bank. Database updated on 1 July 2017. Accessed on 2 July 2017. 13500:"Oxfam disputes opaque OECD failing just one tax haven on transparency" 12586:"Tax Battles: the dangerous global race to the bottom on corporate tax" 10956:"IBM earnings beat is a product of tax avoidance, and it's nothing new" 10234:"Three years of silence on 'Single Malt' tax loophole raises questions" 10204:"Multinationals replacing 'Double Irish' with new tax avoidance scheme" 9245:. Seamus Coffey, University College Cork. 29 April 2013. Archived from 8043: 6666:"Ireland: Where Profits Pile Up, Helping Multinationals Keep Taxes Low" 6155: 5991: 5800: 5721: 5511: 5341:

Netherlands-Ireland-Bermuda are usually the jurisdictions behind most "

4718:

and the British Virgin Islands. (Caribbean "triad", all three are also

4102: 3883: 3871: 3480: 3445:

in higher-tax jurisdictions, and profit shifting to low-tax locations.

3325: 3214: 2631: 2448: 1964: 1871: 1867: 1818: 1779: 1763: 1730: 1729:, due to their need to encourage jurisdictions to enter into bilateral 1722: 1273: 1243: 1126: 1111: 1034: 966: 934: 886: 861: 846: 747: 742: 710: 636: 342: 337: 158: 118: 64: 13905:

PPP (current international $ )", World Development Indicators database

13858:"These five countries are conduits for the world's biggest tax havens" 13283:. University of Michigan Law School. 2016. p. 714. Archived from 12826:"Turning the Tide: The OECD's Multilateral Instrument Has Been Signed" 12611:"TAX BATTLES The dangerous global Race to the Bottom on Corporate Tax" 12246:. Gabriel Zucman, Thomas Tørsløv, Ludvig Wier. June 2018. p. 26. 11677:"Vulture funds are feasting tax-free on carcass of our property crash" 10984:"Ireland as a Location for Your Intellectual Property Trading Company" 9637:"UK tops global table of damaging tax deals with developing countries" 6828:"Profit Shifting and "Aggressive" Tax Planning by Multinational Firms" 2760:

supports havens with "employment taxes" at the expense of traditional

14394: 14218: 14117: 13024:"Facebook must give judge documents for U.S. tax probe of Irish unit" 12676:"Ireland is the world's biggest corporate 'tax haven', say academics" 12356: 10264:"The Double Irish is dead, long live the 'knowledge-development box'" 8410:"Appleby, the offshore law firm with a record of compliance failures" 6326: 6199: 5969: 5821: 5623: 5543: 4265:, as minister for finance, to resist the proposals in January 2017. 4118: 3993: 3920: 3668: 3626: 3263: 3211: 2836: 2761: 2657: 2508: 2358: 2136: 1843:

BEPS tool is credited with the largest build-up of untaxed corporate

1806: 1791: 1783: 1106: 1024: 1019: 705: 700: 511: 438: 128: 11561:. Stephen Donnelly (Dail Submission). September 2016. Archived from 10447:"Irish Revenue insists it collected all taxes Apple owed in Ireland" 9815:"OECD releases implementation guidance on hard-to-value intangibles" 9048:"Tax Reform in the UK Reversed the Tide of Corporate Tax Inversions" 7883:"Multinationals escape tax due to 'exceptional' rules, study claims" 6978:"Richard Brooks on how accountants got away with murder in the U.K." 3820:

A proposed proxy are jurisdictions to which U.S. corporates execute

2054:

Fordham Intellectual Property, Media & Entertainment Law Journal

13332:"Treasury Official Explains Why U.S. Didn't Sign OECD Super-Treaty" 12453:"Netherlands, not Bermuda, is the tax evasion capital of the world" 12377: 12102:"Apple to create stunning new London HQ at Battersea Power Station" 9732:"U.K. Patent Box holds key to Pfizer-AstraZeneca deal's attraction" 9611:. International Taxation (Volume 9). September 2013. Archived from 8678:"Revealed Eight facts you may not know about the Apple Irish plant" 7569:"Why Ireland's transparency and tax regime means it is not a haven" 3542:

in history, a decision which the Trump Administration also upheld.

3182: 3059:(or IP), GAAP accounting techniques, to create artificial internal 2074:

If BEPS sees itself to a conclusion, it will be good for Ireland.

2067:

against accusations as being a tax haven, and is supported in OCED

1767: 1268: 1236: 920: 910: 831: 826: 799: 772: 582: 332: 273: 268: 101: 12742:"New UN tax handbook: Lower-income countries vs OECD BEPS failure" 11977:"'Strong evidence' Ireland aiding EU banks' tax-avoidance schemes" 10843:. Gabriel Zucman (University of Berkley). April 2018. p. 68. 10351:"Ireland actively facilitates firms in avoiding tax, report finds" 10314: 10065:"After a Tax Crackdown, Apple Found a New Shelter for Its Profits" 8523:"After a Tax Crackdown, Apple Found a New Shelter for Its Profits" 7969: 7764:"Is the U.K. Already the Kind of Tax Haven It Claims It Won't Be?" 7268:"Ireland's playing games in the last chance saloon of tax justice" 12007:"Ireland accused of facilitating tax avoidance by European banks" 11110:. ZEW Centre for European Economic Research. 2014. Archived from 6453: 6432: 6390: 6096: 6075: 5575: 5431: 5415: 4073: 4009: 3949:" BEPS tool) to Luxembourg and the "triad" of Bermuda/BVI/Cayman. 2847:), makes it an interesting case (it still does not appear on all 2568: 2538: 1810: 1771: 1738: 1079: 901: 804: 794: 133: 91: 13972: 13306:"The U.S. Has the Highest Corporate Income Tax Rate in the OECD" 12999:"Base Erosion and Profit Shifting (BEPS) tax diagnostic toolkit" 11226:"Trump to keep Obama rule curbing corporate tax inversion deals" 10317:"Tax haven networks and the role of the Big 4 accountancy firms" 8984:"Lucy Neville-Rolfe appointed UK intellectual property minister" 8439:"Law firm Walkers doubles up on Dublin office space in the IFSC" 3551:(Ireland) data was released to prove it definitively was Apple. 3527:

Sales International, in a quasi-tax inversion, which led to the

3104:

Accepted as an intergroup charge. Many jurisdictions accept IP

2704:

corporate to still access the benefits of a full tax haven (via

1934:

BEPS tools to reroute the funds to a low tax jurisdiction (i.e.

14820: 12915:"OECD gives cautious welcome to Irish Knowledge Box tax scheme" 12654:. Institute of Taxation and Economic Policy. 2017. p. 17. 11320:. Council on Foreign Relations. 30 October 2017. Archived from 10129:"De Correspondent Reveals How the Netherlands Became Tax Haven" 10005:"'Double Irish' limits Facebook's tax bill to €1.9m in Ireland" 9707:"Intellectual Property and the Corporate Tax Avoidance Toolbox" 9235: 7794: 6474: 6304: 6220: 5905: 5884: 5842: 5639: 5591: 5559: 5463: 4286: 3919:, and also highlight their "partnerships" with key traditional 3891:" systems. Many havens are current, or past U.K. dependencies. 3879: 3291: 2844: 1795: 1759: 1642: 1288: 1099: 1094: 1089: 891: 779: 13463:"Trinidad & Tobago left as the last blacklisted tax haven" 13080:"Facebook Ordered to Comply With U.S. Tax Probe of Irish Unit" 11288:"Apple tax affairs changes triggered a surge in Irish economy" 10637:"Federal Council Approves New Law Limiting Royalty Deductions" 8284:"Google's 'Dutch Sandwich' Shielded 16 Billion Euros From Tax" 7739:"Is Ireland a Corporate Tax Haven, Clare Daly Irish Dail T.D." 3331:

When Apple "onshored" $ 300 billion of IP to Ireland in 2015 (

11015:"Capital Allowances for Intangible Assets "Specified Assets"" 9219:. Council on Foreign Relations. 25 April 2018. Archived from 8764:"Does Google Ireland really have 6,000 employees in Ireland?" 8064:

Table 2: Shifted Profits: Country-by-Country Estimates (2015)

7421:"Blacklisted by Brazil, Dublin funds find new ways to invest" 6177: 6134: 5778: 5756: 4129: 4023:

They have the largest tax treaty networks and all follow the

3867:

BEPS tool impacts their national accounts in a different way.

3855:

are tax havens led by Luxembourg, Singapore and Ireland (see

3681: 3375: 3272: 2919:

Some leading modern corporate tax havens are synonymous with

2723:, setting up offices in major Conduit OFCs, such as Ireland. 2598: 1303: 1298: 1293: 1283: 1258: 1253: 1200: 1072: 8922:"The Spider's Web – a film about Britain's tax haven empire" 8184:"World Development Report 2019: The Changing Nature of Work" 8048: 6624: 3359:), the U.K. has a Minister for Intellectual Property and an 2769:

headcount and commitment to spending in Singapore", he said.

13110:"Trump's US tax reform a significant challenge for Ireland" 12709:"Controversial tax strategies brainchild of O'Rourke's son" 9549:"The Irish National Accounts: Towards some do's and don'ts" 9271:. Council on Foreign Relations. 11 May 2018. Archived from 8646:"The Guardian view on tax and Ireland: Apple, pay your way" 8342:"More than €100bn in Russian Money funneled through Dublin" 4478: 4384: 4032: 3638:

BEPS tool), and the "Dutch Double Dip" Debt-based BEPS tool

3620: 3349: 3132: 2935:

tool), is so great, that it distorts EU-28 aggregate data.

1775: 2970:, is captured on page 34 of the OECD 2018 Ireland survey: 1905:, which enable profits to be extracted by claiming that a 8000:"Apple vs. the E.U. Is the Biggest Tax Battle in History" 7628:"Oxfam says Ireland is a tax haven judged by EU criteria" 6707:"New research makes it plain that Ireland is a tax haven" 4647:

in 2015, mostly focus on activities by U.S. corporations.

4463: 3764:

have been created in the Irish tax code to resolve this.

3009: 2667:"Uncovering Offshore Financial Centers": Relationship of 1839:(the U.K. is third, the Netherlands is fifth). Ireland's 38: 13402:. University of Birmingham. 4 April 2012. Archived from 13397:"Ronen Palen: Tax Havens and Offshore Financial Centres" 12744:. Tax Justice Network. 11 September 2017. Archived from 10384:"Man Making Ireland Tax Avoidance Hub Proves Local Hero" 5672:

for 2017 (from the IMF) and 2016 (from the World Bank).

5598: 4051: 3717:

uses complex securitisation loan structuring (including

3690:, "How the Netherlands became a Tax Haven", 31 May 2017. 3479:

It has been noted that IP-based BEPS tools such as the "

3281:, "How the Netherlands became a Tax Haven", 31 May 2017. 13925:"World Bank, International Comparison Program database" 11196:"US issues new rules to clamp down on tax 'inversions'" 9402:"How tax havens turn economic statistics into nonsense" 6554:

Qualifying investor alternative investment fund (QIAIF)

3825: 3169:". The speed at which Ireland was able to replace its 13556:"Outbreak of 'so whatery' over EU tax haven blacklist" 13255:"Tokyo targets tax avoidance on intellectual property" 13170:"Why Ireland faces a fight on the corporate tax front" 12768:"Brussels in crackdown on 'double Irish' tax loophole" 12132:"Facebook to recruit 800 more staff for new London HQ" 11617:"Ireland confronts another tax scandal closer to home" 10930:"Why Corporate Tax Avoidance Is Bigger Than You Think" 9764:"New OECD BEPS-compliant IP regime open opportunities" 9673:"Intellectual Property Law Solutions to Tax Avoidance" 8958:. The UK Intellectual Property Office. February 2017. 8465:"MaplesFS plans to add staff after Dublin office move" 3471:

Starbucks, a coffee chain, also used it in Luxembourg.

1866:

haven; as long as these jurisdictions have bi-lateral

13841:"Tax Havens: International Tax Avoidance and Evasion" 13811:. U.S. GAO. December 2018. p. 12. Archived from 11863:"Tax Reform - Considerations for U.S. Multinationals" 11318:"Apple's Exports Aren't Missing: They Are in Ireland" 10577:. Central Statistics Office (Ireland). 12 July 2016. 9505:. IMK Institute, Berlin. January 2017. Archived from 9367:"Why Tax Havens are Political and Economic disasters" 8953:"Hidden Value: A study of the UK IP Valuation Market" 7658:"Joseph Stiglitz: 'Cheating' Ireland, muddled Europe" 7598:"A tax haven blacklist without the UK is a whitewash" 6768:"Tax Havens: International Tax Avoidance and Evasion" 5389: 4679:

United Kingdom (top 10 2017 global financial centre);

4547:

IMF lists. First produced in 2000 but used the term

4516: 1003:

European Union Common Consolidated Corporate Tax Base

13845:

Table 1. Countries Listed on Various Tax Haven Lists

13257:. Nikkei Asian Review. 10 March 2017. Archived from 13054:"Facebook's Dublin HQ central to $ 5bn US tax probe" 12042:"The desperate inequality behind global tax dodging" 11833:"Europe points finger at Ireland over tax avoidance" 11771:"Inversions under the New Tax Law: Carrot and Stick" 11261:. Ernst & Young. 20 January 2017. Archived from 10604:"Challenges of Measuring the Modern Global Econpomy" 10181:. Tax Justice Network. November 2015. Archived from 9766:. Deloitte (Luxembourg). August 2017. Archived from 9130:"GNI per capita, Atlas method (current US$ ) | Data" 8793:"Dutch set out plan to counter tax-haven reputation" 7209:"Intellectual Property and Tax Avoidance in Ireland" 7174:"Ireland resists closing corporation tax 'loophole'" 4396:

EU Commission State aid investigations, such as the

3315: 13746:. Journal of Public Economics. 2009. Archived from 11525:"The Netherlands: Taxation of Cross-Border Mergers" 10035:"Facebook Ireland pays tax of just €30m on €12.6bn" 9843:. Intellectual Property Office of Singapore. 2018. 9789:"New Dutch Tax Treaties Harms Developing Countries" 8313:"How Russian Firms Funnelled €100bn through Dublin" 7483:. Tax Justice Network. 6 April 2017. Archived from 3856: 2960: 2057:, "IP and Tax Avoidance in Ireland", 30 August 2016 2018:which consider much of the income exempt from tax; 12670: 12668: 12487:. Accountancy Weekly. 27 July 2017. Archived from 11136:"Pfizer pulls out of €140bn Irish Allergan merger" 9580:. University of Tilburg. June 2017. Archived from 8924:. Tax Justice Network. 15 May 2017. Archived from 8144: 8142: 7111:"Multinationals pay lower taxes than a decade ago" 5698:are represented (again, only the U.K. is missing). 4698:Switzerland (top 10 2017 global financial centre). 4504:President Trump did not sign the OECD's June 2017 4398:EU illegal State aid case against Apple in Ireland 3558: 2093:the sharing of data across State departments (see 27:Low "effective" tax rates for foreign corporations 13953:International Financial Centres Forum (IFC Forum) 13683:Figure D: Tax Haven Literature Review: A Typology 13308:. Tax Foundation. 27 October 2014. Archived from 12862:. Ernst & Young. 14 June 2017. Archived from 11068: 9217:"Tax Avoidance and the Irish Balance of Payments" 9080:"The United Kingdom's Experience with Inversions" 9053:. Tax Foundation. 14 October 2014. Archived from 8858:. Tax Foundation. 14 October 2014. Archived from 7013:"How Ireland became an offshore financial centre" 6602:. The Correspondent. 30 June 2017. Archived from 5660:larger scale of accounting flows from the larger 5648: 4692:Luxembourg (top 15 2017 global financial centre); 4655: 4623: 3817:APAC jurisdictions for headquarters is Singapore. 3634:IP-based BEPS tool (which is often used with the 3429: 3421: 3035: 1713:find attractive for establishing subsidiaries or 14838: 13229:"U.S. Tax Cuts and Jobs Act: Winners and Losers" 11800:"Donald Trump singles out Ireland in tax speech" 10899:"Tracking Personal Wealth and Corporate Profits" 10744:"Dublin Moves to Block Controversial Tax Gambit" 9304:"Piercing the Veil of Tax Havens VOL. 55, NO. 2" 9022:. GIPC. February 2018. p. 6. Archived from 8039: 8037: 8035: 8033: 8031: 8029: 8027: 7080:"Effective Corporate Tax in Ireland: April 2014" 7007: 5486: 5264:(by the number of corporate connections), 2017: 5239:(by the number of corporate connections), 2017: 4695:Hong Kong (top 10 2017 global financial centre); 4682:Singapore (top 10 2017 global financial centre). 4605: 4400:for €13bn in Irish taxes avoided from 2004-2014; 4156: 4077: 3535:" affair in Ireland in July 2016 (see article). 3474:Apple, a phone manufacturer, used it in Ireland. 3031:, who made an HBO program on IP-based BEPS tools 2135:Whereas jurisdictions traditionally labelled as 12665: 11794: 11792: 11773:. Tax Foundation. 13 March 2018. Archived from 11738:"Ireland is top Eurozone jurisdiction for SPVs" 11040:"Special Report: How Starbucks avoids UK taxes" 11017:. Irish Revenue. September 2017. Archived from 10718:. PwC Stiwzerland. 11 July 2017. Archived from 10477:"Advisers face tighter EU rules on tax schemes" 10315:Alex Cobham; Chris Jones; Yama Temouri (2017). 9531:"The fall of Jersey: how a tax haven goes bust" 8139: 7328:"Ireland is not a tax haven, Leo Varadkar says" 6543:Irish Section 110 Special Purpose Vehicle (SPV) 5438: 5196: 4169:Base erosion and profit shifting (OECD project) 4162: 3952: 3851:. The non-Oil & Gas nations in the top 15 3790: 3615: 3611:Irish Section 110 Special Purpose Vehicle (SPV) 3140: 13777:. DIW Berlin. 2017. p. 41. Archived from 13715:. University of Michigan. 2007. Archived from 12831:. SquirePattonBoggs. July 2017. Archived from 12072:"Tech giants eating up Dublin's office market" 11920:"Ireland as a Domicile for Structured Finance" 10507:"Intellectual Property (IP) regime in Ireland" 9606:"The Tax Treaty Network of the United Kingdom" 9082:. Tax Foundation. 5 April 2016. Archived from 8620:. Irish Revenue. February 2018. Archived from 7857:"Weil on Finance: Yes, Ireland Is a Tax Haven" 7543:"OECD tax chief: 'Ireland is not a tax haven'" 6972: 4813: 4618:CORPNET. Their 2017 quantitative analysis of 4579: 4137: 3237: 3135:, "Intellectual Property Tax", 4 December 2017 2848: 2708:, dutch sandwich type BEPS tools), as needed. 1974:Beneficial treatment of interest income (from 13988: 13838: 13590:"EU puts 17 countries on tax haven blacklist" 12976:. Maples and Calder Law Firm. February 2018. 12429:. Dutch News NL. 24 July 2017. Archived from 12264: 11062: 10609:. Central Statistics Office (Ireland). 2017. 10292:. House of the Oireachtas. 23 November 2017. 10290:"Dáil Éireann debate - Thursday, 23 Nov 2017" 8024: 7913:"Irish PM counters corporate tax rate claims" 7361:"MOF rejects claim of Singapore as tax haven" 6933: 6765: 5518: 5470: 4767: 4245:Bias to modern havens. The OECD's June 2017 3968: 3932: 1679: 13963:Taxing Corporations, the Tax Justice Network 13334:. Bloomberg BNA. 8 June 2017. Archived from 13223: 13221: 11789: 11587:"Forget Apple: Ireland's other taxing issue" 10989:. Arthur Cox Law. April 2015. Archived from 9678:. UCLA Law Review. p. 4. Archived from 9670: 8278: 8276: 7821:"Effective Corporate Tax calculations: 2.2%" 7790:"If Ireland Is Not A Tax Haven, What Is It?" 7443: 5502: 5286: 5221:(i.e. corporate tax haven proxy), and top 5 4511: 4093: 3521: 3152:corporate tax haven's own jurisdiction, see 3147:Ireland as a tax haven § Captured state 2342:traditional tax haven, rates are negligible 13893:Table 2: International Portfolio Investment 13886: 12560:. Citibank Asia. April 2013. Archived from 11953:. International Tax Review. 15 March 2015. 11951:"Irish Securitisation Section 110 Vehicles" 11373:"Tax break for IP transfers is cut to 80pc" 9361: 9359: 8497:. Jersey Post. January 2008. Archived from 8077:"Corporate tax: defending the indefensible" 8047:; Thomas Torslov; Ludvig Wier (June 2018). 7074: 7072: 5677:6 of the top 10 global tax havens from the 5614: 5534: 4408: 4143: 4109: 4013:- the main Conduit OFC for U.S. links (see 3984: 3299:EU Commission State aid cases, such as the 2669:Conduit and Sink Offshore Financial Centres 13995: 13981: 12485:"UK second largest conduit for tax havens" 11765: 11763: 10904:. Journal of Economic Perspectives. 2014. 10538:"Global Taxation of Intellectual Property" 9958: 9931: 9929: 9572: 9570: 9338:. Michigan Ross School of Business. 2004. 8315:. The Sunday Business Post. 4 March 2018. 8245: 8243: 8241: 7355: 7353: 7304:. DutchNews.nl. 5 May 2009. Archived from 6509:Corporation tax in the Republic of Ireland 5665: 5207:From the 2017 investigation, published in 4730:Note four of these ten jurisdictions have 4173: 3486: 3468:Amazon, a retailer, used it in Luxembourg. 3439: 3153: 2893:, "Still slipping the net", 8 October 2015 1975: 1896: 1686: 1672: 13231:. Taxnotes. 19 March 2018. p. 1235. 13218: 12789: 12541:"Taiwan, the un-noticed Asian tax haven?" 12402: 12376: 12279:. University College Cork. Archived from 11855: 8441:. Sunday Business Post. 4 February 2018. 8404: 8402: 8273: 7481:"Tax haven blacklisting in Latin America" 7203: 7201: 7199: 5678: 5670:List of countries by GDP (PPP) per capita 5655:List of countries by GDP (PPP) per capita 5566: 5422: 5406: 5338:Institute on Taxation and Economic Policy 5293:Institute on Taxation and Economic Policy 4576:Institute on Taxation and Economic Policy 4064: 4000: 3853:List of countries by GDP (PPP) per capita 3833:Institute on Taxation and Economic Policy 3826:§ Bloomberg Corporate tax inversions 3563:Apple used Ireland's new BEPS tool, and " 3365:Intellectual Property Office of Singapore 1195:Institute on Taxation and Economic Policy 13667:. EU Commission. July 2017. p. 50. 13621: 13619: 13192: 12643: 12641: 12639: 12637: 12543:. Tax Justice Network. 10 February 2016. 12187:"Facebook's Singapore APAC Headquarters" 12036: 12034: 12032: 11827: 11825: 11341: 11339: 11256:"Global Tax Aleart Corporate Inversions" 10978: 10976: 10799: 10797: 10795: 10685:"Do you know what the Knowledge Box is?" 10378: 10376: 10092: 10090: 9898: 9896: 9865: 9863: 9861: 9791:. somo.nl. 20 April 2011. Archived from 9666: 9664: 9662: 9356: 8947: 8945: 8943: 8108: 8106: 8104: 8102: 7997: 7413: 7069: 6902:"Dutch Double Dips and Dutch Sandwiches" 6896: 6894: 6729: 6526:Capital Allowances for Intangible Assets 5719: 5711: 5688: 5661: 5630: 5582: 5550: 5454: 5227: 4482: 4365: 4351:tool, which by-pass U.S. anti-Corporate 4207: 4037: 3896: 3699: 3695: 3619: 3604: 3569:capital allowances for intangible assets 3500: 3356: 3205: 3173:IP-based BEPS tool, is a noted example. 3023: 2933:capital allowances for intangible assets 2910: 2853: 2786:capital allowances for intangible assets 2662: 2015: 1902: 1890: 1824:In corporate tax haven lists, CORPNET's 1709:is used to describe a jurisdiction that 13891:. University of Michigan. p. 106. 12736: 12734: 11760: 11499:. Oxfam Novib. May 2016. Archived from 10832: 10830: 10828: 10826: 10566: 10564: 10411: 10409: 10282: 10123: 10121: 10119: 9926: 9701: 9699: 9567: 9396: 9394: 9298: 9296: 9294: 9292: 9290: 9211: 9209: 9207: 9205: 9203: 9011: 9009: 8916: 8914: 8883: 8881: 8879: 8877: 8730: 8578: 8576: 8369: 8367: 8336: 8334: 8307: 8305: 8238: 7851: 7849: 7504: 7502: 7350: 7003: 7001: 6968: 6966: 6929: 6927: 4287:§ German "Royalty Barrier" failure 3573:International Financial Services Centre 3458:International Financial Services Centre 3246:International Financial Services Centre 3163:International Financial Services Centre 3044:), modern corporate tax havens provide 2799:When the EU Commission completed their 14: 14839: 13391: 13389: 13357: 13355: 13353: 13324: 13247: 13056:. Sunday Business Post. 1 April 2018. 12907: 12719:from the original on 20 September 2018 12616:. Oxfam. December 2016. Archived from 12588:. Oxfam. December 2016. Archived from 12277:"International GNI to GDP Comparisons" 11925:. Arthur Cox Law. 2014. Archived from 11712:. Morgan Stanley. 2017. Archived from 11310: 10057: 10027: 9997: 9758: 9756: 9600: 9598: 9494: 9492: 9490: 9488: 9243:"International GNI to GDP Comparisons" 9072: 8850: 8848: 8787: 8785: 8700: 8517: 8515: 8399: 8214: 8212: 8210: 8208: 7964: 7962: 7782: 7537: 7535: 7390: 7388: 7232: 7230: 7196: 7168: 7166: 7164: 7140: 7138: 7136: 7103: 7039: 7037: 6862: 6860: 6858: 6856: 6854: 6783: 6781: 6779: 6777: 6660: 6658: 6656: 4636:have produced tax haven lists in 2017. 4634:German Institute for Economic Research 4457: 3115: 3063:, which facilitate BEPS actions, via: 3010:Intellectual-property–based BEPS tools 2863:the U.K. as the second largest global 2830: 2260: 13976: 13616: 13502:. Oxfam. 30 June 2017. Archived from 12891:. Oxfam. 30 June 2017. Archived from 12701: 12634: 12603: 12578: 12350: 12029: 11822: 11486: 11395: 11365: 11336: 10973: 10792: 10780:from the original on 14 December 2018 10584:from the original on 22 November 2017 10439: 10373: 10322:. Journal of Business. Archived from 10179:"Tax Justice Network: Captured State" 10087: 9893: 9858: 9841:"Growing your business with IP cycle" 9709:. B&R Beurs. 2018. Archived from 9659: 8940: 8856:"How Tax Reform solved UK inversions" 8823:"Drugs company moves to cut tax bill" 8589:. Irish Revenue. 2010. Archived from 8099: 8051:. University of Berkley. p. 31. 8012:from the original on 14 November 2016 7905: 7085:. Department of Finance. April 2014. 6891: 6873:. Christian Aid. 2017. Archived from 6822: 6820: 6818: 6816: 6814: 6701: 6699: 6697: 6695: 6693: 6594: 6592: 6111: 5733: 4829: 4819: 4335:, "Patently problematic", August 2015 3857:§ GDP-per-capita tax haven proxy 3397:One of Ireland's main tax law firms, 2961:§ GDP-per-capita tax haven proxy 2784:Irish IP-based BEPS tools (e.g. the " 2641: 2240: 14358:New international division of labour 13741:"Which countries become tax havens?" 13654: 13566:from the original on 7 December 2017 13281:"Multinational Firms and Tax Havens" 12937: 12818: 12731: 11699: 11669: 11639: 11166:"Big Pharma Murdered Tax Inversions" 10823: 10561: 10406: 10116: 10075:from the original on 6 November 2017 9696: 9629: 9455: 9424: 9391: 9287: 9261: 9200: 9040: 9006: 8911: 8874: 8607: 8573: 8535:from the original on 6 November 2017 8364: 8331: 8302: 8226:from the original on 31 October 2018 8087:from the original on 2 December 2017 7859:. Bloomberg News. 11 February 2014. 7846: 7714:"The Netherlands: tax haven or not?" 7499: 7302:"US tax haven claim surprises Dutch" 7184:from the original on 4 December 2018 7045:"Tax avoidance: The Irish inversion" 6998: 6963: 6924: 4708:/"substance"; limited tax treaties): 3301:€13 billion fine on Apple in Ireland 2906: 13733: 13702: 13688: 13386: 13350: 12849: 12686:from the original on 24 August 2018 11609: 11579: 11548: 10716:""Royalty Restrictions" in Germany" 10390:. Bloomberg News. 28 October 2013. 10196: 9753: 9595: 9485: 9463:"National debt now €44000 per head" 9166: 9146: 8845: 8782: 8547: 8512: 8205: 7959: 7706: 7680: 7650: 7532: 7385: 7227: 7161: 7133: 7034: 6981:Centre for Investigative Journalism 6851: 6774: 6653: 6618: 4776:largest U.S. corporate tax havens: 4705: 4666: 4624:§ CORPNET Corporate tax havens 4251: 4024: 3840: 3548:Central Statistics Office (Ireland) 3430:§ Failure of OECD BEPS Project 3422:§ Failure of OECD BEPS Project 3369:Global Intellectual Property Center 3217:and PwC (Ireland) Managing Partner 2212: 2063: 1854: 24: 13968:Corporate Tax Havens, the Guardian 13931:from the original on 11 April 2018 13600:from the original on 30 March 2019 13235:from the original on 15 April 2019 13206:from the original on 26 March 2019 13090:from the original on 26 April 2018 13060:from the original on 21 April 2018 12309:. 19 December 2017. Archived from 11869:from the original on 24 April 2018 11687:from the original on 28 April 2018 11657:from the original on 28 April 2018 11474:from the original on 13 April 2018 11413:from the original on 21 March 2018 11383:from the original on 22 March 2018 11298:from the original on 30 March 2018 11206:from the original on 17 April 2018 11176:from the original on 17 April 2018 10932:. Stanford Business. 24 May 2016. 10457:from the original on 27 April 2018 10427:from the original on 30 April 2019 10296:from the original on 16 April 2019 9881:from the original on 30 April 2019 9817:. Ernst & Young. 23 May 2017. 9555:from the original on 29 April 2018 9437:. OECD. March 2018. Archived from 8445:from the original on 27 March 2018 8352:from the original on 15 March 2018 8261:from the original on 24 March 2018 7863:from the original on 27 April 2018 7831:from the original on 26 April 2018 7638:from the original on 24 April 2018 7549:from the original on 27 April 2018 7338:from the original on 19 April 2018 7121:from the original on 29 April 2018 6811: 6690: 6589: 6572:Ireland's largest U.S. tax advisor 5390:Bloomberg Corporate tax inversions 4669:; have broad tax treaty networks): 4606:§ Zucman Corporate tax havens 4542:European Union tax haven blacklist 4517:Types of corporate tax haven lists 4349:capital allowances for intangibles 4157:§ Zucman Corporate tax havens 2801:State aid investigation into Apple 2174:, Bloomberg View, 11 February 2014 1954:capital allowances for intangibles 25: 14883: 14002: 13946: 13843:. Cornell University. p. 4. 13839:Jane Gravelle (15 January 2015). 13536:from the original on 7 April 2019 13432:"Towards Global Tax Co-Operation" 13180:from the original on 2 April 2018 13150:from the original on 12 June 2018 13120:from the original on 25 June 2018 13086:. Bloomberg News. 28 March 2018. 12521:from the original on 2 April 2018 12052:from the original on 8 March 2019 11957:from the original on 12 June 2018 11843:from the original on 7 March 2018 11810:from the original on 3 April 2018 11748:from the original on 28 June 2018 11627:from the original on 12 June 2018 11597:from the original on 27 June 2018 11464:"Bloomberg Special TAX INVERSION" 11236:from the original on 16 June 2018 11172:. Bloomberg News. 6 August 2016. 11046:. 15 October 2012. Archived from 10754:from the original on 16 June 2018 10695:from the original on 15 June 2018 10394:from the original on 12 June 2018 10361:from the original on 12 June 2018 10244:from the original on 12 June 2018 10214:from the original on 12 June 2018 10045:from the original on 12 June 2018 9551:. irisheconomy.ie. 13 July 2016. 9473:from the original on 7 April 2018 9412:from the original on 12 June 2018 9184:from the original on 21 June 2018 9163:. (PDF). Retrieved on 2011-11-02. 8833:from the original on 5 April 2018 8740:. EU Commission. 30 August 2016. 8718:from the original on 12 June 2018 8688:from the original on 12 June 2018 8658:from the original on 12 June 2018 8319:from the original on 12 June 2018 8124:from the original on 4 April 2019 7998:Foroohar, Rana (30 August 2016). 7893:from the original on 12 June 2018 7770:from the original on 13 June 2018 7668:from the original on 12 June 2018 7461:from the original on 14 June 2018 7431:from the original on 14 June 2018 7248:from the original on 12 June 2018 6766:Jane Gravelle (15 January 2015). 6578:architect of Ireland's BEPS tools 5451:11 inversions (last one was 2016) 5435:19 inversions (last one was 2015) 5419:21 inversions (last one was 2016) 4289:), is a notable example of this: 3911:, and by University of Berkley's 3555:$ 160 billion blocked inversion. 2746: 1010:Global minimum corporate tax rate 14819: 14809: 14808: 14019: 13917: 13898: 13880: 13868:from the original on 6 July 2018 13850: 13832: 13798: 13764: 13582: 13548: 13518: 13492: 13455: 13424: 13298: 13273: 13162: 13132: 13102: 13072: 13046: 13016: 13001:. PriceWaterhouseCoopers. 2016. 12991: 12966: 12925:from the original on 13 May 2018 12881: 12760: 12661:from the original on 2022-10-09. 12555:"Hong Kong; The next Luxembourg" 12547: 12533: 12503: 12477: 12445: 12419: 12325: 12295: 12241:"The Missing Profits of Nations" 12233: 12208: 12179: 12154: 12142:from the original on 14 May 2018 12124: 12112:from the original on 14 May 2018 12094: 12082:from the original on 13 May 2018 12064: 12017:from the original on 5 July 2018 11999: 11987:from the original on 19 May 2018 11969: 11943: 11912: 11881: 11730: 11517: 11456: 11438:. Trinity College Dublin. 2016. 11425: 11280: 11248: 11218: 11188: 11158: 11146:from the original on 8 July 2018 11128: 11097: 11032: 11007: 10948: 10936:from the original on 12 May 2018 10922: 10891: 10879:from the original on 22 May 2018 10861: 10838:"The Missing Profits of Nations" 10766: 10734: 10707: 10677: 10659: 10627: 10596: 10530: 10499: 10487:from the original on 14 May 2018 10469: 10343: 10308: 10270:from the original on 14 May 2018 10256: 10226: 10171: 10150: 10015:from the original on 19 May 2018 9914:from the original on 20 May 2018 9833: 9821:from the original on 19 May 2018 9807: 9781: 9724: 9647:from the original on 17 May 2018 9379:from the original on 26 May 2018 9269:"Ireland Exports its Leprechaun" 8994:from the original on 21 May 2018 8899:from the original on 14 May 2018 8803:from the original on 20 May 2018 8744:from the original on 18 May 2018 8561:from the original on 20 May 2018 8475:from the original on 3 July 2018 8290:from the original on 5 June 2018 8222:. Bloomberg News. 1 March 2017. 8049:"The Missing Profits of Nations" 7766:. Bloomberg News. 31 July 2017. 7608:from the original on 13 May 2018 7520:from the original on 22 May 2018 7373:from the original on 14 May 2018 7278:from the original on 8 July 2018 7057:from the original on 19 May 2018 6912:from the original on 26 May 2018 6799:from the original on 15 May 2018 6789:"Dutch masters of tax avoidance" 6747:from the original on 22 May 2018 6717:from the original on 20 May 2018 6672:. Bloomberg News. October 2013. 6504:Corporate tax in the Netherlands 6467: 6446: 6425: 6404: 6383: 6362: 6341: 6319: 6297: 6276: 6255: 6234: 6213: 6192: 6170: 6148: 6127: 6089: 6068: 6047: 6026: 6005: 5984: 5962: 5940: 5919: 5898: 5877: 5856: 5835: 5814: 5793: 5771: 5749: 5632: 5616: 5600: 5584: 5568: 5552: 5536: 5531:3 inversions (last one was 2007) 5520: 5515:4 inversions (last one was 2010) 5504: 5499:5 inversions (last one was 2014) 5488: 5483:7 inversions (last one was 2016) 5472: 5467:8 inversions (last one was 2016) 5456: 5440: 5424: 5408: 4641:Government Accountability Office 4580:§ ITEP Corporate tax havens 4138:§ Corporate tax haven lists 4111: 4095: 4079: 4066: 4053: 4002: 3986: 3970: 3954: 3934: 3731:National Asset Management Agency 3376:German "Royalty Barrier" failure 3367:). The top 10 list of the 2018 3238:§ Corporate tax haven lists 3046:base erosion and profit shifting 3016:Base erosion and profit shifting 2849:§ Corporate tax haven lists 2625:base erosion and profit shifting 2591: 2561: 2531: 2501: 2471: 2441: 2411: 2381: 2351: 2301: 1981:Restructuring the income into a 1861:Base erosion and profit shifting 1735:base erosion and profit shifting 1653: 1641: 475:Base erosion and profit shifting 45: 14020: 13698:. University of Michigan. 2010. 13674:from the original on 2018-06-23 13473:from the original on 2018-12-15 13444:from the original on 2015-09-18 13034:from the original on 2 May 2018 13005:from the original on 2018-05-17 12980:from the original on 2018-05-16 12955:from the original on 2018-05-16 12807:from the original on 2018-07-22 12778:from the original on 2018-07-22 12253:from the original on 2018-06-12 12222:from the original on 2018-05-17 12197:from the original on 2018-06-29 12168:from the original on 2018-07-10 11901:from the original on 2018-05-14 11537:from the original on 2015-12-10 11445:from the original on 2018-04-26 11433:"MNE Tax Strategies in Ireland" 11071:The International Trade Journal 10962:from the original on 2018-05-22 10911:from the original on 2018-04-12 10850:from the original on 2018-06-12 10811:from the original on 3 May 2018 10616:from the original on 2018-05-14 10550:from the original on 2017-10-03 10519:from the original on 2018-05-19 10512:. Grant Thornton. August 2015. 10266:. journal.ie. 14 October 2014. 10139:from the original on 2019-04-30 10104:from the original on 2 May 2018 9982:from the original on 2018-07-12 9947:from the original on 2018-05-16 9847:from the original on 2018-05-22 9742:from the original on 2018-05-13 9541: 9523: 9345:from the original on 2017-08-18 9325: 9310:from the original on 2018-06-12 9122: 9098: 8976: 8965:from the original on 2018-05-19 8815: 8756: 8670: 8638: 8487: 8457: 8431: 8420:from the original on 2018-08-29 8385:from the original on 2018-07-06 8194:from the original on 2018-09-30 8176: 8162:from the original on 2017-07-22 8150:"BEPS Project Background Brief" 8069: 8055:from the original on 2018-05-22 7991: 7980:from the original on 2018-05-10 7948:from the original on 2018-06-12 7930: 7919:from the original on 2018-04-26 7875: 7813: 7802:from the original on 2018-04-27 7756: 7731: 7620: 7590: 7579:from the original on 2018-05-13 7561: 7545:. thejournal.ie. 23 July 2013. 7473: 7320: 7294: 7260: 7092:from the original on 2018-04-24 6934:George Turner (November 2017). 6676:from the original on 2018-05-16 6630:"The Netherlands: A Tax Haven?" 6416:Top 10 Tax haven (Conduit OFC) 6288:Top 10 Tax haven (Conduit OFC) 6267:Top 10 Tax haven (Conduit OFC) 6204:Top 10 Tax haven (Conduit OFC) 6059:Top 10 Tax Haven (Conduit OFC) 5952:Top 10 Tax Haven (Conduit OFC) 5868:Top 10 Tax haven (Conduit OFC) 5826:Top 10 Tax haven (Conduit OFC) 5643:1 inversion (last one was 1982) 5627:1 inversion (last one was 1990) 5611:1 inversion (last one was 2003) 5595:1 inversion (last one was 2009) 5579:1 inversion (last one was 2009) 5563:1 inversion (last one was 2012) 5547:1 inversion (last one was 2012) 3775:upgraded the little-used Irish 3559:Apple's IP–based BEPS inversion 2462:headline rate appears cosmetic 2432:headline rate appears cosmetic 2372:headline rate appears cosmetic 2322:headline rate appears cosmetic 2156:€13 billion in Irish back taxes 253:Optimal capital income taxation 13958:IMF Offshore Financial Centres 13793:Table A1: Tax havens full list 12461:. 30 July 2017. Archived from 12335:. CIA Factbook. Archived from 11707:"Global Securitisation Market" 8766:. 17 June 2016. Archived from 7970:"Ireland's Top 1000 Companies" 6759: 6565:United Kingdom corporation tax 5649:GDP-per-capita tax haven proxy 4736:Global Financial Centres Index 4656:Ten major corporate tax havens 4645:Congressional Research Service 3795: 3630:credited with introducing the 3517:(Council on Foreign Relations) 3348:), and still hide the largest 3234:Global Financial Centres Index 3036:Raw materials of tax avoidance 2225:financial effect of tax havens 1333:List of countries by tax rates 13: 1: 12273:Irish Fiscal Advisory Council 11083:10.1080/08853908.2017.1356250 10958:. Marketwatch. October 2017. 10807:. Matheson. 8 November 2017. 10776:. MNE Tax. 27 December 2017. 10643:. 2 July 2017. Archived from 9671:Blair-Stanek, Andrew (2015). 8495:"Mourant opens Dublin office" 8286:. Bloomberg. 2 January 2018. 4471:Tax Cuts and Jobs Act of 2017 3743:Tax Cuts and Jobs Act of 2017 3426:Tax Cuts and Jobs Act of 2017 3342:putting on the "green jersey" 2901:Tax Cuts and Jobs Act of 2017 758:Natural resources consumption 12216:"Offshore Shell Games: 2017" 10634:tax rate of < 25 %). 6332:Top 10 Tax haven (Sink OFC) 6160:Top 10 Tax haven (Sink OFC) 5975:Top 10 Tax Haven (Sink OFC) 5805:Top 10 Tax haven (Sink OFC) 5666:§ Debt-based BEPS tools 5197:CORPNET Corporate tax havens 4720:British Overseas Territories 4568:) and corporate tax havens ( 4163:Failure of OECD BEPS Project 3791:Ranking corporate tax havens 3671:is credited as its creator. 3361:Intellectual Property Office 3154:§ Irish Section 110 SPV 3141:Encoding IP–based BEPS tools 2876:Intellectual Property Office 1994: 1976:§ Debt-based BEPS tools 1897:§ Debt-based BEPS tools 608:United States as a tax haven 7: 14076:Environmental globalization 14051:Anti-globalization movement 13636:. July 2017. Archived from 13202:. Taxnotes. 23 April 2018. 12649:"Offshore Shell Games 2017" 10543:. Ernst & Young. 2017. 10098:"Intellectual Property Tax" 9106:"GDP (current US$ ) | Data" 8379:International Monetary Fund 7716:. ESV. 2016. Archived from 6491: 6479:49,175 (effective society) 6458:49,496 (effective society) 6437:50,078 (effective society) 6395:51,399 (effective society) 6353:57,467 (effective society) 6080:52,150 (effective society) 6017:59,495 (effective society) 5714:International Monetary Fund 5679:§ Ten major tax havens 4814:Zucman Corporate tax havens 4760:International Monetary Fund 4734:that appear in 2017 top 10 4632:DIW Berlin. The respected 2947:International Monetary Fund 2237:Bureau of Economic Analysis 2152:Bureau of Economic Analysis 2130: 10: 14888: 14224:Offshore financial centres 12395:10.1038/s41598-017-06322-9 11894:. JPMorgan. January 2018. 11865:. Lexology. 9 March 2018. 9432:"OECD Ireland Survey 2018" 6465: 6444: 6423: 6402: 6381: 6360: 6339: 6316: 6295: 6274: 6253: 6232: 6211: 6190: 6167: 6146: 6125: 6087: 6066: 6045: 6024: 6003: 5982: 5959: 5938: 5917: 5896: 5875: 5854: 5833: 5812: 5791: 5768: 5747: 5728: 5689:§ U.K. transformation 5662:§ IP-based BEPS tools 5652: 5200: 4817: 4768:Hines Corporate tax havens 4527:offshore financial centres 4483:§ U.K. transformation 4383:(which is critical to the 4321:), to become a BEPS tool. 4190:"Architect" of the famous 4166: 3900: 3799: 3758:Profit Participation Notes 3608: 3490: 3357:§ U.K. transformation 3201:Debate, 23 November 2017". 3144: 3127:that relocates to Ireland. 3013: 2921:offshore financial centres 2645: 2589: 2559: 2529: 2499: 2469: 2439: 2409: 2379: 2349: 2329: 2299: 2263: 2216: 2160:minimum corporate tax rate 2125: 2016:§ IP-based BEPS tools 1903:§ TP-based BEPS tools 1891:§ IP-based BEPS tools 1858: 1711:multinational corporations 522:Offshore financial centres 412:Repatriation tax avoidance 14804: 14762: 14637: 14572: 14489: 14480: 14407: 14244: 14165: 14158: 14038: 14010: 11470:. Bloomberg. 2 May 2017. 10100:. KPMG. 4 December 2017. 9943:Law Firm. February 2018. 8381:. June 2018. p. 20. 8375:"Ireland:Selected Issues" 6628:; Francis Weyzig (2006). 6549:Offshore financial centre 5287:ITEP Corporate tax havens 4570:Corporate Tax Haven Index 4549:offshore financial centre 4512:Corporate tax haven lists 3522:Apple vs. Pfizer–Allergan 3337:Central Statistics Office 2927:to Ireland, creating the 2656:than leading traditional 2145:effective corporate taxes 1733:which accept the haven's 987:Financial transaction tax 77:Property tax equalization 14066:Democratic globalization 9333:"Do Tax Havens Flourish" 6583: 5217:, comes CORPNET's top 5 4409:Departure of U.S. and EU 4144:Ireland as global leader 3116:§ Denials of status 3020:Double Irish arrangement 2636:World Development Report 1880: 1845:offshore cash in history 1338:Tax revenue to GDP ratio 997:Currency transaction tax 578:Liechtenstein tax affair 14867:Corporate tax avoidance 14348:Investor-state disputes 14301:Illicit financial flows 14145:Political globalization 14093:Global financial system 12333:"Country Legal Systems" 12164:. CNBC. November 2016. 8220:"Tracking Tax Runaways" 7915:. CNBC. February 2014. 6560:Taxation in Switzerland 6499:Corporate tax inversion 4830:§ Financial impact 4820:§ Financial impact 4710: 4690: 4671: 4566:Financial Secrecy Index 4473:changes this calculus. 4174:Reasons for the failure 3831:The 2017 report by the 3808:Financial Secrecy Index 3802:Corporate tax inversion 3773:Central Bank of Ireland 3493:Corporate tax inversion 3487:IP–based Tax inversions 3440:IP and post-tax margins 3346:Financial Secrecy Index 3316:The "Knowledge Economy" 3002:Central Bank of Ireland 2330:Caribbean (ex. Bermuda) 2241:§ Denial of status 2115:Financial Secrecy Index 1946:in the Netherlands); or 1707:multinational tax haven 1045:Permanent establishment 1040:Exchange of Information 543:Financial Secrecy Index 194:Medical savings account 14847:International taxation 14689:Christopher Chase-Dunn 14457:Primitive accumulation 14140:Military globalization 14071:Economic globalization 14056:Cultural globalization 12945:"Patently problematic" 9159:April 7, 2016, at the 8155:. OECD. January 2017. 7514:Sydney Morning Hearald 6538:Ireland as a tax haven 5608:British Virgin Islands 5384:British Virgin Islands 5269:British Virgin Islands 5233: 4808:British Virgin Islands 4765: 4452: 4376: 4338: 4305: 4281: 4257:The global legal firm 4242: 4218: 4182: 4061:British Virgin Islands 4043: 4015:Ireland as a tax haven 3771:In February 2018, the 3710: 3693: 3639: 3602: 3518: 3418: 3284: 3259: 3221: 3204: 3138: 3032: 3007: 2952: 2916: 2896: 2859: 2828: 2782: 2744: 2685:Irish Section 110 SPVs 2671: 2210: 2177: 2120: 2089: 2060: 2036: 2000:come from established 1915:contract manufacturing 940:Vehicle miles traveled 559:Ireland as a tax haven 373:Private tax collection 13146:. 14 September 2017. 12108:. 28 September 2016. 11623:. 11 September 2016. 11347:"What Apple did next" 11294:. 18 September 2016. 10208:The Irish Independent 6770:. Cornell University. 6741:Sydney Morning Herald 6183:Tax haven (Sink OFC) 5996:Tax haven (Sink OFC) 5784:Tax haven (Sink OFC) 5231: 5215:Conduit and Sink OFCs 5203:Conduit and Sink OFCs 4758:"Piercing the Veil", 4750: 4743:Conduit and Sink OFCs 4706:§ Employment tax 4667:§ Employment tax 4620:Conduit and Sink OFCs 4438: 4389:Revenue Commissioners 4369: 4322: 4310:intellectual property 4290: 4255: 4252:§ Employment tax 4228: 4211: 4178: 4041: 4025:§ Employment tax 3909:Conduit and Sink OFCs 3903:Conduit and Sink OFCs 3897:Quantitative measures 3841:§ Employment tax 3715:Irish Section 110 SPV 3703: 3696:Irish Section 110 SPV 3673: 3667:, ex. Dutch Minister 3623: 3605:Debt–based BEPS tools 3592: 3577:Revenue Commissioners 3504: 3403: 3363:, as does Singapore ( 3305:Revenue Commissioners 3288:Conduit and Sink OFCs 3260: 3242: 3226:offshore magic circle 3209: 3175: 3124: 3057:intellectual property 3027: 3000:, ex-Governor of the 2989: 2945:"Piercing the Veil", 2937: 2925:intellectual property 2914: 2880: 2857: 2812: 2766: 2727:A key architect was 2725: 2713:offshore magic circle 2711:We increasingly find 2698:Conduit and Sink OFCs 2690:A study published in 2666: 2648:Conduit and Sink OFCs 2194: 2164: 2098: 2072: 2064:§ Employment tax 2045: 2019: 1805:at 25%, U.K. at 19%, 613:Panama as a tax haven 565:Ireland v. Commission 533:Conduit and sink OFCs 528:Offshore magic circle 449:Unreported employment 14754:Immanuel Wallerstein 14415:Capital accumulation 14281:Endangered languages 13887:James Hines (2010). 13116:. 30 November 2017. 11889:"U.S. TCJA JPMorgan" 11806:. 29 November 2017. 11593:. 6 September 2016. 11530:. KPMG. April 2014. 10875:. 11 December 2017. 10240:. 16 November 2017. 10041:. 29 November 2017. 9877:. 18 February 2016. 9643:. 23 February 2016. 9086:on 27 September 2018 8799:. 27 February 2018. 8684:. 15 December 2017. 7827:. 14 February 2014. 7741:2013. Archived from 7664:. 2 September 2016. 7634:. 28 November 2017. 7369:. 14 December 2016. 7334:. 23 November 2017. 7180:. 10 November 2017. 6908:. 10 December 2010. 6713:. 11 February 2014. 6545:Debt-based BEPS tool 6242:United Arab Emirates 5927:United Arab Emirates 4639:U.S. Congress. The 4468:Trump administration 4434:corporate tax havens 4361:leprechaun economics 3849:leprechaun economics 3762:Orphaned Super-QIAIF 3657:"earnings-stripping" 3567:" replacement, the " 3533:leprechaun economics 3507:leprechaun economics 3497:Leprechaun economics 3333:leprechaun economics 2929:leprechaun economics 2140:being black-listed. 2109:, co-founder of the 1987:Orphaned Super-QIAIF 1958:leprechaun economics 1609:United Arab Emirates 1351:Individual Countries 1060:Foreign revenue rule 852:Inheritance (estate) 571:Leprechaun economics 14826:Business portal 14385:Transnational crime 14291:Forced displacement 14276:Economic inequality 14150:Trade globalization 14046:Alter-globalization 13634:Tax Justice Network 13596:. 8 December 2017. 13562:. 7 December 2017. 13532:. 5 December 2017. 13484:Tax Justice Network 13482:Alex Cobham of the 12921:. 23 October 2014. 12715:. 3 November 2013. 12517:. 15 January 2017. 12433:on 14 February 2018 12387:2017NatSR...7.6246G 12307:Tax Justice Network 12303:"Common Law Trusts" 12138:. 4 December 2017. 12048:. 8 November 2017. 11409:. 8 November 2017. 11379:. 11 October 2017. 11202:. 16 October 2016. 10750:. 15 October 2013. 10748:Wall Street Journal 10722:on 18 February 2018 10647:on 14 December 2018 10572:"CSO Press Release" 10357:. 4 December 2017. 10210:. 9 November 2014. 10135:. Oxfam. May 2017. 10071:. 6 November 2017. 10011:. 5 December 2013. 9152:IMF working paper: 8531:. 6 November 2017. 8118:Wall Street Journal 8083:. 2 December 2017. 7604:. 7 December 2017. 7017:Tax Justice Network 6943:Tax Justice Network 6795:. 19 October 2011. 6743:. 5 February 2015. 6570:Matheson (law firm) 4837: 4824:Tax haven academic 4715:the Cayman Islands; 4562:Tax Justice Network 4458:U.S. as BEPS winner 4357:effective tax rates 4194:IP-based BEPS tool. 3863:Netherlands, whose 3706:Stephen Donnelly TD 3625:Ex. Dutch Minister 3352:action in history. 3290:in the EU-28, post 3167:green jersey agenda 3120:effective tax rates 2831:U.K. transformation 2715:law firms, such as 2552:zero headline rate 2181:Tax Justice Network 2111:Tax Justice Network 2082:, CEO PwC Ireland, 1826:"Orbis connections" 1727:effective tax rates 1721:Unlike traditional 1703:corporate tax haven 1648:Business portal 1343:Tax rates in Europe 1213:Tax Justice Network 1159:Dhammika Dharmapala 662:Airport improvement 470:Transfer mispricing 261:Distribution of Tax 33:Part of a series on 18:Corporate tax haven 14599:Andre Gunder Frank 14373:Race to the bottom 14363:North–South divide 14081:Global citizenship 13910:2018-05-05 at the 13889:"Treasure Islands" 13696:"Treasure Islands" 13469:. September 2013. 11744:. 19 August 2017. 11683:. 30 August 2016. 11292:The Irish Examiner 11232:. 4 October 2017. 10691:. 9 October 2015. 10453:. 30 August 2016. 10164:. 9 January 2011. 10069:The New York Times 9910:. 6 October 2016. 9537:. 8 December 2015. 9134:data.worldbank.org 9110:data.worldbank.org 8895:. 8 October 2015. 8654:. 30 August 2016. 8528:The New York Times 8257:. 2 January 2018. 7662:The Irish Examiner 6534:IP-based BEPS tool 6528:IP-based BEPS tool 6522:IP-based BEPS tool 6516:IP-based BEPS tool 6115:Country/Territory 5737:Country/Territory 5681:, are represented; 5234: 4835: 4773:James R. Hines Jr. 4593:James R. Hines Jr. 4377: 4372:Margrethe Vestager 4219: 4188:CEO PwC (Ireland). 4044: 3711: 3640: 3616:Dutch "Double Dip" 3584:effective tax rate 3519: 3355:As noted earlier ( 3248:Managing Partner, 3222: 3033: 2917: 2860: 2825:, 27 February 2018 2779:, 14 December 2016 2738:The New York Times 2672: 2642:Conduits and Sinks 1833:"quantum of funds" 1249:Eight per thousand 1164:James R. Hines Jr. 1055:European Union FTT 72:Government revenue 14834: 14833: 14800: 14799: 14659:K. Anthony Appiah 14654:Daniele Archibugi 14403: 14402: 14192:COVID-19 pandemic 14098:Global governance 13176:. 14 March 2018. 13144:Irish Independent 13030:. 28 March 2018. 12919:Irish Independent 12713:Irish Independent 12275:(29 April 2013). 12078:. 18 April 2018. 12013:. 17 March 2017. 11983:. 25 March 2017. 11981:Irish Independent 11742:Irish Independent 11681:Irish Independent 11651:Irish Independent 11377:Irish Independent 11140:Irish Independent 10689:Irish Independent 10483:. 13 March 2018. 9941:Maples and Calder 9467:Irish Independent 9178:Irish Independent 9017:"Global IP Index" 8829:. 15 April 2008. 8682:Irish Independent 8557:. 30 April 2015. 8416:. November 2017. 7944:. February 2014. 7942:Irish Independent 7798:. November 2014. 7575:. February 2018. 7573:Irish Independent 7516:. 30 April 2015. 7457:. 26 March 2017. 7455:Irish Independent 7427:. 20 March 2017. 7366:The Straits Times 7117:. 11 March 2018. 7053:. 14 April 2014. 7011:(November 2015). 6606:on 13 August 2017 6556:Tax-free shelters 6489: 6488: 6483: 6482: 6105: 6104: 5694:4 of the 5 major 5194: 5193: 4732:financial centres 4643:in 2008, and the 4415:OECD BEPS Project 3727:Section 110 abuse 3460:accounting firm. 3230:financial centres 3079:intangible assets 3075:Capital allowance 3061:intangible assets 3055:BEPS tools abuse 2907:Distorted GDP/GNP 2776:The Straits Times 2717:Maples and Calder 2681:withholding taxes 2660:, even Bermuda. 2620: 2619: 2616: 2615: 2179:Activists in the 2002:financial centres 1950:Capital allowance 1696: 1695: 1631: 1630: 1227: 1226: 1219:Tax Policy Center 962:Negative (income) 738:Environmental tax 620: 619: 538:Financial centres 358:Tax investigation 296: 295: 164:Tax harmonization 16:(Redirected from 14879: 14824: 14823: 14812: 14811: 14765: 14674:Jean Baudrillard 14642: 14589:Giovanni Arrighi 14577: 14534:Branko Milanović 14514:Jagdish Bhagwati 14492: 14487: 14486: 14378:pollution havens 14343:Invasive species 14247: 14168: 14163: 14162: 14113:Global workforce 14023: 14022: 13997: 13990: 13983: 13974: 13973: 13941: 13940: 13938: 13936: 13921: 13915: 13902: 13896: 13895: 13884: 13878: 13877: 13875: 13873: 13864:. 25 July 2017. 13862:The Conversation 13854: 13848: 13847: 13836: 13830: 13829: 13824: 13823: 13817: 13810: 13802: 13796: 13795: 13790: 13789: 13783: 13776: 13768: 13762: 13761: 13759: 13758: 13752: 13745: 13737: 13731: 13730: 13728: 13727: 13721: 13714: 13706: 13700: 13699: 13692: 13686: 13685: 13680: 13679: 13673: 13666: 13658: 13652: 13651: 13649: 13648: 13642: 13631: 13623: 13614: 13613: 13607: 13605: 13586: 13580: 13579: 13573: 13571: 13552: 13546: 13545: 13543: 13541: 13522: 13516: 13515: 13513: 13511: 13496: 13490: 13489: 13479: 13478: 13459: 13453: 13452: 13450: 13449: 13443: 13436: 13428: 13422: 13421: 13416: 13414: 13409:on 12 April 2018 13408: 13401: 13393: 13384: 13383: 13381: 13380: 13374: 13367: 13359: 13348: 13347: 13345: 13343: 13328: 13322: 13321: 13319: 13317: 13312:on 25 March 2018 13302: 13296: 13295: 13293: 13292: 13277: 13271: 13270: 13268: 13266: 13251: 13245: 13244: 13242: 13240: 13225: 13216: 13215: 13213: 13211: 13196: 13190: 13189: 13187: 13185: 13166: 13160: 13159: 13157: 13155: 13136: 13130: 13129: 13127: 13125: 13106: 13100: 13099: 13097: 13095: 13076: 13070: 13069: 13067: 13065: 13050: 13044: 13043: 13041: 13039: 13020: 13014: 13013: 13011: 13010: 12995: 12989: 12988: 12986: 12985: 12970: 12964: 12963: 12961: 12960: 12941: 12935: 12934: 12932: 12930: 12911: 12905: 12904: 12902: 12900: 12885: 12879: 12878: 12876: 12874: 12868: 12861: 12853: 12847: 12846: 12844: 12843: 12837: 12830: 12822: 12816: 12815: 12813: 12812: 12803:. October 2014. 12793: 12787: 12786: 12784: 12783: 12774:. October 2014. 12764: 12758: 12757: 12755: 12753: 12738: 12729: 12728: 12726: 12724: 12705: 12699: 12698: 12693: 12691: 12682:. 13 June 2018. 12672: 12663: 12662: 12660: 12653: 12645: 12632: 12631: 12629: 12628: 12622: 12615: 12607: 12601: 12600: 12598: 12597: 12582: 12576: 12575: 12573: 12572: 12566: 12559: 12551: 12545: 12544: 12537: 12531: 12530: 12528: 12526: 12507: 12501: 12500: 12498: 12496: 12481: 12475: 12474: 12472: 12470: 12449: 12443: 12442: 12440: 12438: 12423: 12417: 12416: 12406: 12380: 12354: 12348: 12347: 12345: 12344: 12329: 12323: 12322: 12320: 12318: 12299: 12293: 12292: 12290: 12288: 12283:on 19 March 2018 12268: 12262: 12261: 12259: 12258: 12252: 12245: 12237: 12231: 12230: 12228: 12227: 12212: 12206: 12205: 12203: 12202: 12193:. October 2015. 12183: 12177: 12176: 12174: 12173: 12158: 12152: 12151: 12149: 12147: 12128: 12122: 12121: 12119: 12117: 12098: 12092: 12091: 12089: 12087: 12068: 12062: 12061: 12059: 12057: 12038: 12027: 12026: 12024: 12022: 12003: 11997: 11996: 11994: 11992: 11973: 11967: 11966: 11964: 11962: 11947: 11941: 11940: 11938: 11937: 11931: 11924: 11916: 11910: 11909: 11907: 11906: 11900: 11893: 11885: 11879: 11878: 11876: 11874: 11859: 11853: 11852: 11850: 11848: 11839:. 7 March 2018. 11829: 11820: 11819: 11817: 11815: 11796: 11787: 11786: 11784: 11782: 11777:on 15 April 2019 11767: 11758: 11757: 11755: 11753: 11734: 11728: 11727: 11725: 11724: 11718: 11711: 11703: 11697: 11696: 11694: 11692: 11673: 11667: 11666: 11664: 11662: 11653:. 10 July 2016. 11643: 11637: 11636: 11634: 11632: 11613: 11607: 11606: 11604: 11602: 11583: 11577: 11576: 11574: 11573: 11567: 11560: 11552: 11546: 11545: 11543: 11542: 11536: 11529: 11521: 11515: 11514: 11512: 11511: 11505: 11498: 11490: 11484: 11483: 11481: 11479: 11460: 11454: 11453: 11451: 11450: 11444: 11437: 11429: 11423: 11422: 11420: 11418: 11399: 11393: 11392: 11390: 11388: 11369: 11363: 11362: 11360: 11358: 11353:on 30 March 2018 11343: 11334: 11333: 11331: 11329: 11324:on 29 April 2018 11314: 11308: 11307: 11305: 11303: 11284: 11278: 11277: 11275: 11273: 11268:on 18 April 2018 11267: 11260: 11252: 11246: 11245: 11243: 11241: 11222: 11216: 11215: 11213: 11211: 11192: 11186: 11185: 11183: 11181: 11162: 11156: 11155: 11153: 11151: 11142:. 6 April 2016. 11132: 11126: 11125: 11123: 11122: 11116: 11109: 11101: 11095: 11094: 11066: 11060: 11059: 11057: 11055: 11036: 11030: 11029: 11027: 11026: 11011: 11005: 11004: 11002: 11001: 10995: 10988: 10980: 10971: 10970: 10968: 10967: 10952: 10946: 10945: 10943: 10941: 10926: 10920: 10919: 10917: 10916: 10910: 10903: 10895: 10889: 10888: 10886: 10884: 10865: 10859: 10858: 10856: 10855: 10849: 10842: 10834: 10821: 10820: 10818: 10816: 10801: 10790: 10789: 10787: 10785: 10770: 10764: 10763: 10761: 10759: 10738: 10732: 10731: 10729: 10727: 10711: 10705: 10704: 10702: 10700: 10681: 10675: 10674: 10663: 10657: 10656: 10654: 10652: 10631: 10625: 10624: 10622: 10621: 10615: 10608: 10600: 10594: 10593: 10591: 10589: 10583: 10576: 10568: 10559: 10558: 10556: 10555: 10549: 10542: 10534: 10528: 10527: 10525: 10524: 10518: 10511: 10503: 10497: 10496: 10494: 10492: 10473: 10467: 10466: 10464: 10462: 10443: 10437: 10436: 10434: 10432: 10421:De Correspondent 10413: 10404: 10403: 10401: 10399: 10380: 10371: 10370: 10368: 10366: 10347: 10341: 10340: 10335: 10334: 10328: 10321: 10312: 10306: 10305: 10303: 10301: 10286: 10280: 10279: 10277: 10275: 10260: 10254: 10253: 10251: 10249: 10230: 10224: 10223: 10221: 10219: 10200: 10194: 10193: 10191: 10190: 10175: 10169: 10168: 10154: 10148: 10147: 10145: 10144: 10133:De Correspondent 10125: 10114: 10113: 10111: 10109: 10094: 10085: 10084: 10082: 10080: 10061: 10055: 10054: 10052: 10050: 10031: 10025: 10024: 10022: 10020: 10001: 9995: 9994: 9988: 9987: 9981: 9970: 9962: 9956: 9955: 9953: 9952: 9933: 9924: 9923: 9921: 9919: 9908:The Conversation 9900: 9891: 9890: 9888: 9886: 9867: 9856: 9855: 9853: 9852: 9837: 9831: 9830: 9828: 9826: 9811: 9805: 9804: 9802: 9800: 9785: 9779: 9778: 9776: 9775: 9760: 9751: 9750: 9748: 9747: 9728: 9722: 9721: 9719: 9718: 9703: 9694: 9693: 9691: 9690: 9684: 9677: 9668: 9657: 9656: 9654: 9652: 9633: 9627: 9626: 9624: 9623: 9617: 9610: 9602: 9593: 9592: 9590: 9589: 9574: 9565: 9564: 9562: 9560: 9545: 9539: 9538: 9527: 9521: 9520: 9518: 9517: 9511: 9504: 9496: 9483: 9482: 9480: 9478: 9459: 9453: 9452: 9450: 9449: 9443: 9436: 9428: 9422: 9421: 9419: 9417: 9408:. 11 June 2018. 9398: 9389: 9388: 9386: 9384: 9375:. 28 July 2016. 9363: 9354: 9353: 9351: 9350: 9344: 9337: 9329: 9323: 9322: 9316: 9315: 9300: 9285: 9284: 9282: 9280: 9265: 9259: 9258: 9256: 9254: 9249:on 19 March 2018 9239: 9233: 9232: 9230: 9228: 9223:on 28 April 2018 9213: 9198: 9197: 9191: 9189: 9180:. 21 June 2018. 9170: 9164: 9150: 9144: 9143: 9141: 9140: 9126: 9120: 9119: 9117: 9116: 9102: 9096: 9095: 9093: 9091: 9076: 9070: 9069: 9067: 9065: 9060:on 17 April 2018 9059: 9052: 9044: 9038: 9037: 9035: 9034: 9028: 9021: 9013: 9004: 9003: 9001: 8999: 8990:. 19 July 2014. 8980: 8974: 8973: 8971: 8970: 8964: 8957: 8949: 8938: 8937: 8935: 8933: 8918: 8909: 8908: 8906: 8904: 8885: 8872: 8871: 8869: 8867: 8862:on 17 April 2019 8852: 8843: 8842: 8840: 8838: 8819: 8813: 8812: 8810: 8808: 8789: 8780: 8779: 8777: 8775: 8770:on 16 April 2018 8760: 8754: 8753: 8751: 8749: 8734: 8728: 8727: 8725: 8723: 8704: 8698: 8697: 8695: 8693: 8674: 8668: 8667: 8665: 8663: 8642: 8636: 8635: 8633: 8632: 8626: 8619: 8611: 8605: 8604: 8602: 8601: 8595: 8588: 8580: 8571: 8570: 8568: 8566: 8551: 8545: 8544: 8542: 8540: 8519: 8510: 8509: 8507: 8506: 8491: 8485: 8484: 8482: 8480: 8461: 8455: 8454: 8452: 8450: 8435: 8429: 8428: 8426: 8425: 8406: 8397: 8396: 8391: 8390: 8371: 8362: 8361: 8359: 8357: 8348:. 4 March 2018. 8338: 8329: 8328: 8326: 8324: 8309: 8300: 8299: 8297: 8295: 8280: 8271: 8270: 8268: 8266: 8247: 8236: 8235: 8233: 8231: 8216: 8203: 8202: 8200: 8199: 8180: 8174: 8173: 8168: 8167: 8161: 8154: 8146: 8137: 8136: 8131: 8129: 8120:. 10 June 2018. 8110: 8097: 8096: 8094: 8092: 8073: 8067: 8066: 8061: 8060: 8041: 8022: 8021: 8019: 8017: 7995: 7989: 7988: 7986: 7985: 7966: 7957: 7956: 7954: 7953: 7934: 7928: 7927: 7925: 7924: 7909: 7903: 7902: 7900: 7898: 7879: 7873: 7872: 7870: 7868: 7853: 7844: 7843: 7838: 7836: 7817: 7811: 7810: 7808: 7807: 7786: 7780: 7779: 7777: 7775: 7760: 7754: 7753: 7751: 7750: 7735: 7729: 7728: 7726: 7725: 7710: 7704: 7703: 7701: 7699: 7694:on 28 March 2019 7684: 7678: 7677: 7675: 7673: 7654: 7648: 7647: 7645: 7643: 7624: 7618: 7617: 7615: 7613: 7594: 7588: 7587: 7585: 7584: 7565: 7559: 7558: 7556: 7554: 7539: 7530: 7529: 7527: 7525: 7506: 7497: 7496: 7494: 7492: 7477: 7471: 7470: 7468: 7466: 7447: 7441: 7440: 7438: 7436: 7417: 7411: 7410: 7408: 7407: 7392: 7383: 7382: 7380: 7378: 7357: 7348: 7347: 7345: 7343: 7324: 7318: 7317: 7315: 7313: 7298: 7292: 7291: 7285: 7283: 7264: 7258: 7257: 7255: 7253: 7234: 7225: 7224: 7222: 7220: 7205: 7194: 7193: 7191: 7189: 7170: 7159: 7158: 7154:. 13 June 2018. 7142: 7131: 7130: 7128: 7126: 7107: 7101: 7100: 7098: 7097: 7091: 7084: 7076: 7067: 7066: 7064: 7062: 7041: 7032: 7031: 7029: 7028: 7019:. Archived from 7009:Nicholas Shaxson 7005: 6996: 6995: 6993: 6992: 6983:. Archived from 6976:(January 2018). 6970: 6961: 6960: 6958: 6957: 6951: 6945:. Archived from 6940: 6931: 6922: 6921: 6919: 6917: 6898: 6889: 6888: 6886: 6885: 6879: 6872: 6864: 6849: 6848: 6846: 6845: 6839: 6832: 6824: 6809: 6808: 6806: 6804: 6785: 6772: 6771: 6763: 6757: 6756: 6754: 6752: 6733: 6727: 6726: 6724: 6722: 6703: 6688: 6687: 6682: 6681: 6662: 6651: 6650: 6648: 6647: 6641: 6634: 6622: 6616: 6615: 6613: 6611: 6596: 6576:Feargal O'Rourke 6473: 6471: 6470: 6452: 6450: 6449: 6431: 6429: 6428: 6410: 6408: 6407: 6389: 6387: 6386: 6368: 6366: 6365: 6347: 6345: 6344: 6325: 6323: 6322: 6303: 6301: 6300: 6282: 6280: 6279: 6261: 6259: 6258: 6240: 6238: 6237: 6219: 6217: 6216: 6198: 6196: 6195: 6176: 6174: 6173: 6154: 6152: 6151: 6133: 6131: 6130: 6109: 6108: 6095: 6093: 6092: 6074: 6072: 6071: 6053: 6051: 6050: 6032: 6030: 6029: 6011: 6009: 6008: 5990: 5988: 5987: 5968: 5966: 5965: 5946: 5944: 5943: 5925: 5923: 5922: 5904: 5902: 5901: 5883: 5881: 5880: 5862: 5860: 5859: 5841: 5839: 5838: 5820: 5818: 5817: 5799: 5797: 5796: 5777: 5775: 5774: 5755: 5753: 5752: 5731: 5730: 5709: 5708: 5642: 5638: 5636: 5635: 5626: 5622: 5620: 5619: 5610: 5606: 5604: 5603: 5594: 5590: 5588: 5587: 5578: 5574: 5572: 5571: 5562: 5558: 5556: 5555: 5546: 5542: 5540: 5539: 5530: 5526: 5524: 5523: 5514: 5510: 5508: 5507: 5498: 5494: 5492: 5491: 5482: 5478: 5476: 5475: 5466: 5462: 5460: 5459: 5450: 5446: 5444: 5443: 5434: 5430: 5428: 5427: 5418: 5414: 5412: 5411: 4838: 4834: 4763: 4676:the Netherlands; 4450: 4381:intangible asset 4336: 4303: 4279: 4240: 4214:Pierre Moscovici 4200: 4186:Feargal O'Rourke 4121: 4117: 4115: 4114: 4105: 4101: 4099: 4098: 4089: 4085: 4083: 4082: 4076: 4072: 4070: 4069: 4063: 4059: 4057: 4056: 4012: 4008: 4006: 4005: 3996: 3992: 3990: 3989: 3980: 3976: 3974: 3973: 3964: 3960: 3958: 3957: 3944: 3940: 3938: 3937: 3691: 3687:De Correspondent 3649:Section 110 SPVs 3600: 3515:& Cole Frank 3416: 3282: 3278:De Correspondent 3257: 3250:Feargal O'Rourke 3219:Feargal O'Rourke 3202: 3197:Deputy Leader, " 3136: 3106:royalty payments 3005: 2950: 2894: 2826: 2780: 2742: 2597: 2595: 2594: 2567: 2565: 2564: 2537: 2535: 2534: 2507: 2505: 2504: 2477: 2475: 2474: 2447: 2445: 2444: 2417: 2415: 2414: 2387: 2385: 2384: 2357: 2355: 2354: 2307: 2305: 2304: 2284:(foreign firms) 2266: 2265: 2258: 2257: 2213:Financial impact 2208: 2175: 2118: 2087: 2080:Feargal O'Rourke 2058: 2034: 2027:Pierre Moscovici 1855:Global BEPS hubs 1688: 1681: 1674: 1660:Money portal 1658: 1657: 1656: 1646: 1645: 1322: 1321: 1143: 1142: 1050:Transfer pricing 1030:Tax equalization 1004: 947:Corporate profit 583:Luxembourg Leaks 517:Corporate havens 396: 395: 212: 211: 49: 30: 29: 21: 14887: 14886: 14882: 14881: 14880: 14878: 14877: 14876: 14837: 14836: 14835: 14830: 14818: 14796: 14777:Thomas Friedman 14763: 14758: 14709:Anthony Giddens 14684:Manuel Castells 14649:Arjun Appadurai 14640: 14638: 14633: 14575: 14573: 14568: 14564:Joseph Stiglitz 14504:Richard Baldwin 14490: 14482: 14476: 14435:Fiscal localism 14399: 14353:McDonaldization 14271:Development aid 14245: 14240: 14209:Multilingualism 14204:Labor arbitrage 14180:Climate justice 14166: 14154: 14108:Global politics 14061:Deglobalization 14034: 14006: 14001: 13949: 13944: 13934: 13932: 13923: 13922: 13918: 13912:Wayback Machine 13903: 13899: 13885: 13881: 13871: 13869: 13856: 13855: 13851: 13837: 13833: 13821: 13819: 13815: 13808: 13804: 13803: 13799: 13787: 13785: 13781: 13774: 13770: 13769: 13765: 13756: 13754: 13750: 13743: 13739: 13738: 13734: 13725: 13723: 13719: 13712: 13708: 13707: 13703: 13694: 13693: 13689: 13677: 13675: 13671: 13664: 13660: 13659: 13655: 13646: 13644: 13640: 13629: 13625: 13624: 13617: 13603: 13601: 13594:Financial Times 13588: 13587: 13583: 13569: 13567: 13560:The Irish Times 13554: 13553: 13549: 13539: 13537: 13524: 13523: 13519: 13509: 13507: 13506:on 20 June 2018 13498: 13497: 13493: 13476: 13474: 13467:Financial Times 13461: 13460: 13456: 13447: 13445: 13441: 13434: 13430: 13429: 13425: 13412: 13410: 13406: 13399: 13395: 13394: 13387: 13378: 13376: 13372: 13365: 13361: 13360: 13351: 13341: 13339: 13330: 13329: 13325: 13315: 13313: 13304: 13303: 13299: 13290: 13288: 13279: 13278: 13274: 13264: 13262: 13253: 13252: 13248: 13238: 13236: 13227: 13226: 13219: 13209: 13207: 13198: 13197: 13193: 13183: 13181: 13174:The Irish Times 13168: 13167: 13163: 13153: 13151: 13138: 13137: 13133: 13123: 13121: 13114:The Irish Times 13108: 13107: 13103: 13093: 13091: 13078: 13077: 13073: 13063: 13061: 13052: 13051: 13047: 13037: 13035: 13022: 13021: 13017: 13008: 13006: 12997: 12996: 12992: 12983: 12981: 12972: 12971: 12967: 12958: 12956: 12951:. August 2015. 12943: 12942: 12938: 12928: 12926: 12913: 12912: 12908: 12898: 12896: 12895:on 20 June 2018 12887: 12886: 12882: 12872: 12870: 12866: 12859: 12855: 12854: 12850: 12841: 12839: 12835: 12828: 12824: 12823: 12819: 12810: 12808: 12795: 12794: 12790: 12781: 12779: 12772:Financial Times 12766: 12765: 12761: 12751: 12749: 12740: 12739: 12732: 12722: 12720: 12707: 12706: 12702: 12689: 12687: 12680:The Irish Times 12674: 12673: 12666: 12658: 12651: 12647: 12646: 12635: 12626: 12624: 12620: 12613: 12609: 12608: 12604: 12595: 12593: 12584: 12583: 12579: 12570: 12568: 12564: 12557: 12553: 12552: 12548: 12539: 12538: 12534: 12524: 12522: 12509: 12508: 12504: 12494: 12492: 12491:on 3 April 2018 12483: 12482: 12478: 12468: 12466: 12465:on 3 April 2018 12458:Compliance Week 12451: 12450: 12446: 12436: 12434: 12425: 12424: 12420: 12355: 12351: 12342: 12340: 12331: 12330: 12326: 12316: 12314: 12301: 12300: 12296: 12286: 12284: 12269: 12265: 12256: 12254: 12250: 12243: 12239: 12238: 12234: 12225: 12223: 12214: 12213: 12209: 12200: 12198: 12191:The Independent 12185: 12184: 12180: 12171: 12169: 12160: 12159: 12155: 12145: 12143: 12136:Financial Times 12130: 12129: 12125: 12115: 12113: 12100: 12099: 12095: 12085: 12083: 12076:The Irish Times 12070: 12069: 12065: 12055: 12053: 12040: 12039: 12030: 12020: 12018: 12011:The Irish Times 12005: 12004: 12000: 11990: 11988: 11975: 11974: 11970: 11960: 11958: 11949: 11948: 11944: 11935: 11933: 11929: 11922: 11918: 11917: 11913: 11904: 11902: 11898: 11891: 11887: 11886: 11882: 11872: 11870: 11861: 11860: 11856: 11846: 11844: 11837:The Irish Times 11831: 11830: 11823: 11813: 11811: 11804:The Irish Times 11798: 11797: 11790: 11780: 11778: 11769: 11768: 11761: 11751: 11749: 11736: 11735: 11731: 11722: 11720: 11716: 11709: 11705: 11704: 11700: 11690: 11688: 11675: 11674: 11670: 11660: 11658: 11645: 11644: 11640: 11630: 11628: 11621:Financial Times 11615: 11614: 11610: 11600: 11598: 11585: 11584: 11580: 11571: 11569: 11565: 11558: 11554: 11553: 11549: 11540: 11538: 11534: 11527: 11523: 11522: 11518: 11509: 11507: 11503: 11496: 11492: 11491: 11487: 11477: 11475: 11462: 11461: 11457: 11448: 11446: 11442: 11435: 11431: 11430: 11426: 11416: 11414: 11407:The Irish Times 11401: 11400: 11396: 11386: 11384: 11371: 11370: 11366: 11356: 11354: 11345: 11344: 11337: 11327: 11325: 11316: 11315: 11311: 11301: 11299: 11286: 11285: 11281: 11271: 11269: 11265: 11258: 11254: 11253: 11249: 11239: 11237: 11224: 11223: 11219: 11209: 11207: 11200:The Irish Times 11194: 11193: 11189: 11179: 11177: 11164: 11163: 11159: 11149: 11147: 11134: 11133: 11129: 11120: 11118: 11114: 11107: 11103: 11102: 11098: 11067: 11063: 11053: 11051: 11038: 11037: 11033: 11024: 11022: 11013: 11012: 11008: 10999: 10997: 10993: 10986: 10982: 10981: 10974: 10965: 10963: 10954: 10953: 10949: 10939: 10937: 10928: 10927: 10923: 10914: 10912: 10908: 10901: 10897: 10896: 10892: 10882: 10880: 10867: 10866: 10862: 10853: 10851: 10847: 10840: 10836: 10835: 10824: 10814: 10812: 10803: 10802: 10793: 10783: 10781: 10772: 10771: 10767: 10757: 10755: 10742: 10739: 10735: 10725: 10723: 10714: 10712: 10708: 10698: 10696: 10683: 10682: 10678: 10665: 10664: 10660: 10650: 10648: 10635: 10632: 10628: 10619: 10617: 10613: 10606: 10602: 10601: 10597: 10587: 10585: 10581: 10574: 10570: 10569: 10562: 10553: 10551: 10547: 10540: 10536: 10535: 10531: 10522: 10520: 10516: 10509: 10505: 10504: 10500: 10490: 10488: 10481:Financial Times 10475: 10474: 10470: 10460: 10458: 10451:The Irish Times 10445: 10444: 10440: 10430: 10428: 10423:. 1 June 2017. 10415: 10414: 10407: 10397: 10395: 10382: 10381: 10374: 10364: 10362: 10355:The Irish Times 10349: 10348: 10344: 10332: 10330: 10326: 10319: 10313: 10309: 10299: 10297: 10288: 10287: 10283: 10273: 10271: 10262: 10261: 10257: 10247: 10245: 10238:The Irish Times 10232: 10231: 10227: 10217: 10215: 10202: 10201: 10197: 10188: 10186: 10177: 10176: 10172: 10156: 10155: 10151: 10142: 10140: 10127: 10126: 10117: 10107: 10105: 10096: 10095: 10088: 10078: 10076: 10063: 10062: 10058: 10048: 10046: 10033: 10032: 10028: 10018: 10016: 10009:Financial Times 10003: 10002: 9998: 9985: 9983: 9979: 9968: 9964: 9963: 9959: 9950: 9948: 9935: 9934: 9927: 9917: 9915: 9902: 9901: 9894: 9884: 9882: 9869: 9868: 9859: 9850: 9848: 9839: 9838: 9834: 9824: 9822: 9813: 9812: 9808: 9798: 9796: 9787: 9786: 9782: 9773: 9771: 9762: 9761: 9754: 9745: 9743: 9736:Financial Times 9730: 9729: 9725: 9716: 9714: 9705: 9704: 9697: 9688: 9686: 9682: 9675: 9669: 9660: 9650: 9648: 9635: 9634: 9630: 9621: 9619: 9615: 9608: 9604: 9603: 9596: 9587: 9585: 9576: 9575: 9568: 9558: 9556: 9547: 9546: 9542: 9529: 9528: 9524: 9515: 9513: 9509: 9502: 9498: 9497: 9486: 9476: 9474: 9469:. 7 July 2017. 9461: 9460: 9456: 9447: 9445: 9441: 9434: 9430: 9429: 9425: 9415: 9413: 9400: 9399: 9392: 9382: 9380: 9365: 9364: 9357: 9348: 9346: 9342: 9335: 9331: 9330: 9326: 9313: 9311: 9302: 9301: 9288: 9278: 9276: 9267: 9266: 9262: 9252: 9250: 9241: 9240: 9236: 9226: 9224: 9215: 9214: 9201: 9187: 9185: 9172: 9171: 9167: 9161:Wayback Machine 9151: 9147: 9138: 9136: 9128: 9127: 9123: 9114: 9112: 9104: 9103: 9099: 9089: 9087: 9078: 9077: 9073: 9063: 9061: 9057: 9050: 9046: 9045: 9041: 9032: 9030: 9026: 9019: 9015: 9014: 9007: 8997: 8995: 8988:Financial Times 8982: 8981: 8977: 8968: 8966: 8962: 8955: 8951: 8950: 8941: 8931: 8929: 8920: 8919: 8912: 8902: 8900: 8887: 8886: 8875: 8865: 8863: 8854: 8853: 8846: 8836: 8834: 8821: 8820: 8816: 8806: 8804: 8797:Financial Times 8791: 8790: 8783: 8773: 8771: 8762: 8761: 8757: 8747: 8745: 8736: 8735: 8731: 8721: 8719: 8714:. 29 May 2013. 8706: 8705: 8701: 8691: 8689: 8676: 8675: 8671: 8661: 8659: 8651:TheGuardian.com 8644: 8643: 8639: 8630: 8628: 8624: 8617: 8613: 8612: 8608: 8599: 8597: 8593: 8586: 8582: 8581: 8574: 8564: 8562: 8553: 8552: 8548: 8538: 8536: 8521: 8520: 8513: 8504: 8502: 8493: 8492: 8488: 8478: 8476: 8469:The Irish Times 8463: 8462: 8458: 8448: 8446: 8437: 8436: 8432: 8423: 8421: 8414:The Irish Times 8408: 8407: 8400: 8388: 8386: 8373: 8372: 8365: 8355: 8353: 8346:The Irish Times 8340: 8339: 8332: 8322: 8320: 8311: 8310: 8303: 8293: 8291: 8282: 8281: 8274: 8264: 8262: 8255:The Irish Times 8249: 8248: 8239: 8229: 8227: 8218: 8217: 8206: 8197: 8195: 8182: 8181: 8177: 8165: 8163: 8159: 8152: 8148: 8147: 8140: 8127: 8125: 8112: 8111: 8100: 8090: 8088: 8081:The Irish Times 8075: 8074: 8070: 8058: 8056: 8042: 8025: 8015: 8013: 7996: 7992: 7983: 7981: 7974:The Irish Times 7968: 7967: 7960: 7951: 7949: 7936: 7935: 7931: 7922: 7920: 7911: 7910: 7906: 7896: 7894: 7887:The Irish Times 7881: 7880: 7876: 7866: 7864: 7855: 7854: 7847: 7834: 7832: 7825:The Irish Times 7819: 7818: 7814: 7805: 7803: 7788: 7787: 7783: 7773: 7771: 7762: 7761: 7757: 7748: 7746: 7737: 7736: 7732: 7723: 7721: 7712: 7711: 7707: 7697: 7695: 7686: 7685: 7681: 7671: 7669: 7656: 7655: 7651: 7641: 7639: 7632:The Irish Times 7626: 7625: 7621: 7611: 7609: 7596: 7595: 7591: 7582: 7580: 7567: 7566: 7562: 7552: 7550: 7541: 7540: 7533: 7523: 7521: 7508: 7507: 7500: 7490: 7488: 7479: 7478: 7474: 7464: 7462: 7449: 7448: 7444: 7434: 7432: 7419: 7418: 7414: 7405: 7403: 7394: 7393: 7386: 7376: 7374: 7359: 7358: 7351: 7341: 7339: 7332:The Irish Times 7326: 7325: 7321: 7311: 7309: 7300: 7299: 7295: 7281: 7279: 7274:. 4 July 2018. 7266: 7265: 7261: 7251: 7249: 7242:The Irish Times 7236: 7235: 7228: 7218: 7216: 7207: 7206: 7197: 7187: 7185: 7178:The Irish Times 7172: 7171: 7162: 7151:The Irish Times 7144: 7143: 7134: 7124: 7122: 7115:Financial Times 7109: 7108: 7104: 7095: 7093: 7089: 7082: 7078: 7077: 7070: 7060: 7058: 7050:Financial Times 7043: 7042: 7035: 7026: 7024: 7006: 6999: 6990: 6988: 6971: 6964: 6955: 6953: 6949: 6938: 6932: 6925: 6915: 6913: 6900: 6899: 6892: 6883: 6881: 6877: 6870: 6866: 6865: 6852: 6843: 6841: 6837: 6830: 6826: 6825: 6812: 6802: 6800: 6787: 6786: 6775: 6764: 6760: 6750: 6748: 6735: 6734: 6730: 6720: 6718: 6705: 6704: 6691: 6679: 6677: 6664: 6663: 6654: 6645: 6643: 6639: 6632: 6623: 6619: 6609: 6607: 6598: 6597: 6590: 6586: 6581: 6494: 6468: 6466: 6447: 6445: 6426: 6424: 6405: 6403: 6384: 6382: 6363: 6361: 6342: 6340: 6320: 6318: 6298: 6296: 6277: 6275: 6256: 6254: 6235: 6233: 6214: 6212: 6193: 6191: 6171: 6169: 6149: 6147: 6128: 6126: 6090: 6088: 6069: 6067: 6048: 6046: 6027: 6025: 6006: 6004: 5985: 5983: 5963: 5961: 5941: 5939: 5920: 5918: 5899: 5897: 5878: 5876: 5857: 5855: 5836: 5834: 5815: 5813: 5794: 5792: 5772: 5770: 5750: 5748: 5707: 5657: 5651: 5646: 5633: 5631: 5617: 5615: 5601: 5599: 5585: 5583: 5569: 5567: 5553: 5551: 5537: 5535: 5521: 5519: 5505: 5503: 5489: 5487: 5473: 5471: 5457: 5455: 5441: 5439: 5425: 5423: 5409: 5407: 5392: 5387: 5334: 5289: 5284: 5259: 5205: 5199: 4882: 4877: 4873:Shifted ($ bn) 4872: 4868:Foreign ($ bn) 4867: 4860: 4854:Profits ($ bn) 4853: 4849:Profit Shifted 4848: 4844: 4842: 4841:Zucman (et al.) 4822: 4816: 4811: 4770: 4764: 4757: 4741:Note also from 4728: 4725: 4701: 4685: 4658: 4653: 4650: 4611: 4585: 4554: 4519: 4514: 4460: 4451: 4444: 4419:royalty payment 4411: 4406: 4341: 4337: 4329: 4319:Section 110 SPV 4304: 4298: 4293: 4280: 4275:The Irish Times 4272: 4266: 4241: 4235: 4202: 4197:The Irish Times 4195: 4189: 4184: 4176: 4171: 4165: 4146: 4125: 4112: 4110: 4096: 4094: 4080: 4078: 4067: 4065: 4054: 4052: 4020: 4003: 4001: 3987: 3985: 3971: 3969: 3955: 3953: 3935: 3933: 3905: 3899: 3894: 3804: 3798: 3793: 3723:distressed debt 3698: 3692: 3680: 3618: 3613: 3607: 3601: 3598: 3561: 3524: 3516: 3511: 3510: 3499: 3491:Main articles: 3489: 3477: 3442: 3434:complex agendas 3417: 3411: 3406: 3395: 3378: 3318: 3313: 3283: 3271: 3258: 3255: 3203: 3189: 3159:captured states 3149: 3143: 3137: 3131: 3111: 3084: 3069:Royalty payment 3050:royalty payment 3038: 3022: 3012: 3006: 2998:Patrick Honohan 2996: 2984: 2951: 2944: 2909: 2895: 2887: 2833: 2827: 2822:Financial Times 2819: 2781: 2773: 2749: 2743: 2735: 2650: 2644: 2592: 2590: 2562: 2560: 2532: 2530: 2502: 2500: 2472: 2470: 2442: 2440: 2412: 2410: 2382: 2380: 2352: 2350: 2302: 2300: 2288: 2283: 2278: 2270: 2269:Profits shifted 2253: 2221: 2215: 2209: 2204:The Irish Times 2201: 2185:The Irish Times 2176: 2170: 2133: 2128: 2123: 2119: 2105: 2088: 2084:The Irish Times 2078: 2059: 2051: 2035: 2033:, 11 March 2018 2031:Financial Times 2025: 2014:are net of the 1997: 1992: 1967:, or the Irish 1932:Royalty payment 1923: 1883: 1863: 1857: 1813:at 12.5%), the 1737:(BEPS) tools. 1699:Corporate haven 1692: 1654: 1652: 1640: 1633: 1632: 1319: 1309: 1308: 1264:Fiscus Judaicus 1239: 1229: 1228: 1187:Advocacy groups 1140: 1132: 1131: 1122:Trade agreement 1117:Free-trade zone 1075: 1065: 1064: 1002: 982: 972: 971: 632: 622: 621: 593:Paradise Papers 434:Debtors' prison 393: 383: 382: 353:Tax preparation 313:Revenue service 308: 298: 297: 209: 199: 198: 179:Double taxation 174:Tax withholding 169:Tax competition 87:Non-tax revenue 67: 28: 23: 22: 15: 12: 11: 5: 14885: 14875: 14874: 14869: 14864: 14859: 14857:Business terms 14854: 14849: 14832: 14831: 14829: 14828: 14816: 14805: 14802: 14801: 14798: 14797: 14795: 14794: 14789: 14784: 14779: 14774: 14768: 14766: 14760: 14759: 14757: 14756: 14751: 14746: 14741: 14736: 14731: 14726: 14721: 14716: 14711: 14706: 14701: 14696: 14691: 14686: 14681: 14679:Zygmunt Bauman 14676: 14671: 14666: 14661: 14656: 14651: 14645: 14643: 14635: 14634: 14632: 14631: 14626: 14621: 14616: 14611: 14606: 14601: 14596: 14591: 14586: 14580: 14578: 14570: 14569: 14567: 14566: 14561: 14556: 14551: 14546: 14544:Thomas Piketty 14541: 14539:Kevin O'Rourke 14536: 14531: 14529:Michael Hudson 14526: 14521: 14519:Robert Brenner 14516: 14511: 14506: 14501: 14495: 14493: 14484: 14478: 14477: 14475: 14474: 14469: 14464: 14459: 14454: 14453: 14452: 14447: 14437: 14432: 14427: 14422: 14417: 14411: 14409: 14405: 14404: 14401: 14400: 14398: 14397: 14392: 14390:Westernization 14387: 14382: 14381: 14380: 14370: 14365: 14360: 14355: 14350: 14345: 14340: 14339: 14338: 14333: 14328: 14323: 14318: 14313: 14303: 14298: 14293: 14288: 14283: 14278: 14273: 14268: 14263: 14262: 14261: 14250: 14248: 14242: 14241: 14239: 14238: 14233: 14232: 14231: 14229:Tax inversions 14226: 14216: 14211: 14206: 14201: 14199:Digital divide 14196: 14195: 14194: 14184: 14183: 14182: 14175:Climate change 14171: 14169: 14160: 14156: 14155: 14153: 14152: 14147: 14142: 14137: 14136: 14135: 14130: 14120: 14115: 14110: 14105: 14100: 14095: 14090: 14089: 14088: 14078: 14073: 14068: 14063: 14058: 14053: 14048: 14042: 14040: 14036: 14035: 14033: 14032: 14027: 14017: 14011: 14008: 14007: 14000: 13999: 13992: 13985: 13977: 13971: 13970: 13965: 13960: 13955: 13948: 13947:External links 13945: 13943: 13942: 13916: 13897: 13879: 13849: 13831: 13797: 13763: 13732: 13701: 13687: 13653: 13615: 13581: 13547: 13517: 13491: 13454: 13437:. OECD. 2000. 13423: 13385: 13349: 13338:on 22 May 2018 13323: 13297: 13272: 13261:on 18 May 2018 13246: 13217: 13191: 13161: 13131: 13101: 13071: 13045: 13015: 12990: 12965: 12936: 12906: 12880: 12869:on 19 May 2018 12848: 12817: 12788: 12759: 12748:on 29 May 2018 12730: 12700: 12664: 12633: 12602: 12577: 12546: 12532: 12502: 12476: 12444: 12418: 12349: 12324: 12313:on 30 May 2018 12294: 12271:Seamus Coffey 12263: 12232: 12207: 12178: 12153: 12123: 12093: 12063: 12028: 11998: 11968: 11942: 11911: 11880: 11854: 11821: 11788: 11759: 11729: 11698: 11668: 11638: 11608: 11578: 11547: 11516: 11485: 11455: 11424: 11394: 11364: 11335: 11309: 11279: 11247: 11217: 11187: 11157: 11127: 11096: 11061: 11050:on 27 May 2018 11031: 11006: 10972: 10947: 10921: 10890: 10860: 10822: 10791: 10765: 10733: 10706: 10676: 10673:. 13 May 2018. 10658: 10641:Baker McKenzie 10626: 10595: 10560: 10529: 10498: 10468: 10438: 10405: 10372: 10342: 10307: 10281: 10255: 10225: 10195: 10170: 10149: 10115: 10086: 10056: 10039:Irish Examiner 10026: 9996: 9975:. March 2013. 9957: 9925: 9892: 9857: 9832: 9806: 9795:on 15 May 2018 9780: 9752: 9738:. April 2014. 9723: 9695: 9658: 9628: 9594: 9566: 9540: 9522: 9484: 9454: 9423: 9390: 9355: 9324: 9286: 9275:on 14 May 2018 9260: 9234: 9199: 9165: 9145: 9121: 9097: 9071: 9039: 9005: 8975: 8939: 8928:on 22 May 2018 8910: 8873: 8844: 8814: 8781: 8755: 8729: 8699: 8669: 8637: 8606: 8572: 8546: 8511: 8486: 8471:. 5 May 2017. 8456: 8430: 8398: 8363: 8330: 8301: 8272: 8237: 8204: 8175: 8138: 8098: 8068: 8045:Gabriel Zucman 8023: 7990: 7958: 7929: 7904: 7889:. 6 May 2014. 7874: 7845: 7812: 7781: 7755: 7730: 7705: 7679: 7649: 7619: 7589: 7560: 7531: 7498: 7487:on 22 May 2018 7472: 7442: 7412: 7384: 7349: 7319: 7308:on 15 May 2018 7293: 7272:Richard Murphy 7259: 7244:. 8 May 2015. 7226: 7195: 7160: 7132: 7102: 7068: 7033: 6997: 6974:Richard Brooks 6962: 6923: 6890: 6850: 6810: 6773: 6758: 6728: 6689: 6652: 6626:Richard Murphy 6617: 6587: 6585: 6582: 6580: 6579: 6573: 6567: 6562: 6557: 6551: 6546: 6540: 6535: 6532:Dutch sandwich 6529: 6523: 6517: 6511: 6506: 6501: 6495: 6493: 6490: 6487: 6486: 6484: 6481: 6480: 6477: 6464: 6460: 6459: 6456: 6443: 6439: 6438: 6435: 6422: 6418: 6417: 6414: 6401: 6397: 6396: 6393: 6380: 6376: 6375: 6374:Oil & Gas 6372: 6359: 6355: 6354: 6351: 6338: 6334: 6333: 6330: 6315: 6311: 6310: 6309:Oil & Gas 6307: 6294: 6290: 6289: 6286: 6273: 6269: 6268: 6265: 6252: 6248: 6247: 6246:Oil & Gas 6244: 6231: 6227: 6226: 6225:Oil & Gas 6223: 6210: 6206: 6205: 6202: 6189: 6185: 6184: 6181: 6166: 6162: 6161: 6158: 6145: 6141: 6140: 6139:Oil & Gas 6137: 6124: 6120: 6119: 6116: 6113: 6106: 6103: 6102: 6101:Oil & Gas 6099: 6086: 6082: 6081: 6078: 6065: 6061: 6060: 6057: 6044: 6040: 6039: 6038:Oil & Gas 6036: 6023: 6019: 6018: 6015: 6002: 5998: 5997: 5994: 5981: 5977: 5976: 5973: 5958: 5954: 5953: 5950: 5937: 5933: 5932: 5931:Oil & Gas 5929: 5916: 5912: 5911: 5910:Oil & Gas 5908: 5895: 5891: 5890: 5889:Oil & Gas 5887: 5874: 5870: 5869: 5866: 5853: 5849: 5848: 5847:Oil & Gas 5845: 5832: 5828: 5827: 5824: 5811: 5807: 5806: 5803: 5790: 5786: 5785: 5782: 5767: 5763: 5762: 5761:Oil & Gas 5759: 5746: 5742: 5741: 5738: 5735: 5727: 5726: 5718: 5706: 5705: 5702: 5699: 5692: 5685: 5682: 5674: 5650: 5647: 5645: 5644: 5628: 5612: 5596: 5580: 5564: 5548: 5532: 5516: 5500: 5496:Cayman Islands 5484: 5468: 5452: 5436: 5420: 5403: 5396:tax inversions 5391: 5388: 5386: 5385: 5382: 5379: 5376: 5373: 5370: 5367: 5364: 5361: 5358: 5354: 5347:Dutch sandwich 5333: 5332: 5329: 5326: 5323: 5320: 5317: 5314: 5311: 5308: 5305: 5301: 5288: 5285: 5283: 5282: 5279: 5276: 5273: 5270: 5266: 5258: 5257: 5254: 5251: 5248: 5247:United Kingdom 5245: 5241: 5201:Main article: 5198: 5195: 5192: 5191: 5189: 5187: 5184: 5182: 5180: 5178: 5175: 5171: 5170: 5167: 5164: 5161: 5158: 5155: 5152: 5149: 5145: 5144: 5141: 5138: 5135: 5132: 5129: 5126: 5123: 5119: 5118: 5115: 5112: 5109: 5106: 5103: 5100: 5097: 5093: 5092: 5089: 5086: 5083: 5080: 5077: 5074: 5071: 5067: 5066: 5063: 5060: 5057: 5054: 5051: 5048: 5045: 5041: 5040: 5037: 5034: 5031: 5028: 5025: 5022: 5019: 5015: 5014: 5011: 5008: 5005: 5002: 4999: 4996: 4993: 4989: 4988: 4985: 4982: 4979: 4976: 4973: 4970: 4967: 4963: 4962: 4959: 4956: 4953: 4950: 4947: 4944: 4941: 4937: 4936: 4933: 4930: 4927: 4924: 4921: 4918: 4915: 4911: 4910: 4907: 4904: 4901: 4898: 4895: 4892: 4889: 4885: 4884: 4883:Gain/Loss (%) 4879: 4874: 4869: 4862: 4855: 4850: 4845: 4826:Gabriel Zucman 4815: 4812: 4810: 4809: 4806: 4803: 4800: 4797: 4794: 4791: 4788: 4785: 4784:Cayman Islands 4782: 4778: 4769: 4766: 4755: 4727: 4726: 4724: 4723: 4716: 4713: 4709: 4702: 4700: 4699: 4696: 4693: 4689: 4686: 4684: 4683: 4680: 4677: 4674: 4670: 4662: 4657: 4654: 4652: 4651: 4649: 4648: 4637: 4630: 4627: 4615: 4612: 4610: 4609: 4602:Gabriel Zucman 4599: 4596: 4589: 4586: 4584: 4583: 4573: 4558: 4555: 4553: 4552: 4545: 4539: 4535: 4531: 4523:Gabriel Zucman 4518: 4515: 4513: 4510: 4485:. (discussed 4459: 4456: 4442: 4436:like Ireland. 4430:tax inversions 4410: 4407: 4405: 4404: 4401: 4393: 4340: 4339: 4327: 4306: 4296: 4282: 4270: 4263:Michael Noonan 4259:Baker McKenzie 4243: 4233: 4220: 4177: 4175: 4172: 4164: 4161: 4149:Gabriel Zucman 4145: 4142: 4132:list, and the 4124: 4123: 4107: 4091: 4087:Cayman Islands 4048: 4019: 4018: 3998: 3982: 3966: 3950: 3947:dutch sandwich 3929: 3913:Gabriel Zucman 3901:Main article: 3898: 3895: 3893: 3892: 3868: 3865:dutch sandwich 3860: 3845: 3837: 3829: 3822:tax inversions 3818: 3813: 3797: 3794: 3792: 3789: 3753:securitisation 3697: 3694: 3678: 3665:Dutch sandwich 3655:(was known as 3653:tax inversions 3645:securitisation 3632:Dutch Sandwich 3617: 3614: 3606: 3603: 3596: 3560: 3557: 3523: 3520: 3488: 3485: 3476: 3475: 3472: 3469: 3465: 3441: 3438: 3409: 3394: 3393: 3390: 3386: 3377: 3374: 3317: 3314: 3312: 3311: 3308: 3296: 3269: 3253: 3191:Pearse Doherty 3187: 3179:Michael Noonan 3142: 3139: 3129: 3110: 3109: 3102: 3098: 3094: 3089: 3083: 3082: 3072: 3065: 3037: 3034: 3011: 3008: 3004:, 13 July 2016 2994: 2983: 2982: 2979: 2976: 2972: 2956:GDP-per-capita 2942: 2908: 2905: 2885: 2832: 2829: 2817: 2771: 2748: 2747:Employment tax 2745: 2733: 2729:Baker McKenzie 2677:dutch sandwich 2654:tax inversions 2646:Main article: 2643: 2640: 2634:, in its 2019 2618: 2617: 2614: 2613: 2610: 2607: 2604: 2601: 2588: 2584: 2583: 2580: 2577: 2574: 2571: 2558: 2554: 2553: 2550: 2547: 2544: 2541: 2528: 2524: 2523: 2520: 2517: 2514: 2511: 2498: 2494: 2493: 2490: 2487: 2484: 2481: 2468: 2464: 2463: 2460: 2457: 2454: 2451: 2438: 2434: 2433: 2430: 2427: 2424: 2421: 2408: 2404: 2403: 2400: 2397: 2394: 2391: 2378: 2374: 2373: 2370: 2367: 2364: 2361: 2348: 2344: 2343: 2340: 2337: 2334: 2331: 2328: 2324: 2323: 2320: 2317: 2314: 2311: 2298: 2294: 2293: 2290: 2285: 2282:Effective rate 2280: 2275: 2272: 2262: 2261: 2252: 2251: 2248:Gabriel Zucman 2244: 2232: 2214: 2211: 2199: 2190:Gabriel Zucman 2168: 2132: 2129: 2127: 2124: 2122: 2121: 2107:Richard Murphy 2103: 2090: 2076: 2061: 2049: 2037: 2023: 2010: 1996: 1993: 1991: 1990: 1983:securitisation 1979: 1972: 1961: 1947: 1944:dutch sandwich 1942:in Ireland or 1928: 1922: 1921: 1918: 1911:transfer price 1900: 1894: 1887: 1882: 1879: 1856: 1853: 1837:tax inversions 1747:dutch sandwich 1694: 1693: 1691: 1690: 1683: 1676: 1668: 1665: 1664: 1663: 1662: 1650: 1635: 1634: 1629: 1628: 1627: 1626: 1621: 1616: 1614:United Kingdom 1611: 1606: 1601: 1596: 1591: 1586: 1581: 1576: 1571: 1566: 1561: 1556: 1551: 1546: 1541: 1536: 1531: 1526: 1521: 1516: 1511: 1506: 1501: 1496: 1491: 1486: 1481: 1476: 1471: 1466: 1461: 1456: 1451: 1446: 1441: 1436: 1431: 1426: 1421: 1416: 1411: 1406: 1401: 1396: 1391: 1386: 1381: 1376: 1371: 1366: 1361: 1353: 1352: 1348: 1347: 1346: 1345: 1340: 1335: 1327: 1326: 1320: 1315: 1314: 1311: 1310: 1307: 1306: 1301: 1296: 1291: 1286: 1281: 1276: 1271: 1266: 1261: 1256: 1251: 1246: 1240: 1235: 1234: 1231: 1230: 1225: 1224: 1223: 1222: 1216: 1210: 1207:Tax Foundation 1204: 1198: 1189: 1188: 1184: 1183: 1182: 1181: 1179:Gabriel Zucman 1176: 1171: 1166: 1161: 1156: 1154:Mihir A. Desai 1148: 1147: 1141: 1138: 1137: 1134: 1133: 1130: 1129: 1124: 1119: 1114: 1109: 1104: 1103: 1102: 1097: 1087: 1082: 1076: 1071: 1070: 1067: 1066: 1063: 1062: 1057: 1052: 1047: 1042: 1037: 1032: 1027: 1022: 1017: 1015:Robin Hood tax 1012: 1007: 999: 994: 989: 983: 978: 977: 974: 973: 970: 969: 964: 959: 954: 952:Excess profits 949: 944: 943: 942: 937: 932: 923: 918: 904: 899: 894: 889: 884: 879: 874: 869: 864: 859: 854: 849: 844: 839: 837:Gross receipts 834: 829: 824: 819: 818: 817: 812: 807: 802: 797: 792: 787: 777: 776: 775: 770: 765: 760: 755: 750: 745: 735: 730: 729: 728: 723: 718: 713: 708: 703: 698: 688: 687: 686: 676: 675: 674: 669: 664: 654: 649: 644: 639: 633: 628: 627: 624: 623: 618: 617: 616: 615: 610: 605: 600: 595: 590: 588:Offshore Leaks 585: 580: 575: 574: 573: 568: 553: 552: 551:Major examples 548: 547: 546: 545: 540: 535: 530: 525: 519: 514: 506: 505: 501: 500: 499: 498: 493: 488: 486:Dutch Sandwich 483: 478: 472: 467: 459: 458: 454: 453: 452: 451: 446: 441: 436: 431: 426: 424:Tax resistance 421: 416: 415: 414: 401: 400: 394: 389: 388: 385: 384: 381: 380: 375: 370: 365: 360: 355: 350: 345: 340: 335: 330: 328:Taxable income 325: 323:Tax assessment 320: 315: 309: 304: 303: 300: 299: 294: 293: 292: 291: 286: 281: 276: 271: 263: 262: 258: 257: 256: 255: 250: 245: 240: 235: 230: 225: 217: 216: 215:General Theory 210: 205: 204: 201: 200: 197: 196: 191: 186: 184:Representation 181: 176: 171: 166: 161: 156: 151: 146: 141: 136: 131: 126: 121: 116: 111: 106: 105: 104: 94: 89: 84: 79: 74: 68: 63: 62: 59: 58: 51: 50: 42: 41: 35: 34: 26: 9: 6: 4: 3: 2: 14884: 14873: 14872:Global issues 14870: 14868: 14865: 14863: 14862:Corporate law 14860: 14858: 14855: 14853: 14852:Tax avoidance 14850: 14848: 14845: 14844: 14842: 14827: 14822: 14817: 14815: 14807: 14806: 14803: 14793: 14792:Vandana Shiva 14790: 14788: 14785: 14783: 14780: 14778: 14775: 14773: 14770: 14769: 14767: 14761: 14755: 14752: 14750: 14747: 14745: 14744:Saskia Sassen 14742: 14740: 14739:George Ritzer 14737: 14735: 14734:Antonio Negri 14732: 14730: 14729:L. H. M. Ling 14727: 14725: 14722: 14720: 14717: 14715: 14714:Michael Hardt 14712: 14710: 14707: 14705: 14702: 14700: 14697: 14695: 14694:Alfred Crosby 14692: 14690: 14687: 14685: 14682: 14680: 14677: 14675: 14672: 14670: 14667: 14665: 14662: 14660: 14657: 14655: 14652: 14650: 14647: 14646: 14644: 14636: 14630: 14627: 14625: 14624:Susan Strange 14622: 14620: 14617: 14615: 14612: 14610: 14607: 14605: 14602: 14600: 14597: 14595: 14594:Robert W. Cox 14592: 14590: 14587: 14585: 14582: 14581: 14579: 14571: 14565: 14562: 14560: 14557: 14555: 14554:Jeffrey Sachs 14552: 14550: 14547: 14545: 14542: 14540: 14537: 14535: 14532: 14530: 14527: 14525: 14522: 14520: 14517: 14515: 14512: 14510: 14507: 14505: 14502: 14500: 14497: 14496: 14494: 14488: 14485: 14479: 14473: 14472:World-systems 14470: 14468: 14467:World history 14465: 14463: 14462:Social change 14460: 14458: 14455: 14451: 14448: 14446: 14443: 14442: 14441: 14440:Modernization 14438: 14436: 14433: 14431: 14428: 14426: 14423: 14421: 14418: 14416: 14413: 14412: 14410: 14406: 14396: 14393: 14391: 14388: 14386: 14383: 14379: 14376: 14375: 14374: 14371: 14369: 14366: 14364: 14361: 14359: 14356: 14354: 14351: 14349: 14346: 14344: 14341: 14337: 14334: 14332: 14329: 14327: 14324: 14322: 14319: 14317: 14314: 14312: 14309: 14308: 14307: 14304: 14302: 14299: 14297: 14294: 14292: 14289: 14287: 14284: 14282: 14279: 14277: 14274: 14272: 14269: 14267: 14264: 14260: 14257: 14256: 14255: 14252: 14251: 14249: 14243: 14237: 14234: 14230: 14227: 14225: 14222: 14221: 14220: 14217: 14215: 14212: 14210: 14207: 14205: 14202: 14200: 14197: 14193: 14190: 14189: 14188: 14185: 14181: 14178: 14177: 14176: 14173: 14172: 14170: 14164: 14161: 14157: 14151: 14148: 14146: 14143: 14141: 14138: 14134: 14131: 14129: 14126: 14125: 14124: 14121: 14119: 14116: 14114: 14111: 14109: 14106: 14104: 14103:Global health 14101: 14099: 14096: 14094: 14091: 14087: 14084: 14083: 14082: 14079: 14077: 14074: 14072: 14069: 14067: 14064: 14062: 14059: 14057: 14054: 14052: 14049: 14047: 14044: 14043: 14041: 14037: 14031: 14028: 14026: 14018: 14016: 14013: 14012: 14009: 14005: 14004:Globalization 13998: 13993: 13991: 13986: 13984: 13979: 13978: 13975: 13969: 13966: 13964: 13961: 13959: 13956: 13954: 13951: 13950: 13930: 13926: 13920: 13913: 13909: 13906: 13901: 13894: 13890: 13883: 13867: 13863: 13859: 13853: 13846: 13842: 13835: 13828: 13818:on 2018-08-20 13814: 13807: 13801: 13794: 13784:on 2018-04-19 13780: 13773: 13767: 13753:on 2017-08-08 13749: 13742: 13736: 13722:on 2016-09-24 13718: 13711: 13705: 13697: 13691: 13684: 13670: 13663: 13657: 13643:on 2017-12-07 13639: 13635: 13628: 13622: 13620: 13612: 13599: 13595: 13591: 13585: 13578: 13565: 13561: 13557: 13551: 13535: 13531: 13527: 13521: 13505: 13501: 13495: 13488: 13485: 13472: 13468: 13464: 13458: 13440: 13433: 13427: 13420: 13405: 13398: 13392: 13390: 13375:on 2017-08-25 13371: 13364: 13358: 13356: 13354: 13337: 13333: 13327: 13311: 13307: 13301: 13287:on 2019-04-17 13286: 13282: 13276: 13260: 13256: 13250: 13234: 13230: 13224: 13222: 13205: 13201: 13195: 13179: 13175: 13171: 13165: 13149: 13145: 13141: 13135: 13119: 13115: 13111: 13105: 13089: 13085: 13084:Bloomberg.com 13081: 13075: 13059: 13055: 13049: 13033: 13029: 13025: 13019: 13004: 13000: 12994: 12979: 12975: 12969: 12954: 12950: 12949:The Economist 12946: 12940: 12924: 12920: 12916: 12910: 12894: 12890: 12884: 12865: 12858: 12852: 12838:on 2018-05-22 12834: 12827: 12821: 12806: 12802: 12798: 12792: 12777: 12773: 12769: 12763: 12747: 12743: 12737: 12735: 12718: 12714: 12710: 12704: 12697: 12685: 12681: 12677: 12671: 12669: 12657: 12650: 12644: 12642: 12640: 12638: 12623:on 2018-03-31 12619: 12612: 12606: 12592:on 2018-06-17 12591: 12587: 12581: 12567:on 2018-05-24 12563: 12556: 12550: 12542: 12536: 12520: 12516: 12512: 12506: 12490: 12486: 12480: 12464: 12460: 12459: 12454: 12448: 12432: 12428: 12422: 12414: 12410: 12405: 12400: 12396: 12392: 12388: 12384: 12379: 12374: 12370: 12366: 12365: 12360: 12353: 12339:on 2014-05-18 12338: 12334: 12328: 12312: 12308: 12304: 12298: 12282: 12278: 12274: 12267: 12249: 12242: 12236: 12221: 12217: 12211: 12196: 12192: 12188: 12182: 12167: 12163: 12157: 12141: 12137: 12133: 12127: 12111: 12107: 12103: 12097: 12081: 12077: 12073: 12067: 12051: 12047: 12043: 12037: 12035: 12033: 12016: 12012: 12008: 12002: 11986: 11982: 11978: 11972: 11956: 11952: 11946: 11932:on 2018-03-16 11928: 11921: 11915: 11897: 11890: 11884: 11868: 11864: 11858: 11842: 11838: 11834: 11828: 11826: 11809: 11805: 11801: 11795: 11793: 11776: 11772: 11766: 11764: 11747: 11743: 11739: 11733: 11719:on 2018-03-17 11715: 11708: 11702: 11686: 11682: 11678: 11672: 11656: 11652: 11648: 11642: 11626: 11622: 11618: 11612: 11596: 11592: 11588: 11582: 11568:on 2017-11-14 11564: 11557: 11551: 11533: 11526: 11520: 11506:on 2018-06-23 11502: 11495: 11489: 11473: 11469: 11468:Bloomberg.com 11465: 11459: 11441: 11434: 11428: 11412: 11408: 11404: 11398: 11382: 11378: 11374: 11368: 11352: 11348: 11342: 11340: 11323: 11319: 11313: 11297: 11293: 11289: 11283: 11264: 11257: 11251: 11235: 11231: 11227: 11221: 11205: 11201: 11197: 11191: 11175: 11171: 11170:Bloomberg.com 11167: 11161: 11145: 11141: 11137: 11131: 11117:on 2016-03-04 11113: 11106: 11100: 11092: 11088: 11084: 11080: 11076: 11072: 11065: 11049: 11045: 11041: 11035: 11021:on 2018-03-24 11020: 11016: 11010: 10996:on 2018-03-23 10992: 10985: 10979: 10977: 10961: 10957: 10951: 10935: 10931: 10925: 10907: 10900: 10894: 10878: 10874: 10870: 10864: 10846: 10839: 10833: 10831: 10829: 10827: 10810: 10806: 10800: 10798: 10796: 10779: 10775: 10769: 10753: 10749: 10745: 10737: 10721: 10717: 10710: 10694: 10690: 10686: 10680: 10672: 10668: 10662: 10646: 10642: 10638: 10630: 10612: 10605: 10599: 10580: 10573: 10567: 10565: 10546: 10539: 10533: 10515: 10508: 10502: 10486: 10482: 10478: 10472: 10456: 10452: 10448: 10442: 10426: 10422: 10418: 10412: 10410: 10393: 10389: 10388:Bloomberg.com 10385: 10379: 10377: 10360: 10356: 10352: 10346: 10339: 10329:on 2018-06-28 10325: 10318: 10311: 10295: 10291: 10285: 10269: 10265: 10259: 10243: 10239: 10235: 10229: 10213: 10209: 10205: 10199: 10185:on 2018-06-20 10184: 10180: 10174: 10167: 10163: 10159: 10153: 10138: 10134: 10130: 10124: 10122: 10120: 10103: 10099: 10093: 10091: 10074: 10070: 10066: 10060: 10044: 10040: 10036: 10030: 10014: 10010: 10006: 10000: 9993: 9978: 9974: 9967: 9961: 9946: 9942: 9938: 9932: 9930: 9913: 9909: 9905: 9899: 9897: 9880: 9876: 9872: 9866: 9864: 9862: 9846: 9842: 9836: 9820: 9816: 9810: 9794: 9790: 9784: 9770:on 2018-05-16 9769: 9765: 9759: 9757: 9741: 9737: 9733: 9727: 9713:on 2018-06-16 9712: 9708: 9702: 9700: 9685:on 2015-03-16 9681: 9674: 9667: 9665: 9663: 9646: 9642: 9638: 9632: 9618:on 2017-07-09 9614: 9607: 9601: 9599: 9584:on 2018-05-19 9583: 9579: 9573: 9571: 9554: 9550: 9544: 9536: 9532: 9526: 9512:on 2019-04-12 9508: 9501: 9495: 9493: 9491: 9489: 9472: 9468: 9464: 9458: 9444:on 2018-04-04 9440: 9433: 9427: 9411: 9407: 9403: 9397: 9395: 9378: 9374: 9373: 9368: 9362: 9360: 9341: 9334: 9328: 9321: 9309: 9305: 9299: 9297: 9295: 9293: 9291: 9274: 9270: 9264: 9248: 9244: 9238: 9222: 9218: 9212: 9210: 9208: 9206: 9204: 9196: 9183: 9179: 9175: 9169: 9162: 9158: 9155: 9149: 9135: 9131: 9125: 9111: 9107: 9101: 9085: 9081: 9075: 9056: 9049: 9043: 9029:on 2018-05-21 9025: 9018: 9012: 9010: 8993: 8989: 8985: 8979: 8961: 8954: 8948: 8946: 8944: 8927: 8923: 8917: 8915: 8898: 8894: 8893:The Economist 8890: 8884: 8882: 8880: 8878: 8861: 8857: 8851: 8849: 8832: 8828: 8824: 8818: 8802: 8798: 8794: 8788: 8786: 8769: 8765: 8759: 8743: 8739: 8733: 8717: 8713: 8709: 8703: 8687: 8683: 8679: 8673: 8657: 8653: 8652: 8647: 8641: 8627:on 2018-03-29 8623: 8616: 8610: 8596:on 2017-12-13 8592: 8585: 8579: 8577: 8560: 8556: 8550: 8534: 8530: 8529: 8524: 8518: 8516: 8501:on 2018-05-15 8500: 8496: 8490: 8474: 8470: 8466: 8460: 8444: 8440: 8434: 8419: 8415: 8411: 8405: 8403: 8395: 8384: 8380: 8376: 8370: 8368: 8351: 8347: 8343: 8337: 8335: 8318: 8314: 8308: 8306: 8289: 8285: 8279: 8277: 8260: 8256: 8252: 8246: 8244: 8242: 8225: 8221: 8215: 8213: 8211: 8209: 8193: 8189: 8185: 8179: 8172: 8158: 8151: 8145: 8143: 8135: 8123: 8119: 8115: 8109: 8107: 8105: 8103: 8086: 8082: 8078: 8072: 8065: 8054: 8050: 8046: 8040: 8038: 8036: 8034: 8032: 8030: 8028: 8011: 8007: 8006: 8001: 7994: 7979: 7975: 7971: 7965: 7963: 7947: 7943: 7939: 7933: 7918: 7914: 7908: 7892: 7888: 7884: 7878: 7862: 7858: 7852: 7850: 7842: 7830: 7826: 7822: 7816: 7801: 7797: 7796: 7791: 7785: 7769: 7765: 7759: 7745:on 2018-05-14 7744: 7740: 7734: 7720:on 2018-06-13 7719: 7715: 7709: 7693: 7689: 7683: 7667: 7663: 7659: 7653: 7637: 7633: 7629: 7623: 7607: 7603: 7599: 7593: 7578: 7574: 7570: 7564: 7548: 7544: 7538: 7536: 7519: 7515: 7511: 7505: 7503: 7486: 7482: 7476: 7460: 7456: 7452: 7446: 7430: 7426: 7422: 7416: 7402:on 2018-05-15 7401: 7397: 7391: 7389: 7372: 7368: 7367: 7362: 7356: 7354: 7337: 7333: 7329: 7323: 7307: 7303: 7297: 7290: 7289:jurisdiction. 7277: 7273: 7269: 7263: 7247: 7243: 7239: 7233: 7231: 7215:on 2 May 2019 7214: 7210: 7204: 7202: 7200: 7183: 7179: 7175: 7169: 7167: 7165: 7157: 7153: 7152: 7147: 7141: 7139: 7137: 7120: 7116: 7112: 7106: 7088: 7081: 7075: 7073: 7056: 7052: 7051: 7046: 7040: 7038: 7023:on 2018-06-12 7022: 7018: 7014: 7010: 7004: 7002: 6987:on 2018-05-17 6986: 6982: 6979: 6975: 6969: 6967: 6952:on 2018-05-14 6948: 6944: 6937: 6930: 6928: 6911: 6907: 6903: 6897: 6895: 6880:on 2018-03-22 6876: 6869: 6863: 6861: 6859: 6857: 6855: 6840:on 2017-08-11 6836: 6829: 6823: 6821: 6819: 6817: 6815: 6798: 6794: 6790: 6784: 6782: 6780: 6778: 6769: 6762: 6746: 6742: 6738: 6732: 6716: 6712: 6708: 6702: 6700: 6698: 6696: 6694: 6686: 6675: 6671: 6670:Bloomberg.com 6667: 6661: 6659: 6657: 6642:on 2018-06-29 6638: 6631: 6627: 6621: 6605: 6601: 6595: 6593: 6588: 6577: 6574: 6571: 6568: 6566: 6563: 6561: 6558: 6555: 6552: 6550: 6547: 6544: 6541: 6539: 6536: 6533: 6530: 6527: 6524: 6521: 6518: 6515: 6512: 6510: 6507: 6505: 6502: 6500: 6497: 6496: 6485: 6478: 6476: 6462: 6461: 6457: 6455: 6441: 6440: 6436: 6434: 6420: 6419: 6415: 6413: 6399: 6398: 6394: 6392: 6378: 6377: 6373: 6371: 6357: 6356: 6352: 6350: 6349:United States 6336: 6335: 6331: 6329: 6328: 6313: 6312: 6308: 6306: 6292: 6291: 6287: 6285: 6271: 6270: 6266: 6264: 6250: 6249: 6245: 6243: 6229: 6228: 6224: 6222: 6208: 6207: 6203: 6201: 6187: 6186: 6182: 6180: 6179: 6164: 6163: 6159: 6157: 6143: 6142: 6138: 6136: 6122: 6121: 6117: 6114: 6110: 6107: 6100: 6098: 6084: 6083: 6079: 6077: 6063: 6062: 6058: 6056: 6042: 6041: 6037: 6035: 6021: 6020: 6016: 6014: 6013:United States 6000: 5999: 5995: 5993: 5979: 5978: 5974: 5972: 5971: 5956: 5955: 5951: 5949: 5935: 5934: 5930: 5928: 5914: 5913: 5909: 5907: 5893: 5892: 5888: 5886: 5872: 5871: 5867: 5865: 5851: 5850: 5846: 5844: 5830: 5829: 5825: 5823: 5809: 5808: 5804: 5802: 5788: 5787: 5783: 5781: 5780: 5765: 5764: 5760: 5758: 5744: 5743: 5739: 5736: 5732: 5729: 5725: 5723: 5717: 5715: 5710: 5703: 5700: 5697: 5693: 5690: 5686: 5683: 5680: 5676: 5675: 5673: 5671: 5667: 5663: 5656: 5641: 5629: 5625: 5613: 5609: 5597: 5593: 5581: 5577: 5565: 5561: 5549: 5545: 5533: 5529: 5517: 5513: 5501: 5497: 5485: 5481: 5469: 5465: 5453: 5449: 5448:Great Britain 5437: 5433: 5421: 5417: 5405: 5404: 5402: 5399: 5397: 5383: 5380: 5377: 5374: 5371: 5368: 5365: 5362: 5359: 5356: 5355: 5353: 5350: 5348: 5344: 5339: 5330: 5327: 5324: 5321: 5318: 5315: 5312: 5309: 5306: 5303: 5302: 5300: 5297: 5294: 5280: 5277: 5274: 5271: 5268: 5267: 5265: 5263: 5255: 5252: 5249: 5246: 5243: 5242: 5240: 5238: 5230: 5226: 5224: 5220: 5216: 5212: 5211: 5204: 5190: 5188: 5185: 5183: 5181: 5179: 5176: 5173: 5172: 5168: 5165: 5162: 5159: 5156: 5153: 5150: 5147: 5146: 5142: 5139: 5136: 5133: 5130: 5127: 5124: 5121: 5120: 5116: 5113: 5110: 5107: 5104: 5101: 5098: 5095: 5094: 5090: 5087: 5084: 5081: 5078: 5075: 5072: 5069: 5068: 5064: 5061: 5058: 5055: 5052: 5049: 5046: 5043: 5042: 5038: 5035: 5032: 5029: 5026: 5023: 5020: 5017: 5016: 5012: 5009: 5006: 5003: 5000: 4997: 4994: 4991: 4990: 4986: 4983: 4980: 4977: 4974: 4971: 4968: 4965: 4964: 4960: 4957: 4954: 4951: 4948: 4945: 4942: 4939: 4938: 4934: 4931: 4928: 4925: 4922: 4919: 4916: 4913: 4912: 4908: 4905: 4902: 4899: 4896: 4893: 4890: 4887: 4886: 4880: 4878:Tax Rate (%) 4875: 4870: 4866: 4863: 4861:Local ($ bn) 4859: 4856: 4851: 4846: 4840: 4839: 4833: 4831: 4827: 4821: 4807: 4804: 4801: 4798: 4795: 4792: 4789: 4786: 4783: 4780: 4779: 4777: 4774: 4761: 4754: 4749: 4746: 4744: 4739: 4737: 4733: 4721: 4717: 4714: 4711: 4707: 4703: 4697: 4694: 4691: 4687: 4681: 4678: 4675: 4672: 4668: 4664: 4663: 4661: 4646: 4642: 4638: 4635: 4631: 4628: 4625: 4621: 4617: 4616: 4613: 4607: 4603: 4600: 4597: 4594: 4591: 4590: 4587: 4581: 4577: 4574: 4571: 4567: 4563: 4560: 4559: 4556: 4550: 4546: 4543: 4540: 4537: 4536: 4533: 4532: 4530: 4528: 4524: 4509: 4507: 4502: 4498: 4496: 4490: 4488: 4484: 4480: 4474: 4472: 4469: 4465: 4455: 4449:, March 2018, 4448: 4447:Goldman Sachs 4441: 4437: 4435: 4431: 4426: 4422: 4420: 4416: 4402: 4399: 4395: 4394: 4392: 4390: 4386: 4382: 4374: 4373: 4368: 4364: 4362: 4358: 4354: 4353:tax inversion 4350: 4345: 4334: 4333: 4332:The Economist 4326: 4320: 4316: 4315:knowledge box 4311: 4307: 4301: 4295: 4288: 4283: 4277: 4276: 4269: 4264: 4260: 4253: 4248: 4244: 4238: 4237:Christian Aid 4232: 4226: 4222: 4221: 4216: 4215: 4210: 4206: 4201: 4198: 4193: 4187: 4181: 4170: 4160: 4158: 4152: 4150: 4141: 4139: 4135: 4131: 4120: 4108: 4104: 4092: 4088: 4075: 4062: 4050: 4049: 4047: 4040: 4036: 4034: 4028: 4026: 4016: 4011: 3999: 3995: 3983: 3979: 3967: 3963: 3962:Great Britain 3951: 3948: 3943: 3931: 3930: 3928: 3926: 3922: 3918: 3914: 3910: 3904: 3890: 3885: 3881: 3877: 3873: 3869: 3866: 3861: 3858: 3854: 3850: 3846: 3842: 3838: 3834: 3830: 3827: 3823: 3819: 3815: 3814: 3812: 3809: 3803: 3788: 3786: 3782: 3778: 3774: 3769: 3765: 3763: 3759: 3754: 3749: 3746: 3744: 3738: 3734: 3732: 3728: 3724: 3720: 3716: 3708: 3707: 3702: 3689: 3688: 3683: 3677: 3672: 3670: 3666: 3660: 3658: 3654: 3650: 3647:SPVs, called 3646: 3637: 3633: 3629: 3628: 3622: 3612: 3595: 3591: 3587: 3585: 3580: 3578: 3574: 3570: 3566: 3556: 3552: 3549: 3543: 3541: 3540:tax inversion 3536: 3534: 3530: 3514: 3508: 3503: 3498: 3494: 3484: 3482: 3473: 3470: 3467: 3466: 3464: 3461: 3459: 3453: 3450: 3446: 3437: 3435: 3431: 3427: 3423: 3414: 3408: 3402: 3400: 3391: 3388: 3387: 3385: 3382: 3373: 3370: 3366: 3362: 3358: 3353: 3351: 3347: 3343: 3338: 3335:), the Irish 3334: 3329: 3327: 3323: 3322:knowledge box 3309: 3306: 3302: 3298: 3297: 3295: 3293: 3289: 3280: 3279: 3274: 3268: 3265: 3252: 3251: 3247: 3241: 3239: 3235: 3231: 3227: 3220: 3216: 3213: 3208: 3200: 3196: 3192: 3186: 3184: 3180: 3174: 3172: 3168: 3164: 3160: 3155: 3148: 3134: 3128: 3123: 3121: 3117: 3107: 3103: 3099: 3095: 3091: 3090: 3088: 3080: 3076: 3073: 3070: 3067: 3066: 3064: 3062: 3058: 3053: 3051: 3047: 3043: 3042:tax inversion 3030: 3026: 3021: 3017: 3003: 2999: 2993: 2988: 2980: 2977: 2974: 2973: 2971: 2969: 2964: 2962: 2957: 2948: 2941: 2936: 2934: 2930: 2926: 2922: 2913: 2904: 2902: 2892: 2891: 2890:The Economist 2884: 2879: 2877: 2872: 2870: 2866: 2856: 2852: 2850: 2846: 2842: 2841:tax inversion 2838: 2824: 2823: 2816: 2811: 2809: 2804: 2802: 2797: 2793: 2791: 2787: 2778: 2777: 2770: 2765: 2763: 2759: 2755: 2740: 2739: 2732: 2730: 2724: 2722: 2718: 2714: 2709: 2707: 2701: 2699: 2696:in 2017 (see 2695: 2694: 2688: 2686: 2682: 2678: 2670: 2665: 2661: 2659: 2655: 2649: 2639: 2637: 2633: 2628: 2626: 2611: 2608: 2605: 2602: 2600: 2586: 2585: 2581: 2578: 2575: 2572: 2570: 2556: 2555: 2551: 2548: 2545: 2542: 2540: 2526: 2525: 2521: 2518: 2515: 2512: 2510: 2496: 2495: 2491: 2488: 2485: 2482: 2480: 2466: 2465: 2461: 2458: 2455: 2452: 2450: 2436: 2435: 2431: 2428: 2425: 2422: 2420: 2406: 2405: 2401: 2398: 2395: 2392: 2390: 2376: 2375: 2371: 2368: 2365: 2362: 2360: 2346: 2345: 2341: 2338: 2335: 2332: 2326: 2325: 2321: 2318: 2315: 2312: 2310: 2296: 2295: 2291: 2289:(U.S. firms) 2286: 2281: 2277:Headline rate 2276: 2274:Jurisdiction 2273: 2271:(2015 $ bn) 2268: 2267: 2264: 2259: 2256: 2249: 2245: 2242: 2238: 2234: 2233: 2231: 2228: 2226: 2220: 2206: 2205: 2198: 2193: 2191: 2186: 2182: 2173: 2172:Jonathan Weil 2167: 2163: 2161: 2157: 2153: 2148: 2146: 2141: 2138: 2116: 2112: 2108: 2102: 2101:jurisdiction. 2096: 2091: 2085: 2081: 2075: 2070: 2065: 2062: 2056: 2055: 2048: 2043: 2038: 2032: 2028: 2022: 2017: 2012: 2011: 2009: 2006: 2003: 1988: 1984: 1980: 1977: 1973: 1970: 1969:knowledge box 1966: 1962: 1959: 1955: 1951: 1948: 1945: 1941: 1937: 1933: 1930: 1929: 1927: 1919: 1916: 1912: 1908: 1904: 1901: 1898: 1895: 1892: 1889: 1888: 1886: 1878: 1875: 1873: 1869: 1862: 1852: 1848: 1846: 1842: 1838: 1834: 1831: 1827: 1822: 1820: 1816: 1812: 1808: 1804: 1799: 1797: 1793: 1789: 1785: 1781: 1777: 1773: 1769: 1765: 1761: 1756: 1752: 1748: 1744: 1740: 1736: 1732: 1728: 1724: 1719: 1716: 1715:incorporation 1712: 1708: 1704: 1700: 1689: 1684: 1682: 1677: 1675: 1670: 1669: 1667: 1666: 1661: 1651: 1649: 1644: 1639: 1638: 1637: 1636: 1625: 1622: 1620: 1619:United States 1617: 1615: 1612: 1610: 1607: 1605: 1602: 1600: 1597: 1595: 1592: 1590: 1587: 1585: 1582: 1580: 1577: 1575: 1572: 1570: 1567: 1565: 1562: 1560: 1557: 1555: 1552: 1550: 1547: 1545: 1542: 1540: 1537: 1535: 1532: 1530: 1527: 1525: 1522: 1520: 1517: 1515: 1512: 1510: 1507: 1505: 1502: 1500: 1497: 1495: 1492: 1490: 1487: 1485: 1482: 1480: 1477: 1475: 1472: 1470: 1467: 1465: 1462: 1460: 1457: 1455: 1452: 1450: 1447: 1445: 1442: 1440: 1437: 1435: 1432: 1430: 1427: 1425: 1422: 1420: 1417: 1415: 1412: 1410: 1407: 1405: 1402: 1400: 1397: 1395: 1392: 1390: 1387: 1385: 1382: 1380: 1377: 1375: 1372: 1370: 1367: 1365: 1362: 1360: 1357: 1356: 1355: 1354: 1350: 1349: 1344: 1341: 1339: 1336: 1334: 1331: 1330: 1329: 1328: 1325:All Countries 1324: 1323: 1318: 1313: 1312: 1305: 1302: 1300: 1297: 1295: 1292: 1290: 1287: 1285: 1282: 1280: 1279:Tolerance tax 1277: 1275: 1272: 1270: 1267: 1265: 1262: 1260: 1257: 1255: 1252: 1250: 1247: 1245: 1242: 1241: 1238: 1233: 1232: 1220: 1217: 1214: 1211: 1208: 1205: 1202: 1199: 1196: 1193: 1192: 1191: 1190: 1186: 1185: 1180: 1177: 1175: 1172: 1170: 1167: 1165: 1162: 1160: 1157: 1155: 1152: 1151: 1150: 1149: 1145: 1144: 1136: 1135: 1128: 1125: 1123: 1120: 1118: 1115: 1113: 1110: 1108: 1105: 1101: 1098: 1096: 1093: 1092: 1091: 1088: 1086: 1083: 1081: 1078: 1077: 1074: 1069: 1068: 1061: 1058: 1056: 1053: 1051: 1048: 1046: 1043: 1041: 1038: 1036: 1033: 1031: 1028: 1026: 1023: 1021: 1018: 1016: 1013: 1011: 1008: 1005: 1000: 998: 995: 993: 990: 988: 985: 984: 981: 980:International 976: 975: 968: 965: 963: 960: 958: 955: 953: 950: 948: 945: 941: 938: 936: 933: 931: 927: 924: 922: 919: 917: 914: 913: 912: 908: 905: 903: 900: 898: 895: 893: 890: 888: 885: 883: 882:Resource rent 880: 878: 875: 873: 870: 868: 865: 863: 860: 858: 855: 853: 850: 848: 845: 843: 840: 838: 835: 833: 830: 828: 825: 823: 820: 816: 813: 811: 808: 806: 803: 801: 798: 796: 793: 791: 788: 786: 783: 782: 781: 778: 774: 771: 769: 766: 764: 761: 759: 756: 754: 751: 749: 746: 744: 741: 740: 739: 736: 734: 731: 727: 724: 722: 719: 717: 714: 712: 709: 707: 704: 702: 699: 697: 694: 693: 692: 689: 685: 682: 681: 680: 679:Capital gains 677: 673: 670: 668: 665: 663: 660: 659: 658: 655: 653: 650: 648: 645: 643: 640: 638: 635: 634: 631: 626: 625: 614: 611: 609: 606: 604: 601: 599: 598:Panama Papers 596: 594: 591: 589: 586: 584: 581: 579: 576: 572: 569: 567: 566: 562: 561: 560: 557: 556: 555: 554: 550: 549: 544: 541: 539: 536: 534: 531: 529: 526: 523: 520: 518: 515: 513: 510: 509: 508: 507: 503: 502: 497: 494: 492: 489: 487: 484: 482: 479: 476: 473: 471: 468: 466: 465:Tax inversion 463: 462: 461: 460: 456: 455: 450: 447: 445: 442: 440: 437: 435: 432: 430: 427: 425: 422: 420: 417: 413: 410: 409: 408: 407:Tax avoidance 405: 404: 403: 402: 398: 397: 392: 391:Noncompliance 387: 386: 379: 376: 374: 371: 369: 368:Tax collector 366: 364: 361: 359: 356: 354: 351: 349: 348:Tax residence 346: 344: 341: 339: 336: 334: 331: 329: 326: 324: 321: 319: 318:Revenue stamp 316: 314: 311: 310: 307: 302: 301: 290: 287: 285: 282: 280: 277: 275: 272: 270: 267: 266: 265: 264: 260: 259: 254: 251: 249: 246: 244: 241: 239: 236: 234: 233:Tax incidence 231: 229: 228:Excess burden 226: 224: 221: 220: 219: 218: 214: 213: 208: 203: 202: 195: 192: 190: 187: 185: 182: 180: 177: 175: 172: 170: 167: 165: 162: 160: 157: 155: 154:Tax incentive 152: 150: 149:Tax advantage 147: 145: 142: 140: 137: 135: 132: 130: 127: 125: 122: 120: 117: 115: 112: 110: 109:Tax threshold 107: 103: 100: 99: 98: 95: 93: 90: 88: 85: 83: 80: 78: 75: 73: 70: 69: 66: 61: 60: 57: 56:fiscal policy 54:An aspect of 53: 52: 48: 44: 43: 40: 37: 36: 32: 31: 19: 14787:John R. Saul 14772:Noam Chomsky 14764:Non–academic 14704:Susan George 14699:Nancy Fraser 14669:Walden Bello 14614:David Harvey 14604:Stephen Gill 14524:Jayati Ghosh 14430:Earth system 14296:Human rights 14236:Water crisis 14133:early modern 13933:. Retrieved 13919: 13900: 13892: 13882: 13870:. Retrieved 13852: 13844: 13834: 13826: 13820:. Retrieved 13813:the original 13800: 13792: 13786:. Retrieved 13779:the original 13766: 13755:. Retrieved 13748:the original 13735: 13724:. Retrieved 13717:the original 13710:"Tax Havens" 13704: 13690: 13682: 13676:. Retrieved 13656: 13645:. Retrieved 13638:the original 13609: 13602:. Retrieved 13593: 13584: 13575: 13568:. Retrieved 13559: 13550: 13538:. Retrieved 13530:The Guardian 13529: 13520: 13508:. Retrieved 13504:the original 13494: 13481: 13475:. Retrieved 13466: 13457: 13446:. Retrieved 13426: 13418: 13411:. Retrieved 13404:the original 13377:. Retrieved 13370:the original 13340:. Retrieved 13336:the original 13326: 13314:. Retrieved 13310:the original 13300: 13289:. Retrieved 13285:the original 13275: 13263:. Retrieved 13259:the original 13249: 13237:. Retrieved 13208:. Retrieved 13194: 13182:. Retrieved 13173: 13164: 13152:. Retrieved 13143: 13134: 13122:. Retrieved 13113: 13104: 13092:. Retrieved 13083: 13074: 13062:. Retrieved 13048: 13036:. Retrieved 13027: 13018: 13007:. Retrieved 12993: 12982:. Retrieved 12968: 12957:. Retrieved 12948: 12939: 12927:. Retrieved 12918: 12909: 12897:. Retrieved 12893:the original 12883: 12871:. Retrieved 12864:the original 12851: 12840:. Retrieved 12833:the original 12820: 12809:. Retrieved 12801:The Guardian 12800: 12791: 12780:. Retrieved 12771: 12762: 12750:. Retrieved 12746:the original 12721:. Retrieved 12712: 12703: 12695: 12688:. Retrieved 12679: 12625:. Retrieved 12618:the original 12605: 12594:. Retrieved 12590:the original 12580: 12569:. Retrieved 12562:the original 12549: 12535: 12523:. Retrieved 12514: 12505: 12493:. Retrieved 12489:the original 12479: 12467:. Retrieved 12463:the original 12456: 12447: 12435:. Retrieved 12431:the original 12421: 12368: 12362: 12352: 12341:. Retrieved 12337:the original 12327: 12315:. Retrieved 12311:the original 12297: 12285:. Retrieved 12281:the original 12266: 12255:. Retrieved 12235: 12224:. Retrieved 12210: 12199:. Retrieved 12190: 12181: 12170:. Retrieved 12156: 12144:. Retrieved 12135: 12126: 12114:. Retrieved 12106:The Standard 12105: 12096: 12084:. Retrieved 12075: 12066: 12054:. Retrieved 12046:The Guardian 12045: 12019:. Retrieved 12010: 12001: 11989:. Retrieved 11980: 11971: 11959:. Retrieved 11945: 11934:. Retrieved 11927:the original 11914: 11903:. Retrieved 11883: 11871:. Retrieved 11857: 11845:. Retrieved 11836: 11812:. Retrieved 11803: 11779:. Retrieved 11775:the original 11750:. Retrieved 11741: 11732: 11721:. Retrieved 11714:the original 11701: 11689:. Retrieved 11680: 11671: 11659:. Retrieved 11650: 11641: 11629:. Retrieved 11620: 11611: 11599:. 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Retrieved 9735: 9726: 9715:. Retrieved 9711:the original 9687:. Retrieved 9680:the original 9649:. Retrieved 9641:The Guardian 9640: 9631: 9620:. Retrieved 9613:the original 9586:. Retrieved 9582:the original 9557:. Retrieved 9543: 9535:The Guardian 9534: 9525: 9514:. Retrieved 9507:the original 9475:. Retrieved 9466: 9457: 9446:. Retrieved 9439:the original 9426: 9414:. Retrieved 9405: 9381:. Retrieved 9372:The Atlantic 9370: 9347:. Retrieved 9327: 9318: 9312:. Retrieved 9277:. Retrieved 9273:the original 9263: 9251:. Retrieved 9247:the original 9237: 9225:. Retrieved 9221:the original 9193: 9186:. Retrieved 9177: 9168: 9148: 9137:. Retrieved 9133: 9124: 9113:. Retrieved 9109: 9100: 9088:. Retrieved 9084:the original 9074: 9062:. Retrieved 9055:the original 9042: 9031:. Retrieved 9024:the original 8996:. Retrieved 8987: 8978: 8967:. Retrieved 8930:. Retrieved 8926:the original 8901:. Retrieved 8892: 8864:. Retrieved 8860:the original 8835:. Retrieved 8827:The Guardian 8826: 8817: 8805:. Retrieved 8796: 8772:. Retrieved 8768:the original 8758: 8746:. Retrieved 8732: 8720:. Retrieved 8712:The Guardian 8711: 8702: 8690:. Retrieved 8681: 8672: 8660:. Retrieved 8649: 8640: 8629:. Retrieved 8622:the original 8609: 8598:. Retrieved 8591:the original 8563:. Retrieved 8549: 8537:. Retrieved 8526: 8503:. Retrieved 8499:the original 8489: 8477:. Retrieved 8468: 8459: 8447:. Retrieved 8433: 8422:. Retrieved 8413: 8393: 8387:. Retrieved 8354:. Retrieved 8345: 8321:. Retrieved 8292:. Retrieved 8263:. Retrieved 8254: 8228:. Retrieved 8196:. Retrieved 8187: 8178: 8170: 8164:. Retrieved 8133: 8126:. Retrieved 8117: 8089:. Retrieved 8080: 8071: 8063: 8057:. Retrieved 8014:. Retrieved 8003: 7993: 7982:. Retrieved 7973: 7950:. Retrieved 7941: 7932: 7921:. Retrieved 7907: 7895:. Retrieved 7886: 7877: 7865:. Retrieved 7840: 7833:. Retrieved 7824: 7815: 7804:. Retrieved 7793: 7784: 7772:. Retrieved 7758: 7747:. Retrieved 7743:the original 7733: 7722:. Retrieved 7718:the original 7708: 7696:. Retrieved 7692:the original 7682: 7670:. Retrieved 7661: 7652: 7640:. Retrieved 7631: 7622: 7610:. Retrieved 7602:The Guardian 7601: 7592: 7581:. Retrieved 7572: 7563: 7551:. Retrieved 7522:. Retrieved 7513: 7489:. Retrieved 7485:the original 7475: 7463:. Retrieved 7454: 7445: 7433:. Retrieved 7424: 7415: 7404:. Retrieved 7400:the original 7375:. Retrieved 7364: 7340:. Retrieved 7331: 7322: 7310:. Retrieved 7306:the original 7296: 7287: 7280:. Retrieved 7262: 7250:. Retrieved 7241: 7217:. Retrieved 7213:the original 7186:. Retrieved 7177: 7155: 7149: 7123:. Retrieved 7114: 7105: 7094:. Retrieved 7059:. Retrieved 7048: 7025:. Retrieved 7021:the original 6989:. Retrieved 6985:the original 6954:. Retrieved 6947:the original 6914:. Retrieved 6906:The Guardian 6905: 6882:. Retrieved 6875:the original 6842:. Retrieved 6835:the original 6801:. Retrieved 6793:The Guardian 6792: 6761: 6749:. Retrieved 6740: 6731: 6719:. Retrieved 6710: 6684: 6678:. Retrieved 6669: 6644:. Retrieved 6637:the original 6620: 6608:. Retrieved 6604:the original 6514:Double Irish 6370:Saudi Arabia 6317: 6281: 6168: 6034:Saudi Arabia 5960: 5945: 5769: 5720: 5712: 5696:Conduit OFCs 5658: 5525: 5400: 5393: 5351: 5343:double Irish 5335: 5298: 5290: 5260: 5237:Conduit OFCs 5235: 5219:Conduit OFCs 5208: 5206: 4864: 4857: 4823: 4771: 4751: 4747: 4740: 4729: 4659: 4520: 4503: 4499: 4491: 4475: 4461: 4453: 4445:Jami Rubin, 4439: 4427: 4423: 4412: 4378: 4370: 4346: 4342: 4330: 4323: 4291: 4273: 4256: 4229: 4225:double Irish 4212: 4203: 4196: 4192:Double Irish 4183: 4179: 4153: 4147: 4136:list. (see 4126: 4045: 4029: 4021: 3975: 3917:Conduit OFCs 3906: 3876:double Irish 3870:The use of " 3844:Netherlands. 3836:activities). 3805: 3770: 3766: 3750: 3747: 3739: 3735: 3712: 3704: 3685: 3674: 3661: 3641: 3636:Double Irish 3624: 3593: 3588: 3581: 3565:double Irish 3562: 3553: 3544: 3537: 3529:Paul Krugman 3525: 3478: 3462: 3454: 3451: 3447: 3443: 3419: 3404: 3396: 3383: 3379: 3354: 3330: 3319: 3285: 3276: 3261: 3243: 3223: 3199:Dáil Éireann 3176: 3171:double Irish 3158: 3150: 3125: 3112: 3085: 3054: 3039: 2990: 2985: 2968:modified GNI 2965: 2953: 2938: 2918: 2897: 2888: 2881: 2873: 2861: 2834: 2820: 2813: 2805: 2798: 2794: 2783: 2774: 2767: 2750: 2736: 2726: 2710: 2706:double Irish 2702: 2691: 2689: 2679:to avoid EU 2673: 2651: 2629: 2627:activities. 2621: 2386: 2279:(all firms) 2254: 2229: 2222: 2202: 2195: 2184: 2178: 2165: 2149: 2142: 2134: 2117:, June 2018. 2099: 2083: 2073: 2052: 2046: 2030: 2020: 2007: 1998: 1936:double Irish 1924: 1906: 1884: 1876: 1868:tax treaties 1864: 1849: 1841:double Irish 1823: 1819:tax treaties 1809:at 17%, and 1800: 1743:double Irish 1731:tax treaties 1720: 1706: 1702: 1698: 1697: 1579:South Africa 1174:Joel Slemrod 842:Hypothecated 810:Sugary drink 684:Expatriation 563: 516: 481:Double Irish 444:Black market 289:Proportional 238:Laffer curve 223:Price effect 14782:Naomi Klein 14664:Ulrich Beck 14639:Politics / 14629:Robert Wade 14619:Ronen Palan 14609:Peter Gowan 14559:Amartya Sen 14549:Dani Rodrik 14499:David Autor 14425:Development 14306:Imperialism 14254:Brain drain 12515:Independent 12371:(1): 6246. 11077:: 150–161. 8016:14 November 6520:Single Malt 6412:Netherlands 6284:Switzerland 6055:Netherlands 5948:Switzerland 5528:Switzerland 5480:Netherlands 5378:The Bahamas 5372:Switzerland 5369:The Caymans 5357:Netherlands 5336:The second 5325:The Caymans 5316:Switzerland 5304:Netherlands 5250:Switzerland 5244:Netherlands 5148:Switzerland 5096:Puerto Rico 4992:Netherlands 4802:Netherlands 4790:Switzerland 4762:, June 2018 4308:Defence of 4199:, May 2015. 3978:Switzerland 3942:Netherlands 3796:Proxy tests 3719:"orphaning" 3513:Brad Setser 3029:John Oliver 2949:, June 2018 2865:Conduit OFC 2754:brass plate 2479:Puerto Rico 2419:Netherlands 2389:Switzerland 2086:, May 2015. 2071:Article 5. 1940:single malt 1815:"effective" 1803:Netherlands 1751:single malt 1594:Switzerland 1559:Philippines 1534:New Zealand 1529:Netherlands 1169:Ronen Palan 907:User charge 726:Value-added 691:Consumption 603:Swiss Leaks 491:Single Malt 429:Tax shelter 419:Tax evasion 378:Tax farming 363:Tax shelter 279:Progressive 243:Optimal tax 144:Tax amnesty 139:Tax holiday 97:Tax bracket 82:Tax revenue 14841:Categories 14724:Paul Hirst 14719:David Held 14584:Samir Amin 14574:Political 14509:Ravi Batra 14450:history of 14445:ecological 14420:Dependency 14368:Offshoring 14331:scientific 14321:linguistic 14286:Fair trade 14266:Care drain 14219:Tax havens 14214:Population 14123:History of 13822:2018-06-28 13788:2018-06-27 13757:2018-06-27 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