What is Tax Heaven ?
7 Replies
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 20 January 2009
Tax-free Zones/Countries!
Manish Rathod
(Student)
(78 Points)
Replied 20 January 2009
Its not Tax heaven, its Tax Haven. Please use google before asking such silly questions.
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 20 January 2009
he is asking after searching google-to check us
Sameer Medhekar
(Student)
(4140 Points)
Replied 20 January 2009
Shahid Afridi sir Both the terms are used
The meaning of the words are as following
1) Heaven :- Place or state of supreme bliss
2) Haven :- Port, harbour or refuge
Sameer Medhekar
(Student)
(4140 Points)
Replied 20 January 2009
A tax haven is a place where certain taxes are levied at a low rate or not at all.
Individuals and/or firms can find it attractive to move themselves to areas with lower tax rates. This creates a situation of tax competition among governments. Different jurisdictions tend to be havens for different types of taxes, and for different categories of people and/or companies. There are several definitions of tax havens. The Economist has tentatively adopted the descripttion by Geoffrey Colin Powell (former Economic Adviser to Jersey): "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance." The Economist points out that this definition would still exclude a number of jurisdictions traditionally thought of as tax havens.[1] Similarly, others have suggested that any country which modifies its tax laws to attract foreign capital could be considered a tax haven[2]. According to other definitions,[3] the central feature of a haven is that its laws and other measures can be used to evade or avoid the tax laws or regulations of other jurisdictions. One argument in favor of tax havens is that they help pressure developed countries to reduce their tax rates for more details click on the following link
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