By William Vlcek (auth.)
One direction in the direction of improvement taken by way of a couple of small jurisdictions is the institution of an offshore monetary centre. this article analyses the particular fiscal contribution for a number of small Caribbean economies and the impression to persevered operation bobbing up from a world initiative for the trade of taxpayer information.
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Offshore Finance and Small States: Sovereignty, Size and Money
One course in the direction of improvement taken by means of a couple of small jurisdictions is the institution of an offshore monetary centre. this article analyses the particular financial contribution for a number of small Caribbean economies and the impression to endured operation coming up from a global initiative for the trade of taxpayer info.
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Example text
This basic determination of two aspects (avoidance and evasion) was further refined by Ramon Jeffery, who concluded that the problem for tax compliance actually possessed three aspects – evasion, avoidance, and mitigation. Tax evasion is the intention to evade an existing tax liability, which often involves an element of criminality or fraud, such as the failure to disclose income. The unacceptable reduction of one’s tax liability by ordering one’s affairs in a particular way constitutes tax avoidance, while the acceptable reduction of such liability constitutes tax mitigation.
This viewpoint was a central argument made by Hochstetler, Clark, and Friedman concerning state sovereignty. Outside of the realm of military power, sovereignty emerges as less central to states’ material interests and more central to their asserted social identities than standard arguments over sovereignty suggest. , 2000: p. 592) Moreover, having established the widespread understanding that all sovereign states are entitled to equal treatment (as reflected for example in the United Nations’ Charter and the UN system of international organizations) for some states to act otherwise is a problem.
The existence and operation of the offshore realm has a strong association with the British legal tradition. Most jurisdictions outside of Europe with some history as a financial haven possess a legal system based on British (English) common law. This includes most Caribbean and Pacific OFCs, in addition to the unique relationships maintained by the Channel Islands and the Isle of Man with the United Kingdom. In a broad sense, the legal space in which the offshore business sector has been built exists within a fundamental difference between the English and Continental legal systems.