DOCSLIB.ORG

The Corporate Takeover of Ireland Pdf, Epub, Ebook

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Corporate Takeover of Ireland Pdf, Epub, Ebook THE CORPORATE TAKEOVER OF IRELAND PDF, EPUB, EBOOK Kieran Allen | 288 pages | 01 Jun 2007 | Irish Academic Press Ltd | 9780716534129 | English | County Dublin, Ireland The Corporate Takeover of Ireland PDF Book Banking Online offered online banking to retail customers in Great Britain. People Power against the Corporations. Delphi Automotive. Archived from the original PDF on 22 December Publishing Guide. General Principle 1 also underpins other provisions in the Rules which dictate the value and form of consideration that must be offered if the bidder acquires target shares other than through the formal offer or scheme of arrangement :. S technology firm Vantiv , the world's largest payment processing company, confirmed it had abandoned its plan to execute a corporate tax inversion to Ireland. Click here to subscribe to our daily morning email newsletter 'Breakfast in red '. The Wall Street Journal. The validity of these plans has not been tested with the Panel or in the Irish courts. Bermuda or Jersey. Wed Mar 21, Sylvia Smith. If the target is US-listed, the requirements of US securities law must also be complied with. Tax Reform". Other Useful Facts US Senate. Eire declared an economic war against England and continued to strive for complete separation. However, by Ireland had become the leading destination for U. It would not be unusual, however, for a recommendation to be obtained after the launch of an offer possibly following a revision to terms and, in that case, it would be possible, with Panel consent, to switch from a takeover offer to a scheme of arrangement to implement the transaction. A general The goal of many U. Ireland was a country of agriculture. Desai 26 December The announcement that is required to be made under Rule 2. Specific industries Certain industries are subject to additional regulations and statutes, depending on the industry in question. Significant developments affecting this resource will be described below. January The Corporate Takeover of Ireland Writer Grant Thornton Ireland. However the Takeover Rules provide that an offer price cannot be less than the price paid by the bidder or persons acting in concert with the bidder for shares in the target in either:. Nicholas Shaxson , Tax Justice Network. Weatherford International, a major oil field services contractor, left Houston in for Bermuda and moved to Zug in A connection between countries was just a click away. Offer conditions. In , John A. Inverted to Bermuda , and Ireland Considering the importance of this issue and the real drives behind takeovers, it has become imperative to identifying companies that are. Areas of practice. Get A Copy. Clare - Event Notice Thursday January 01 The effective tax rate is the rate of taxation implied by the actual quantum of tax paid versus profits before all deductions are applied. Prof Stewart argued that, in order for PwC and the World Bank to compare tax rates across the world, they created a hypothetical company that does not engage in tax planning, and was "small, domestically owned, has no imports or exports and produces and sells ceramic flower pots". The Heritage Foundation. The Corporate Takeover of Ireland is based on interviews with key participants and is supplemented with documentary information. Review: Do Religions Evolve? The bank quickly outgrew its Mary's Abbey location and purchased several small adjoining properties in The principal issues that are usually covered in a transaction agreement include the following:. The long-anticipated switch to the new standard currency known as the Euro became official. The Encumbered Estates Act in was created to allow landowners to sell their land even if they did not own it free and clear. Ryanair launched its third hostile bid for Irish rival Aer Lingus during the summer of , valuing the company at EUR million. Cutting taxes on the wealthy usually means increasing the revenue obtained by indirect taxes like VAT or the new bin charges. Original Title. Our work depends on support from members of the public like you. Only the purchaser and the target are relevant for the purposes of analysing whether an acquisition is notifiable under the Competition Act. Jazz Pharmaceuticals. Retrieved 17 November Red Banner issue 60 out now Jun 22 0 comments. Dillon Eustace. Companies Registration Office W www. November The potential scope of a due diligence exercise is extremely wide and can cover the entire range of the target's business. The Corporate Takeover of Ireland Reviews Bono said: "We are a tiny little country, we don't have scale, and our version of scale is to be innovative and to be clever, and tax competitiveness has brought our country the only prosperity we've known. We identify 41 countries and regions as tax havens for the purposes of U. However, Mr O'Rourke, who is also a cousin of the late Finance Minister Brian Lenihan, told Bloomberg that changes in Ireland and across the globe on tax was inevitable. Costello was elected Eire's prime minister. This was important because the public had not forgotten the banking disasters of the earlier decades. A scheme of arrangement scheme. They'll do this by making commercial property investment, mainly by large foreign landlords, entirely tax free. For the Universal-Investment Group, this is another milestone on the way to achieving its self-imposed goal of becoming the leading European fund service platform and management company for all asset classes by Resentment was building toward the English government because while Ireland's people were starving, large amounts of food were being exported untaxed to England. The topic is covered in more detail in Ireland as a tax haven , however, the main facts regarding Ireland's corporate tax haven status are:. Now, dying embers within sight, and with minimum fanfare, comes. Twists, turns, red herrings, the usual suspects: These books have it all Scientific Reports. Such construct is designed to get around the frustrating actions prohibition in the Rules. Barney Doherty rated it it was amazing Aug 13, Some sectors have special rules. Offer document. Shire plc. It is considered to be necessary for the bidder to arrange, and fully document, committed financing effectively conditional only on the bid becoming unconditional before the announcement of a firm intention to make an offer. Matheson law firm. Paladin Labs [z]. Chapter Content Free Access 1. Soon the other banks followed, and there were six different Irish banknotes as well as English currency being circulated in Ireland. In particular, regulated financial services businesses are subject to rules which require change-of-control consent from the Central Bank of Ireland; media mergers are subject to the approval of the CCPC and the Minister for Communications, Climate Action and Environment; and, as referred to in question 1. To the extent employees and pension trustees hold shares in the target, they will, in choosing whether to accept the offer or vote in favour of the scheme, as the case may be , have a role in determining whether the offer or scheme is successful. Their corporate agility and strength has earned them the nickname "the Celtic Tiger" and established them as leaders in the international banking industry and global economy. Our corporation tax rate is This selective treatment allowed Apple to pay an effective corporate tax rate of 1 per cent on its European profits in down to 0. The Bank of Ireland was the first to take advantage of this opportunity. Post-bid Compulsory purchase of minority shareholdings. According to our estimates, the true trade deficit of the United States was 2. Hidden Articles List. The author argues that the growth of corporate influence is having a detrimental effect on Irish society. As part of the court process, the target company is required to place notices in newspapers in Ireland and elsewhere, depending on the location of target shareholders, to advertise certain key events such as the final court hearing to sanction the scheme. The Saker A bird's eye view of the vineyard. One study in Britain found that while about 7. In the case of a firm intention to make an offer, such announcement is required to set out the consideration to be offered and the other terms and conditions of the offer and may only be when the bidder and its financial adviser are satisfied that the bidder is, and will continue to be, able to implement the offer. Seamus Coffey, the author of a report on corporation tax published last year, warned that Ireland's dependence on revenue from this source from foreign companies was "way out of line" with that of all other EU member states. Training and Practice for Modern Day Archaeologists. The responsibilities of both the bidder and the target company up to the date of completion. Profit shifting also has a significant effect on trade balances. Ingersoll Rand Plc. The announcement that is required to be made under Rule 2. If so, what are the main issues that are likely to be covered in the agreement? The group rate is also expected to be lowered as a result of the Tyco deal. See also: Leprechaun economics. The transaction agreement can include non-solicitation provisions. In June , the EU Commission launched an investigation into Apple's tax practices in Ireland for the period —, whose summary findings were published on 30 August in a 4—page press release ; [] with a —page report, including partially redacted information on Apple's Irish business e. Most recent peak in the statistic. The Corporate Takeover of Ireland Read Online International Monetary Fund. Lindsey 12 October In , the IRS issued regulations that enabled U. Differengenera rated it really liked it Mar 18, Irish BEPS tools are not overtly marketed as brochures showing near-zero effective tax rates would damage Ireland's ability to sign and operate bilateral tax treaties i.
Load more

Recommended publications
  • Economic Dialogue with Ireland
    IPOL DIRECTORATE-GENERAL FOR INTERNAL POLICIES EGOV ECONOMIC GOVERNANCE SUPPORT UNIT IN-DEPTH ANALYSIS Economic Dialogue with Ireland ECON on 08 November 2016 This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Michael Noonan, Ireland’s Minister for Finance, in the competent committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework, in particular Article 2a of EU Regulation 1467 as amended by Regulation 1177/2011 and Article 7(10) of EU Regulation 472/2013. Summary In the context of the post-programme surveillance and monitoring, both the European Commission (COM) and the International Monetary Fund (IMF) notes that Ireland’s economic adjustment has been remarkable and outline positive developments, such as the strong economic rebound and improving public finances, while the challenge for the future is to achieve continued balanced growth in an environment of increased uncertainty, including that created by the result of the United Kingdom (UK) referendum on EU membership. Ireland successfully corrected its excessive deficit in 2015 and exited the EDP on 17 June 2016. It submitted its 2017 draft budgetary plan in October 2016; the latter will be assessed by the COM in November on the basis of the upcoming autumn forecast. The GDP figures have been revised significantly upwards in July 2016 (together with other relevant economic indicators): this reduces indicators expressed as a share of GDP and will be reflected in the upcoming COM autumn forecast. Finally, as regards the banking sector, progress can be noticed in the form of a declining non- performing loan (NPLs) ratio, but the current rate is still nearly three times that of the EU average and the Irish banking sector sees a reduction in the level of loan loss provisions.
    [Show full text]
  • Tax Haven Networks and the Role of the Big 4 Accountancy Firms
    -RXUQDORI:RUOG%XVLQHVV[[[ [[[[ [[[²[[[ Contents lists available at ScienceDirect Journal of World Business journal homepage: www.elsevier.com/locate/jwb Tax haven networks and the role of the Big 4 accountancy firms Chris Jonesa,⁎, Yama Temouria,c, Alex Cobhamb a Economics & Strategy Group, Aston Business School, Aston University, Birmingham B4 7ET, UK b Tax Justice Network, Oxford, UK c Faculty of Business, University of Wollongong Dubai, UAE ARTICLE INFO ABSTRACT Keywords: This paper investigates the association between the Big 4 accountancy firms and the extent to which multi- Tax havens national enterprises build, manage and maintain their networks of tax haven subsidiaries. We extend inter- Varieties of capitalism nalisation theory and derive a number of hypotheses that are tested using count models on firm-level data. Our Corporate taxation key findings demonstrate that there is a strong correlation and causal link between the size of an MNE’s tax Poisson regression haven network and their use of the Big 4. We therefore argue that public policy related to the role of auditors can Big 4 accountancy firms have a significant impact on the tax avoidance behaviour of MNEs. 1. Introduction 2014 which has provided a number of clear insights. These documents showed that PwC assisted MNEs to obtain at least 548 legal but secret Given the impact that the recent financial crisis of 2008 has had on tax rulings in Luxembourg from 2002 to 2010. The rulings allowed the public finances of developed economies, the use of tax avoidance MNEs to channel hundreds of billions of dollars through Luxembourg, measures by multinational enterprises (MNEs) has come under in- arising from economic activities that took place in other jurisdictions creasing scrutiny from various governments and civil society organi- and with effective tax rates so low that they saved billions of dollars in sations across the world.
    [Show full text]
  • Water Wars in Ireland
    new masses: ireland and armenia In this number, nlr’s ‘New Masses, New Media’ series examines the character of the recent protests in Armenia and Ireland, both sparked by price hikes for basic goods: electricity in one case, water in the other. Comparable in population—4.5m and 3m, respectively—Ireland as a whole is three times the size of Armenia. Historically, both have been shaped by their location between two imperial powers: Britain and America, Turkey and Russia. If there is an eerie parallel in the numbers estimated to have perished in the Irish Famine and the Armenian Genocide—between 800,000 and a million—the deliberately exterminationist policies of the Young Turks are of a different order of political and moral malignity to the laissez-faire arrogance of English colonialism. A mark of these dark pasts, in both cases the diaspora significantly outweighs the domestic population. In recent times, both countries have figured on the margin of larger economic unions, the eu and cis; as a result, their trajectories in the 1990s were diametrically opposed. Armenia had been a high-end industrial hub within the Soviet Union, specializing in machine goods and electronic products. Already hit by the 1988 earthquake, its economy suffered one of the sharpest contractions of the former ussr as industrial disruption was exacerbated by war and blockade. From $2.25bn in 1990, Armenian gdp dropped to $1.2bn in 1993; it did not recover to its Soviet-era level until 2002. By that time, the population had fallen by 15 per cent, from 3.54m in 1990 to barely 3m; by 2013 it was down to 2.97m.
    [Show full text]
  • FINANCE Offshore Finance.Pdf
    This page intentionally left blank OFFSHORE FINANCE It is estimated that up to 60 per cent of the world’s money may be located oVshore, where half of all financial transactions are said to take place. Meanwhile, there is a perception that secrecy about oVshore is encouraged to obfuscate tax evasion and money laundering. Depending upon the criteria used to identify them, there are between forty and eighty oVshore finance centres spread around the world. The tax rules that apply in these jurisdictions are determined by the jurisdictions themselves and often are more benign than comparative rules that apply in the larger financial centres globally. This gives rise to potential for the development of tax mitigation strategies. McCann provides a detailed analysis of the global oVshore environment, outlining the extent of the information available and how that information might be used in assessing the quality of individual jurisdictions, as well as examining whether some of the perceptions about ‘OVshore’ are valid. He analyses the ongoing work of what have become known as the ‘standard setters’ – including the Financial Stability Forum, the Financial Action Task Force, the International Monetary Fund, the World Bank and the Organization for Economic Co-operation and Development. The book also oVers some suggestions as to what the future might hold for oVshore finance. HILTON Mc CANN was the Acting Chief Executive of the Financial Services Commission, Mauritius. He has held senior positions in the respective regulatory authorities in the Isle of Man, Malta and Mauritius. Having trained as a banker, he began his regulatory career supervising banks in the Isle of Man.
    [Show full text]
  • Tax Heavens: Methods and Tactics for Corporate Profit Shifting
    Tax Heavens: Methods and Tactics for Corporate Profit Shifting By Mark Holtzblatt, Eva K. Jermakowicz and Barry J. Epstein MARK HOLTZBLATT, Ph.D., CPA, is an Associate Professor of Accounting at Cleveland State University in the Monte Ahuja College of Business, teaching In- ternational Accounting and Taxation at the graduate and undergraduate levels. axes paid to governments are among the most significant costs incurred by businesses and individuals. Tax planning evaluates various tax strategies in Torder to determine how to conduct business (and personal transactions) in ways that will reduce or eliminate taxes paid to various governments, with the objective, in the case of multinational corporations, of minimizing the aggregate of taxes paid worldwide. Well-managed entities appropriately attempt to minimize the taxes they pay while making sure they are in full compliance with applicable tax laws. This process—the legitimate lessening of income tax expense—is often EVA K. JERMAKOWICZ, Ph.D., CPA, is a referred to as tax avoidance, thus distinguishing it from tax evasion, which is illegal. Professor of Accounting and Chair of the Although to some listeners’ ears the term tax avoidance may sound pejorative, Accounting Department at Tennessee the practice is fully consistent with the valid, even paramount, goal of financial State University. management, which is to maximize returns to businesses’ ownership interests. Indeed, to do otherwise would represent nonfeasance in office by corporate managers and board members. Multinational corporations make several important decisions in which taxation is a very important factor, such as where to locate a foreign operation, what legal form the operations should assume and how the operations are to be financed.
    [Show full text]
  • Structural Change in Times of Increasing Openness
    MARCH 2018 Working Paper 143 Structural Change in Times of Increasing Openness: Assessing Path Dependency in European Economic Integration Claudius Gräbner, Philipp Heimberger, Jakob Kapeller, Bernhard Schütz The Vienna Institute for International Economic Studies Wiener Institut für Internationale Wirtschaftsvergleiche Structural Change in Times of Increasing Openness: Assessing Path Dependency in European Economic Integration CLAUDIUS GRÄBNER PHILIPP HEIMBERGER JAKOB KAPELLER BERNHARD SCHÜTZ Claudius Gräbner is Research Associate at the Institute for the Comprehensive Analysis of the Economy (ICAE), Johannes Kepler University (JKU) Linz, Austria. Philipp Heimberger is Research Economist at the Vienna Institute for International Economic Studies (wiiw) and Research Associate at ICAE, JKU Linz. Jakob Kapeller is head of the ICAE and Assistant Professor at the Department of Economics, JKU Linz. Bernhard Schütz is Research Associate at ICAE and Assistant Professor at the Department of Economics, JKU Linz. Research for this paper was financed by the Anniversary Fund of the Oesterreichische Nationalbank (Project No. 17383) coordinated by the Institute for the Comprehensive Analysis of the Economy (ICAE) at the Johannes Kepler University (JKU), Linz. Financial support provided by Oesterreichische Nationalbank for this research is gratefully acknowledged. Abstract This paper analyzes the dynamics of structural polarization and macroeconomic convergence vs. divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of openness shocks on 26 EU countries, we develop a taxonomy of European economies that consists of core, periphery, financialized and Eastern European catch-up economies. As these four country groups have responded in a distinct way to the openness shocks imposed by European integration, we argue that the latter should be seen as an evolutionary process that has given rise to different path-dependent developmental trajectories.
    [Show full text]
  • The Relationship Between MNE Tax Haven Use and FDI Into Developing Economies Characterized by Capital Flight
    1 The relationship between MNE tax haven use and FDI into developing economies characterized by capital flight By Ali Ahmed, Chris Jones and Yama Temouri* The use of tax havens by multinationals is a pervasive activity in international business. However, we know little about the complementary relationship between tax haven use and foreign direct investment (FDI) in the developing world. Drawing on internalization theory, we develop a conceptual framework that explores this relationship and allows us to contribute to the literature on the determinants of tax haven use by developed-country multinationals. Using a large, firm-level data set, we test the model and find a strong positive association between tax haven use and FDI into countries characterized by low economic development and extreme levels of capital flight. This paper contributes to the literature by adding an important dimension to our understanding of the motives for which MNEs invest in tax havens and has important policy implications at both the domestic and the international level. Keywords: capital flight, economic development, institutions, tax havens, wealth extraction 1. Introduction Multinational enterprises (MNEs) from the developed world own different types of subsidiaries in increasingly complex networks across the globe. Some of the foreign host locations are characterized by light-touch regulation and secrecy, as well as low tax rates on financial capital. These so-called tax havens have received widespread media attention in recent years. In this paper, we explore the relationship between tax haven use and foreign direct investment (FDI) in developing countries, which are often characterized by weak institutions, market imperfections and a propensity for significant capital flight.
    [Show full text]
  • Where's the Harm in Tax Competition?
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by University of Limerick Institutional Repository Final Author’s Draft, submitted to Critical Perspectives on Accounting, published in 2005 Where’s the harm in tax competition? Lessons from US multinationals in Ireland Sheila Killian Kemmy Business School, University of Limerick, Ireland Abstract The term “harmful tax competition” has become endemic. It is taken as a tautology that competition among nations for the favors of multinational companies, using their tax systems as bait, is harmful. This is a view held even by those who believe competition to be an inherently good thing in most other areas of business. However, the nature of the harm is rarely analyzed, nor are the parties most harmed identified. This paper attempts to redress the balance. Using the case of technology-based US multinationals located in Ireland, it analyses the benefits and hazards to major stakeholders of tax rules that encourage multinationals to locate part of their operation offshore. I argue that tax competition, even that not considered harmful by the OECD, can damage not only the home country of the emigrating multinational, but also the host country gaining the investment, local communities and the environment. © 2005 Published by Elsevier Ltd. Keywords: Tax competition; Multinational; Double tax treaty; Stakeholders; Nation state; OECD; Ireland; Tax haven; Transfer pricing; Power 1. Introduction Shackelford and Shevlin (2001) , in a comprehensive review of empirical tax research in accounting, reduced the literature so far to three questions: Do taxes matter? If not, why not? If so, how much? The first question is critical.
    [Show full text]
  • Narrative Report on Panama
    NARRATIVE REPORT ON PANAMA PART 1: NARRATIVE REPORT Rank: 15 of 133 Panama ranks 15th in the 2020 Financial Secrecy Index, with a high secrecy score of 72 but a small global scale weighting (0.22 per cent). How Secretive? 72 Coming within the top twenty ranking, Panama remains a jurisdiction of particular concern. Overview and background Moderately secretive 0 to 25 Long the recipient of drugs money from Latin America and with ample other sources of dirty money from the US and elsewhere, Panama is one of the oldest and best-known tax havens in the Americas. In recent years it has adopted a hard-line position as a jurisdiction that refuses to 25 to 50 cooperate with international transparency initiatives. In April 2016, in the biggest leak ever, 11.5 million documents from the Panama law firm Mossack Fonseca revealed the extent of Panama’s involvement in the secrecy business. The Panama Papers showed the 50 to 75 world what a few observers had long been saying: that the secrecy available in Panama makes it one of the world’s top money-laundering locations.1 Exceptionally 75 to 100 In The Sink, a book about tax havens, a US customs official is quoted as secretive saying: “The country is filled with dishonest lawyers, dishonest bankers, dishonest company formation agents and dishonest How big? 0.22% companies registered there by those dishonest lawyers so that they can deposit dirty money into their dishonest banks. The Free Trade Zone is the black hole through which Panama has become one of the filthiest money laundering sinks in the huge world.”2 Panama has over 350,000 secretive International Business Companies (IBCs) registered: the third largest number in the world after Hong Kong3 and the British Virgin Islands (BVI).4 Alongside incorporation of large IBCs, Panama is active in forming tax-evading foundations and trusts, insurance, and boat and shipping registration.
    [Show full text]
  • The University of Chicago from the Elites to The
    THE UNIVERSITY OF CHICAGO FROM THE ELITES TO THE STREETS: THE PSYCHOLOGY OF DEMOCRACY AND ECONOMIC INEQUALITY A DISSERTATION SUBMITTED TO THE FACULTY OF THE DIVISION OF THE SOCIAL SCIENCES IN CANDIDACY FOR THE DEGREE OF DOCTOR OF PHILOSOPHY DEPARTMENT OF COMPARATIVE HUMAN DEVELOPMENT BY SÉAMUS ANTHONY POWER CHICAGO, ILLINOIS AUGUST 2017 Table of Contents Acknowledgments iii List of Tables vi List of Figures vii Introduction 1 Chapter 1: Economic Inequality and Democracy 11 Chapter 2: Culture, Economics, and Psychology 45 Chapter 3: The 2008 global financial crisis and the Irish economy 86 Chapter 4: The Elites and the Unemployed 108 Chapter 5: Quantitative tests of qualitatively derived hypotheses 133 Chapter 6: How the perception of unfair economic inequality leads to civic unrest 162 Chapter 7: Conclusion 196 Appendix I: You reap what you sow condition 228 Appendix II: External factors condition 230 References 232 ii Acknowledgements I would like to thank the members of my dissertation committee - Professors Richard Shweder, John Lucy, David Nussbaum, and Alex Gillespie - for their guidance and support throughout the 5 years of my dissertation. I am eternally grateful to Rick Shweder who once told me that “being a researcher or an academic is not a process whereby you look around and see what the majority thinks and says ‘oh that’s what I’m going to believe’. One ‘follows the argument where it leads.’ Being willing to upset apple carts and question dogma is one of the responsibilities we have as scholars and intellectuals in the academy.” Rick has been a major influence on my thinking throughout this dissertation, and his words will guide me throughout my career.
    [Show full text]
  • The Theory of International Tax Competition and Coordination
    CHAPTER 5 The Theory of International Tax Competition and Coordination Michael Keen* and Kai A. Konrad†,‡ *International Monetary Fund, Fiscal Affairs Department,Washington DC 20431, USA †Max Planck Institute for Tax Law and Public Finance, Marstallplatz 1, 80539 Munich, Germany ‡Social Science Research Center Berlin, Germany Contents 1. Introduction 258 2. Uncoordinated Actions 262 2.1. Workhorse Models 263 2.1.1. The Zodrow, Mieszkowski, and Wilson (ZMW) Model 263 2.1.2. The Kanbur-Keen (KK) Model 275 2.2. Sequential Decision Making 278 2.3. Pure Profits and International Portfolio Diversification 282 2.4. Tax Competition with Multiple Instruments 284 2.5. Vertical Externalities and the Strategic Role of Internal Governance Structure 285 3. Coordination 288 3.1. Asymmetries and the Limits of Harmonization 289 3.2. Minimum Tax Rates 289 3.3. Coordination Among a Subset of Countries 293 3.4. Coordination Across a Subset of Instruments 295 3.5. Dynamic Aspects 296 3.5.1. Infinitely Repeated Interaction 296 3.5.2. Endogenous Savings and Time Consistent Taxation 298 3.5.3. Stock Effects and Agglomeration 302 4. Broadening the Perspective 303 4.1. Bidding for Firms 303 4.2. Preferential Regimes 305 4.3. Information Exchange and Implementation of the Residence Principle 308 4.4. Tax Havens 311 4.4.1. Which Countries Become Tax Havens? 311 4.4.2. Are Tax Havens Good or Bad? 312 4.4.3. Closing Down Tax Havens 314 4.5. Formula Apportionment 315 4.6. Political Economy and Agency Issues 318 4.6.1. Tax Competition and Leviathan 318 4.6.2.
    [Show full text]
  • Gray Areas of Offshore Financial Centers
    University of Tennessee, Knoxville TRACE: Tennessee Research and Creative Exchange Supervised Undergraduate Student Research Chancellor’s Honors Program Projects and Creative Work Spring 5-2008 Gray Areas of Offshore Financial Centers Matthew Benjamin Davis University of Tennessee - Knoxville Follow this and additional works at: https://trace.tennessee.edu/utk_chanhonoproj Recommended Citation Davis, Matthew Benjamin, "Gray Areas of Offshore Financial Centers" (2008). Chancellor’s Honors Program Projects. https://trace.tennessee.edu/utk_chanhonoproj/1167 This is brought to you for free and open access by the Supervised Undergraduate Student Research and Creative Work at TRACE: Tennessee Research and Creative Exchange. It has been accepted for inclusion in Chancellor’s Honors Program Projects by an authorized administrator of TRACE: Tennessee Research and Creative Exchange. For more information, please contact [email protected]. Gray Areas of Offshore Financial Centers Matthew Davis Chancellor's Honors Program Senior Project Introduction Offshore finance often brings to mind illegal activities such as money laundering and tax evasion. Over the years, these shady dealings have become associated with offshore banking due to its lax regulations and strict adherence to client secrecy. On the other hand, offshore financial centers can also be used for legitimate reasons such as setting up offshore hedge funds. Many motives drive the move of funds offshore and increase the activity of offshore financial centers. Some are completely legal, while others focus more on criminal activity. Often, the line between these legal and illegal activities is a very thin one. Specific regulations cannot be made to cover every single new situation, and taxpayers are forced to make decisions about how to interpret the law.
    [Show full text]