Financial Secrecy Index The language of tax Glossary Contents 40 Financial Action Task Force recommendations............................................................................... 9 Accountant ........................................................................................................................................... 9 Accounts ............................................................................................................................................... 9 Accounting data ................................................................................................................................... 9 Accounting standards........................................................................................................................... 9 Accumulation period .......................................................................................................................... 10 Affiliated company ............................................................................................................................. 10 Aggressive tax avoidance ................................................................................................................... 10 Arising basis ........................................................................................................................................ 10 Arm’s length method ......................................................................................................................... 10 Associated company .......................................................................................................................... 10 Articles of Association ........................................................................................................................ 10 Asset protection trust ........................................................................................................................ 10 Automatic exchange of tax information ............................................................................................ 11 Banking secrecy .................................................................................................................................. 11 Bare trust ........................................................................................................................................... 11 Bearer shares ..................................................................................................................................... 11 Beneficial owner ................................................................................................................................ 11 Beneficiary ......................................................................................................................................... 11 Big 4 .................................................................................................................................................... 12 Bilateral information exchange .......................................................................................................... 12 Brass plate company .......................................................................................................................... 12 Capital gains tax ................................................................................................................................. 12 Capital flight ....................................................................................................................................... 12 Cell company ...................................................................................................................................... 13 Charitable trust .................................................................................................................................. 13 Citizenship basis of taxation ............................................................................................................... 13 Civil tax matters ................................................................................................................................. 14 Company or corporation .................................................................................................................... 14 Company secretary ............................................................................................................................ 14 Consolidated accounts ....................................................................................................................... 14 1 Tax Justice Network Financial Secrecy Index The language of tax Constitution ....................................................................................................................................... 15 Contingent liability ............................................................................................................................. 15 Controlled foreign corporation (CFC) ................................................................................................. 15 Coordination centres ......................................................................................................................... 16 Corporation tax .................................................................................................................................. 16 Country by country reporting ............................................................................................................ 16 Criminal tax matters ........................................................................................................................... 16 Currency transaction tax .................................................................................................................... 16 Director .............................................................................................................................................. 16 Direct taxation.................................................................................................................................... 17 Discretionary trusts ............................................................................................................................ 17 Dodd–Frank Wall Street Reform and Consumer Protection Act ...................................................... 17 Domicile ............................................................................................................................................. 17 Double tax relief ................................................................................................................................. 17 Double tax agreement or treaty (DTA) ............................................................................................... 17 Economically active population ......................................................................................................... 17 Effective tax rate ................................................................................................................................ 17 Egmont Group .................................................................................................................................... 18 Elsewhere ........................................................................................................................................... 18 Enforcer .............................................................................................................................................. 18 European Union Code of Conduct on Business Taxation ................................................................... 19 European Union Savings Tax Directive ............................................................................................... 20 Export processing zones ..................................................................................................................... 20 Facilitation payments ......................................................................................................................... 20 Financial Action Task Force (FATF) ..................................................................................................... 21 Financial Intelligence Unit (FIU) ......................................................................................................... 21 Financial reporting standards ............................................................................................................ 21 Financial Sector Assessment Programme (FSAP) ............................................................................... 21 Financial services industry ................................................................................................................. 21 Financial services-to-GDP ................................................................................................................... 21 Financial Stability Forum (FSF) ........................................................................................................... 22 Financial Stability Board (FSB) ............................................................................................................ 22 Financial statements .......................................................................................................................... 22 Flags of convenience .........................................................................................................................