Bermuda, Caymans, and Netherlands are World’s Worst Tax Havens
December 13, 2016 International Tax Cooperation
The international charity Oxfam has released a new report on the “wold’s worst corporate tax havens” ranking countries which contribute the most to international tax avoidance and evasion, and to the growing levels of income inequality around the world.
The countries ranked as part of the research for the report were judged on the “harmful tax policies”, such as low levels of corporate tax rates, offered tax incentives, and their lack of cooperation with international efforts to stamp out tax avoidance.
The 15 countries which were ranked as the worst in the world are Bermuda, Cayman Islands, Netherlands, Switzerland, Singapore, Ireland, Luxembourg, Curaçao, Hong Kong, Cyprus, Bahamas, Jersey, Barbados, Mauritius, and British Virgin Islands.
It was noted in the report that the EU and G20 have committed to creating blacklists of tax haven countries, but also added that the efforts may prove fruitless due to significant gaps in the methodology and reasoning behind which countries may be included on the list.
The report also called on a larger unbiased international body to take on the task of establishing a comprehensive blacklist which takes into account a broader range of factors and locations compared to the efforts of the G20 and EU.