Articles
Tax and Secrecy – Present and Future
The OECD is leading international efforts to end many of the common and unjustifiable processes used by multinationals to avoid paying tax. While the current iteration of the Base Erosion and Profit Sharing framework is bound to under-perform we expect that it will be...
Tax and Secrecy – History
Attacks on the Offshore financial sector have tended to be unsophisticated, ill-informed and largely successful. The main bodies used in this disciplining mechanism have been the OECD, EU and U.S. The EU has made lots of noise but has achieved little, due to multiple...
Not For Tax Reasons
Recent criticism by the UK's Conservative Environment Secretary, Michael Gove, over the structuring arrangements of UK water companies should give traditional offshore centres pause for thought. The use of Cayman companies to issue bonds has been questioned, thereby...
Malta – Growing Offshore
Since joining the EU in 2004 Malta has seen a massive growth in its financial services industry. It has benefitted from a competitive tax position and EU legislation protecting freedom of movement for capital. Its geopolitical position within the EU gives it...
Madeira – A Useful Jurisdiction
Madeira's special Offshore EU status derives from concessions, confirmed by the EU, designed to aid economic growth and development on the island. If trading entities employ sufficient local people and fulfil all legal requirements they pay only 5% on income generated...
Offshore Geopolitics
The U.S. has pushed on with moves to tame offshore finance and bring money home - most notably through tax reform. The EU tolerates some offshore activity within its borders and will likely crackdown on avoidance activities selectively. Jurisdictions within the...