In this article we will discuss about the issues and developments relating to IOFC. Issues Relating to IOFC: (a) Domestic Tax Base Erosion: Several high-taxed jurisdictions are concerned with the loss of tax revenues, which they believe should be due to them, from the use of offshore centres. For example: i. The source countries may lose revenues through treaty shopping [...]
The following points highlight the top twenty intermediary entities in International Offshore Financial Centre (IOFC). The intermediary entities are: 1. International Holding Company 2. International Finance Company 3. Licensing Routing Company 4. Offshore Trading Company 5. Group Administration Office 6. Employee Leasing Company 7. Offshore Banking Unit 8. Captive Insurance Company and Others. IOFC: Intermediary Entity # 1. International Holding [...]
Get the answer of: Should Offshore Financial Centres be Discouraged. The views on tax havens as offshore financial centres are deeply divided. Those in favour argue that they play a legitimate role in international finance and trade. Its critics believe that they encourage illegal global tax evasion and endanger the world through illicit practices involving money laundering and now terrorist [...]