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Should we abolish tax havens?

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  1. Introduction
  2. Market analysis
    1. Key figures
    2. Major facts
    3. Major trends
    4. Main players
    5. Distribution
    6. Competition
  3. Current status of Tassimo
    1. An Analysis of the characteristics of Tassimo, compared to its competitors
    2. Match between consumer expectations and the characteristics of Tassimo
    3. Matrix Wear
    4. SWOT Analysis
  4. Conclusion

In economic news, rarely a week passes when a tax haven is not pointed to somewhere in the world, a case of involved in a bankruptcy emerges highlighting a scandalous misuse of money, a secret funding of political party is revealed, or any kind of stories related to the "depths of global finance"(Alain Vernay, Le Figaro) are in the limelight. The financial and economic crisis of 2008 only increased the interest of journalists and policy makers in tax havens, so that today they appear as the heart of all problems; the "black sheep" required to be slaughtered at any price. On leaving a meeting with European leaders on February 22, 2009, the President of the French Republic was very clear on this subject: "We want to do away with tax havens", he stressed. However, despite their popularity in the press, tax havens have never been the subject of a study or analysis, and remain a subject little studied by the researchers. There is also no official and exhaustive definition of the term "tax haven". A tax haven is roughly defined as a country in which foreign residents(Individuals or companies) put their money to avoid being taxed in their territory of origin. For the Bank for International Settlements (BIS), which modestly calls it "Offshore Financial Centres," tax havens are territories whose activities "are not believed in an organic way.? For the Financial Action Task Force, these are ?non-cooperative territories", whose main characteristic is to be under-regulated. Finally, for OECD a tax haven is a jurisdiction imposing little or no income tax capital. Whatever the degree of imprecision of each of these definitions, the finding is the same: tax havens are morally unacceptable, ethically reprehensible and singled out as the one major factor responsible for the current financial crisis. Thus, according to common opinion, tax havens are simply intolerable. So why do they persist? Why all means have not been implemented to make their existence and their illegal practices? If it is so obvious that they must be deleted, why has it not been done already? It seems that governments and international organizations have tried repeatedly since the 1960s, to put in place public policies to "fight" against tax havens, but with not great conviction or perseverance. Thus, the finding of the paradox between the rhetoric by policies and the limited scale of resources deployed, inspires to reformulate the question. It is not so much whether one should abolish tax havens, but if it can be removed, then how can this be done. Certainly, abolishing tax havens is a moral requirement, as part of the context of moral and business looking for a more ethical finance. Places that are offshore are indeed the ones with characteristics that make them contributors to the instability of global financial barriers to regulatory tools in the service of crime. However, removing them the hard way would be irrational and inefficient, and lead to a cascade of negative effects for the global economic balance. Indeed, no one can ignore the centrality of tax havens in globalization, the added value produced by these offshore centers. The solution would it therefore be to seek to better control and to better regulate the activities that will reduce their negative effects. Tags: Tax havens; financial centers; Bank for International Settlements; abolish tax havens;

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