THE IMPACT OF TAX HAVENS ON GLOBAL ECONOMICS
Keywords:
Tax havens, global economy, tax avoidance, foreign investment, revenue loss, ethical issues, income inequality, corporate tax evasion, tax policies, economic growth, tax regulations, capital flows, global finance, political economy, public services, tax governance.Abstract
This article investigates the mind boggling job that tax havens play in the worldwide economy, featuring both their positive and adverse consequences. Tax havens, purviews with low or no taxes, draw in worldwide companies, affluent people, and monetary establishments trying to decrease their tax havens. The article looks at the monetary advantages of tax haven, for example, expanded unfamiliar speculation, the fascination of business to low-tax regions, and the making of monetary advancement.
Be that as it may, the article additionally addresses the hazier side of tax havens, zeroing in on how they add to tax avoidance, income misfortune for legislatures, and pay imbalance. The convergence of capital into tax havens can weaken public economies and decrease the capacity of state run administrations to finance fundamental administrations, similar to medical services and training. Also, it examines the moral worries connected with the utilization of tax havens by companies and people to try not to pay taxes in their nations of origin.
References
1. Zucman, G. (2015). The Hidden Wealth of Nations: The Scourge of Tax Havens. University of Chicago Press.
2. Torsello, D., & Voss, J. (2019). Tax Havens and the Global Economy: A Case Study Approach. Springer.
3. Palan, R., & Lawson, T. (2009). The Global Political Economy of Tax Havens. Palgrave Macmillan.
4. Murphy, R. (2011). The Tax Gap and the Role of Tax Havens in Global Trade. Tax Justice Network.
5. Henriques, S., & Almeida, P. (2021). Corporate Tax Avoidance and the Role of Tax Havens. Journal of Business Ethics, 171(3), 449–464. https://doi.org/10.1007/s10551-020-04561-2
6. Sikka, P. (2009). The Role of Tax Havens in Company Tax Evasion. Accounting Forum, 33(3), 217–233. https://doi.org/10.1016/j.accfor.2009.04.003
7. Spengel, C., & Stötzel, M. P. (2014). The Economic and Monetary Effect of Tax Havens on Worldwide Enterprise. Journal of International Business Studies, 45(2), 127–153. https://doi.org/10.1057/jibs.2013.10
8. Rixen, T. (2016). The Politics of Global Tax Governance. Oxford University Press.
