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- Title
PERSPEKTIVE PORESKIH OAZA.
- Authors
Mirjanić, Igor
- Abstract
Tax havens are a global phenomenon inseparable from illicit financial flows and illegal tax evasion, that has been developing intensively over the past few decades. This phenomenon is getting more important, both in terms of the number of tax havens and the amount of money concealed through them. Their existence shows that the world's tax systems are malfunctioning and that tax reform is needed. The goal of the reform should be defined as stopping competition between countries in lowering tax rates, the so-called race to the bottom, with the big problem being the fact that a significant amount of money has been extracted from legal financial flows and investments. The success of tax reform depends on how committed the most influential developed countries are going to be to combating aggressive tax evasion and shifting profits to low-tax jurisdictions, with multinational corporations expected to try to challenge the application of unfavorable tax regulations. An additional impetus for tax reform is that the economic crisis of 2008 and the crisis caused by the coronavirus pandemic showed the sensitivity and fragility of the world economy. In this paper, tax havens are conceptually defined from the point of view of financial law, and their characteristics and types are presented. The paper also points out the harmful consequences of non-payment of taxes, concealment of income and money laundering and the negative impact of this phenomenon on social and economic development, and the respect of fundamental human rights. The paper analyzes the documents of the most important global factors (G20, OECD and the European Union) that support the reform of the tax system directed against tax havens.
- Publication
Knowledge: International Journal, 2021, Vol 49, Issue 5, p1033
- ISSN
2545-4439
- Publication type
Article