in all news / By: BVI News on March 10, 2021 at 7:42 am /
The BVI took first place in the Corporate Tax Index (2021) – a ranking published every two years by the global watchdog Tax Justice Network (TJN).
The new report comes as the BVI government is ready to pass new laws to combat tax evasion and money laundering in its financial services system.
According to TJN, “The Corporate Tax Haven Index thoroughly evaluates the tax and financial systems of each jurisdiction to provide a clear picture of the world’s greatest contributors to global corporate tax abuse and to highlight the laws and policies that policymakers can change to suit their own Reduce Jurisdiction Enabling Corporate Tax Abuse ”.
The sister regions Cayman Islands and Bermuda took second and third place on the list, respectively.
Why BVI beat all other countries
TJN said the BVI ranked first because the area increased the volume of financial activities of multinational corporations by nearly 15 percent in two years, increasing the global role it plays in enabling profit shifting.
Regarding the new index, TJN criticized the Organization for Economic Co-operation and Development (OECD), saying its members set global tax laws, but they and their dependencies are the biggest contributors to global tax abuse.
The UK was a founding member of the OECD.
Here is the list of the top ten global drivers of corporate tax abuse worldwide, according to the TJN 2021 Corporate Tax Index:
- British Overseas Territory
- Cayman Islands (British Overseas Territory)
- Bermuda (British Overseas Territory)
- Hong Kong
- Jersey (British Crown Dependency)
- United Arab Emirates
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