Mr Matt Mapanzure
Introduction
This assignment examines the problems created by tax havens and non-cooperative jurisdiction for the United Kingdom (UK) experienced by Her Magistrate Revenue and Customs (HMRC). The discussion will also underpin the framework of tax evasion and avoidance analysing how companies and individual manipulate tax regimes for their own benefits. The discussions will then peer-review on the measures that have been taken by UK in cooperation with other countries to eradicate such activities.
TASK 1
Tax havens and non-cooperate jurisdiction
The definition of tax havens has been always unambiguous even thou they are quite a number. The identification of jurisdiction as tax haven is the criteria of hiding information levying low or no tax rates (Rathore, 2000). This is a situation where a company or individual use the system to hide revenue by moving their money to a country or regime where jurisdiction is classified as a tax haven with the intention of engages in to tax evasion or avoidance. However academic Jason Sharman urged that the definition of the term tax haven is not clear which caused a lot of controversial in the application of it (Tax Research LLP, There places which
The history of tax evasion and avoidance of companies and individuals using different methods to minimising tax liabilities goes way back since the tax begun. However as for the development of tax havens the strategy gradually gained its momentum over the years since late nineteenth century and during the end of First World War, high proliferation tax regimes begun to be experienced (History and Policy, 2013). EIU, (2002, cited by Rathore, 2000) pointed out that Economist have approved tentatively the description of Geoffrey Collin Powell (former Economic Adviser to Jersey) that for a place to be identified as a tax haven will be its jurisdiction, tax structure which is deliberately composed to attract those opportunities worldwide to manipulate and exploit them to engage
This assignment examines the problems created by tax havens and non-cooperative jurisdiction for the United Kingdom (UK) experienced by Her Magistrate Revenue and Customs (HMRC). The discussion will also underpin the framework of tax evasion and avoidance analysing how companies and individual manipulate tax regimes for their own benefits. The discussions will then peer-review on the measures that have been taken by UK in cooperation with other countries to eradicate such activities.
TASK 1
Tax havens and non-cooperate jurisdiction
The definition of tax havens has been always unambiguous even thou they are quite a number. The identification of jurisdiction as tax haven is the criteria of hiding information levying low or no tax rates (Rathore, 2000). This is a situation where a company or individual use the system to hide revenue by moving their money to a country or regime where jurisdiction is classified as a tax haven with the intention of engages in to tax evasion or avoidance. However academic Jason Sharman urged that the definition of the term tax haven is not clear which caused a lot of controversial in the application of it (Tax Research LLP, There places which
The history of tax evasion and avoidance of companies and individuals using different methods to minimising tax liabilities goes way back since the tax begun. However as for the development of tax havens the strategy gradually gained its momentum over the years since late nineteenth century and during the end of First World War, high proliferation tax regimes begun to be experienced (History and Policy, 2013). EIU, (2002, cited by Rathore, 2000) pointed out that Economist have approved tentatively the description of Geoffrey Collin Powell (former Economic Adviser to Jersey) that for a place to be identified as a tax haven will be its jurisdiction, tax structure which is deliberately composed to attract those opportunities worldwide to manipulate and exploit them to engage
References: Europarl.europa.eu. 2013. REPORT on Fight against Tax Fraud, Tax Evasion and Tax Havens - A7-0162/2013. [online] Available at: http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+REPORT+A7-2013-0162+0+DOC+XML+V0//EN [Accessed: 12 Aug 2013]. Gov.uk. 2013. Reducing tax evasion and avoidance - Policies - GOV.UK. [online] Available at: https://www.gov.uk/government/policies/reducing-tax-evasion-and-avoidance [Accessed: 12 Aug 2013]. Http://Www.Oecd.Org/Site/Ctpfta/49427993.Pdf. 2013. Untitled. Murphy, R. 2013. Untitled.. 2013. Untitled. Murphy, R. 2013. Untitled.. Team, T. 2009. Firms ' secret tax avoidance schemes cost UK billions. [online] Available at: http://www.theguardian.com/business/2009/feb/02/tax-gap-avoidance [Accessed: 12 Aug 2013]. Team, T. 2009. Firms ' secret tax avoidance schemes cost UK billions. [online] Available at: http://www.theguardian.com/business/2009/feb/02/tax-gap-avoidance [Accessed: 12 Aug 2013]. Theguardian.com. 2009. The tax gap | Business | The Guardian. [online] Available at: http://www.theguardian.com/business/series/tax-gap [Accessed: 12 Aug 2013].