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UAE now among world’s top ten tax havens: NGO

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The UAE has entered the world’s prime ten tax havens for the primary time, analysis confirmed Tuesday, in a report flagging OECD nations and their dependencies for greater than two-thirds of “world company tax abuse”.

Based on the analysis by the Tax Justice Community, the rise within the rankings got here after multinationals in South Africa and the USA routed $218 billion in funds from the Netherlands into the gulf monarchy — equal to greater than half of its GDP.

The information highlighted “the UAE’s rising position because the offshore monetary centre of selection for multinational companies”, Tax Justice Community’s Mark Bou Mansour wrote on the NGO’s web site.

The info doesn’t present which corporations had transferred the funds, he added.

Tax Justice Community’s annual rankings identify and disgrace nations most complicit “in serving to multinational companies pay much less tax than they’re anticipated to”.

And whereas the report newly named the United Arab Emirates amongst its prime ten worst offenders, it additionally stated OECD nations and their dependencies had been liable for greater than two-thirds of “world company tax abuse dangers”.

Of these, 45 p.c comes from the “UK spider’s internet” — territories below the authorized jurisdiction of the British authorities.

Within the first three locations this yr are three British abroad territories: the Virgin Islands, the Cayman Islands, and Bermuda.

Crown dependency Jersey was listed quantity eight.

The Cayman Islands additionally appeared in first place on the group’s Monetary Secrecy Index, after a 21 p.c enhance in “quantity of monetary exercise it hosts from non-resident individuals”.

The highest ten offenders embody Asian monetary hubs Singapore and Hong Kong, in addition to European Union members the Netherlands and Luxembourg.

Worldwide company tax avoidance results in losses of a whole bunch of billions of {dollars} from the worldwide financial system, the World Financial Discussion board has stated.

In a bid to curb tax avoidance, the OECD has proposed a multilateral conference — often known as the BEPS 2.0 — that will see 137 jurisdictions impose a minimal tax price.

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