Corruption and Tax Havens
Corruption is a form of dishonest or unethical conduct by a person entrusted with a position of authority, often to acquire personal benefit. Government or political corruption occurs when an office-holder or other governmental employee acts in an official capacity for personal gain. Corruption creates the opportunity for increased inequality, reduces productivity, growth, investment and job opportunities.
Degree of corruption = Monopoly + Discretion – Transparency – Morality (Stephan, Constantin (2012), ‘Industrial Health, Safety and Environmental Management’).
Tax havens play an important role in fostering corruption as they reduce or eliminate transparency. Corrupt executives and politicians need the darkness and secrecy tax havens provide to ensure the corruption stays hidden from the masses (the government, people, tax, and legal system).
Similar posts you may like
- Antigua
In 2006 the United States legislated the Unlawful Internet Gambling Enforcement Act which criminalised the operations of offshore gambling operators which take wagers from Read more
- Mauritius
Capital city: Port Louis Currency: Martian Read more
- Tax Savings Strategy 204 | Purchase Loss Company
This strategy involves purchasing a loss-making business and taking ownership of the company structure (to access the accumulated tax losses). Clearly this is only Read more
- Fiji Islands
Capital city: Suva Currency: Fijian dollar Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2