Business Services Industry
Tax havens need to clean up act.(Brief Article)
Business Insurance, July, 2000
Parents of captive insurance companies should welcome international pressure on countries that are regarded as tax havens to clean up their act. For companies with legitimate risk financing programs operating from these countries, anything that would cast doubt on that legitimacy is unwelcome.
It also may be a risk for U.S. companies that for years have faced an Internal Revenue Service that at times has appeared hostile toward captive insurance arrangements. As we report, 35 countries have been identified as tax havens by the Organization for Economic Cooperation and Development. Of those, 10 are captive domiciles. Two of the world's largest domiciles -- Bermuda and the Cayman Islands -- avoided the OECD list by agreeing to end practices that drew scrutiny...
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