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Opinions about tax havens cover a wide spectrum. Some suggest tax havens present an unacceptable face of capitalism and inflict considerable damage on the economies of nonhaven countries. Others argue that havens offer relief from oppressive taxes and other regulations which inhibit the free and efficient flow of capital; and still others hold the view that tax haven status may act as a catalyst for economic development. Obviously, the opinions vary according to whether a person is a tax collector in a non-haven country, a taxpayer engaged in international business activities, or a government policymaker in a haven country. The objective of this Article is to examine the facts from which these opinions developed in order to gain a better understanding of tax havens and the pressures leading to their creation and perpetuation. Special attention will be paid to identifying the interests of the major parties affected by tax haven activities: industrialized countries, non-haven developing countries, foreign investors, and the tax havens themselves. The remainder of this Article is divided into five parts. Part II identifies the principal attributes of tax havens. Part I deals with transactions using tax havens, and Part IV discusses the various legitimate interests affected by the existence of tax havens. Part V then provides a summary of the responses of non-haven countries to the abuse of tax havens and Part VI offers some concluding comments and observations.

This paper develops a competition theory framework that evaluates an important aspect of the OECD's Harmful Tax Practices Initiative against tax havens. We show that the sequential nature of the process is harmful and more costly than a 'big bang' multilateral agreement. The sequentiality may even prevent the process from being completed successfully. Closing down a subset of tax havens reduces competition among the havens that remain active. This makes their 'tax haven business' more profitable and shifts a larger share of rents to these remaining tax havens, making them more reluctant to give up their 'tax haven business'. Moreover, the outcome of this process, reducing the number of tax havens, but not eliminating them altogether, may reduce welfare in the OECD.

International audience ; Over the past 40 years, these tax havens have multiplied, businesses have used their services, through some of the world's largest service companies, and banks have facilitated both money laundering and tax avoidance. There are different types of tax havens, they are not always located in small islands. The OECD and the FATF are charged with taking action to reduce the harmful effects of these tax and criminal operations, but the interests of large firms lead some states not to reject the application of beggar-thy-neighbour policies. Multinational firms, especially in digital economy, are particularly effective at evading taxes by playing on the profound differences in taxation and banking regulations between countries. This increases national and international economic injustice and social inequality. ; Depuis 40 ans, ces paradis fiscaux se sont multipliés, les entreprises ont fait appel à leurs services, par le canal de sociétés de service parmi les plus importantes au monde et les banques ont favorisé à la fois le blanchiment de l'argent et l'évitement fiscal. Il existe différents types de paradis fiscaux, ils ne se situent pas toujours dans les petites îles. L'OCDE et le GAFI sont chargés d'agir pour réduire les effets néfastes de ces opérations fiscales et criminelles, mais les intérêts des grandes firmes conduisent certains Etats à ne pas refuser l'application des politiques de type beggar-thy-neighbour. Les firmes multinationales, particulièrement dans l'économie digitale et de l'information, sont particulièrement efficaces pour échapper aux impôts, en jouant sur les divergences profondes de fiscalité et de réglementation bancaire des pays. Cette situation accroît l'injustice économique et les inégalités sociales nationales et internationales.

International audience ; Over the past 40 years, these tax havens have multiplied, businesses have used their services, through some of the world's largest service companies, and banks have facilitated both money laundering and tax avoidance. There are different types of tax havens, they are not always located in small islands. The OECD and the FATF are charged with taking action to reduce the harmful effects of these tax and criminal operations, but the interests of large firms lead some states not to reject the application of beggar-thy-neighbour policies. Multinational firms, especially in digital economy, are particularly effective at evading taxes by playing on the profound differences in taxation and banking regulations between countries. This increases national and international economic injustice and social inequality. ; Depuis 40 ans, ces paradis fiscaux se sont multipliés, les entreprises ont fait appel à leurs services, par le canal de sociétés de service parmi les plus importantes au monde et les banques ont favorisé à la fois le blanchiment de l'argent et l'évitement fiscal. Il existe différents types de paradis fiscaux, ils ne se situent pas toujours dans les petites îles. L'OCDE et le GAFI sont chargés d'agir pour réduire les effets néfastes de ces opérations fiscales et criminelles, mais les intérêts des grandes firmes conduisent certains Etats à ne pas refuser l'application des politiques de type beggar-thy-neighbour. Les firmes multinationales, particulièrement dans l'économie digitale et de l'information, sont particulièrement efficaces pour échapper aux impôts, en jouant sur les divergences profondes de fiscalité et de réglementation bancaire des pays. Cette situation accroît l'injustice économique et les inégalités sociales nationales et internationales.

International audience ; Over the past 40 years, these tax havens have multiplied, businesses have used their services, through some of the world's largest service companies, and banks have facilitated both money laundering and tax avoidance. There are different types of tax havens, they are not always located in small islands. The OECD and the FATF are charged with taking action to reduce the harmful effects of these tax and criminal operations, but the interests of large firms lead some states not to reject the application of beggar-thy-neighbour policies. Multinational firms, especially in digital economy, are particularly effective at evading taxes by playing on the profound differences in taxation and banking regulations between countries. This increases national and international economic injustice and social inequality. ; Depuis 40 ans, ces paradis fiscaux se sont multipliés, les entreprises ont fait appel à leurs services, par le canal de sociétés de service parmi les plus importantes au monde et les banques ont favorisé à la fois le blanchiment de l'argent et l'évitement fiscal. Il existe différents types de paradis fiscaux, ils ne se situent pas toujours dans les petites îles. L'OCDE et le GAFI sont chargés d'agir pour réduire les effets néfastes de ces opérations fiscales et criminelles, mais les intérêts des grandes firmes conduisent certains Etats à ne pas refuser l'application des politiques de type beggar-thy-neighbour. Les firmes multinationales, particulièrement dans l'économie digitale et de l'information, sont particulièrement efficaces pour échapper aux impôts, en jouant sur les divergences profondes de fiscalité et de réglementation bancaire des pays. Cette situation accroît l'injustice économique et les inégalités sociales nationales et internationales.