UK: The UK Dominates the Most Damaging Tax Havens

New analysis by the Tax Justice Network has revealed the United Kingdom to be the biggest enabler of corporate tax dodging in the world. As this infographic shows, British Overseas Territories and Crown Dependencies dominate the top eight roundup of places allowing multinationals to avoid paying tax on their profits. In total, this makes the UK responsible for about one third of global tax avoidance risk.

EU countries are also responsible for a third of corporate tax abuse risk, whereas African nations are responsible for just four percent of corporate tax abuse risks and Latin America for only three percent. Among the countries to have performed worse than before are Brazil, Poland and Mexico.

Ireland entered the top ten list for the first time in 2024 with an index value of 1,622, ranking in ninth place. It is followed by Luxembourg (1,480) and then the Bahamas, the latter of which is an independent member of the British commonwealth but not an OT or CD. In position 12 comes the Isle of Man and in 13 comes Guernsey, both Crown Dependencies. The United Kingdom places in 18th position with a value of 894. According to the Tax Justice Network, about half a trillion dollars are lost to tax havens per year.

The index evaluates jurisdiction laws and monitors the volume of corporate financial activity entering and leaving jurisdictions. A Haven Score is determined by more than 70 questions under 18 indicators to find the extent to which a jurisdiction’s laws and regulations allow for corporate tax abuse. The outcome of these indicators are then combined with global scale weights, which are based on IMF data on foreign direct investments. The final figure is a measure of the contribution of each jurisdiction to the global problem of corporate tax abuse.

7 February 2024

THAILAND: Crypto trading becomes VAT-free in race for digital

The Finance Ministry has announced the exemption of value-added tax (VAT) on digital asset trading to push Thailand towards becoming a digital asset hub. Paopoom Rojanasakul, secretary to the finance

Read More
8 November 2024

EU: EU has finally reached agreement on VAT in the digital age (ViDA) proposal

Following compromises and modifications to the original proposal, the Economic and Financial Affairs Council has adopted the ViDA initiative.The measures are expected to be adopted gradually from 2027

Read More
20 March 2025

CAREY OLSEN: Carey Olsen advises LongGame Ventures on launch of longevity biotech fund

Press Release from Carey Olsen, Thursday 20 March, 2025. Carey Olsen has supported LongGame Ventures, a first-time fund manager, on the successful launch of its longevity biotech fund, LongGame Fund

Read More
26 February 2024

ANTIGUA & BARBUDA: Antigua & Barbuda’s citizenship program shows promising growth as CEO reveals big changes in 2024

With applications surging at an average growth rate of 14.3% between 2013 and 2023, Antigua & Barbuda’s Citizenship by Investment program (CIP) is slated to see a significant increase in application

Read More