ACCOUNTING REGULATIONS IN THE CONTEXT OF A ZERO TAX ENVIRONMENT. THE CASE OF “TAX HAVEN” JURISDICTIONS (Published)
The latest amendments brought to the tax havens` fiscal and commercial legislations as a result of the OECD`s pressure made these states and territories subject to a set of accounting rules. The aim of this paper is to present a comparative analysis of the accounting regulations applicable to the offshore companies: The International Business company (IBC) and the Exempt company, in contrast with the local/domestic companies. For the purpose of this analysis I considered six overseas countries and territories (OCTs) having links to the United Kingdom and which had been listed by the OECD in 2000 as tax haven jurisdictions: Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Montserrat, Turks and Caicos Islands. The results stand to emphasize the fact that there are no substantial differences in terms of accounting regulations between an offshore company and a domestic company despite the harsh criticism continuously being brought to the offshore sector
Keywords: Accounting regulations, Exempt Company, Fiscal Policies, International Business company (IBC), Organization for Economic Cooperation and Development (OECD), Tax haven