Conduit and Sink OFCs

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"Uncovering Offshore Financial Centers": CORPNET's map of connections between countries

Conduit OFC and Sink OFC is an empirical quantitative method of classifying corporate tax havens, offshore financial centres and tax havens.[1][2][3]

Rather than analyzing taxation and legal structures to identify and classify potential tax havens (the preferred EU, IMF, and OECD route), this approach analyses the ownership chains of 98 million global companies (a purely empirical, or outcomes-based, route), relative to the size of countries of their incorporation. The technique gives both a method of classification and a method of understanding the relative scale of corporate tax havens/offshore financial centers.

The results were formally published by the University of Amsterdam's CORPNET Group in July 2017, and identify two major classifications:

  • 24 global Sink OFCs: jurisdictions in which a disproportional amount of value disappears from the economic system (i.e. the traditional tax havens).
    (See the table below for the list of Sinks)
  • 5 global Conduit OFCs: jurisdictions through which a disproportional amount of value moves toward sink-OFCs (i.e. modern corporate tax havens).
    (Conduits are: Netherlands, United Kingdom, Switzerland, Singapore and Ireland)

Our findings debunk the myth of tax havens[a] as exotic far-flung islands that are difficult, if not impossible, to regulate. Many offshore financial centers[a] are highly developed countries with strong regulatory environments.

— Javier Garcia-Bernardo, Jan Fichtner, Frank W. Takes & Eelke M. Heemskerk, CORPNET University of Amsterdam[4]

The CORPNET report has been praised, and in March 2017, the EU has adopted its approach into some of their policy frameworks.[5] Research by Gabriel Zucman (et alia) published in June 2018, showed using Orbis database connections, underestimates Ireland, which the Zucman-Tørsløv-Wier 2018 list shows is the largest corporate Conduit OFC in the world.[6][7][8] However, CORPNET's Conduits and Sinks, reconcile closely with the world's top ten tax havens.


"Uncovering Offshore Financial Centers": Cayman Islands Conundrum

The lack of an accepted definition for identifying corporate tax havens/offshore financial centres, results in different lists, including:

  • OECD Global Tax Havens (started with a list of 35 locations in 2000, which only had Trinidad & Tobago in 2017)[16]
  • IMF Offshore Financial Centres (similar to OECD with additional focus on compliance with accounting conventions)[17]
  • Oxfam World Worst Corporate Tax Havens (focus on legal corporate tax avoidance, and ranks Netherlands, Ireland and Luxembourg in the top 10)[19][20]
  • City University Offshore-Intensity Ratio (first scientific/quantative approach, and shows the larger relative scale of the Cayman Islands and Luxembourg)[21]

There are common "classic" tax haven locations amongst these lists (i.e. the Cayman Islands, Bermuda, British Virgin Islands and Jersey etc.) which some global regulators have either blacklisted, or have issued formal warnings/threat of sanctions against, unless transparency is increased.[23][24]

A key difference between the lists regards the major corporate tax havens (or offshore financial centres), like Ireland the Netherlands and Luxembourg (amongst others).[25]

Major regulators like the EU and the OECD don't regard them as tax havens, and point to their transparency and compliance with international regulations.[26][27][28][29]

Academics and other non-governmental organizations, however, point to their role in major corporate tax avoidance from base erosion and profit shifting (“BEPS”) schemes, like the double Irish, the single malt and the dutch sandwich.[30][31][32][33] They regard them as major tax havens in their definitions of tax havens. This disconnect regarding corporate tax havens is discussed here.

CORPNET Report[edit]

"Uncovering Offshore Financial Centers": Example of a corporate global ownership chain

A report published in Nature in 2017 on the analysis of offshore financial centres "Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network"[4] explains the disconnect between these two sets of contrasting views, and provides a more scientific approach to classification.[34][35][1][3]

The report was the result of a multi-year investigation by political economists and computer scientists in the CORPNET research group at the University of Amsterdam. CORPNET is a European Research Council funded group at the University of Amsterdam investigating networks of corporate control.[2][36]

The report used the Moody's Orbis corporate database[37] to examine 98 million global companies and their 71 million ownership connections (using big data computer modelling) to identify 5 global Conduit OFCs (Netherlands, United Kingdom, Ireland, Singapore and Switzerland). These are countries of high financial reputation (i.e. not formally labelled "tax havens" by OECD/EU), but who have "advanced" legal and tax structuring vehicles (and SPVs) that help legally route funds to the 24 tax havens (called Sink OFCs), without incurring tax in the Conduit OFC (or even tax in the source of funds location, where royalty payment schemes can be used).[4][38][39]

The work builds on methods established in the "Offshore-Intensity Ratio",[21] and in particular the understanding activity relative to the scale of the domestic economy in a country.[40] At its crudest level, the Offshore-Intensity Ratio explains why the countries at the top of global GDP per capita lists are mostly tax haven types.

The EU Parliament's Policy Department on Economic and Scientific Policies included the research in its findings for the EU Committee on Money laundering, tax avoidance and tax evasion (PANA),[41] and by tabulating against existing EU-IMF-FSI tax-haven lists, showed material gaps in EU understanding of conduits.[5]

CORPNET's top 5 Conduits and top 5 Sinks are 9 of the 10 largest tax havens identified in 2010 by one of the academic founders of tax haven research, James R. Hines Jr.. Hines' 2010 list of 10 major tax havens only differs in its omission of the U.K., which in 2010, had only just reformed its corporate tax system.[10] CORPNET's top 5 Conduits and top 5 Sinks closely reconcile with the top 10 major corporate tax havens of other major academic and non-governmental organisation tax haven lists.

Conduit OFC[edit]

Conduit OFCs are described as having advanced legal and tax systems designed to enable corporations to route funds from high tax locations (e.g. Germany) to the Sink OFCs (e.g. Bermuda). They tend to have attractive "holding company" regimes (e.g. no withholding taxes, foreign dividends exempt from taxes, capital gains reliefs, full double-tax relief), advanced tax treatment of intellectual property regimes, and large global networks of bilateral tax treaties.[4][42][43] CORPNET's five major Conduit OFCs, all have a top-ten ranking in the 2018 Global Innovation Property Centre (GIPC) IP Index.[44] IP has been described as the "raw materials of corporate tax avoidance",[45] and "the leading corporate tax avoidance vehicle".[46][47]

Conduit OFCs tend to be dominated by major law firms and global accounting firms, who create the lawfully constructed vehicles that make the Sink OFC connections, by exploiting legislative loopholes such as the double Irish and dutch sandwich. They advise clients (and the Government) on anticipating future changes (e.g. from OECD BEPS processes), that may need new loopholes.[48][4] They write most of the State's relevant SPV legislation (where they create the new loopholes) through detailed lobbying and representations.[49][50][51][43][52]

This type of legal and tax structuring is considered beyond the trust-structuring type work of the offshore magic circle firms. Conduit OFCs need structures that can integrate with bilateral tax treaties involving G20 countries, as well as meeting U.S. GAAP / SEC Regulations that U.S. multinationals (one of the largest users of Conduit OFCs) need to adhere to.

These top 5 global Conduit OFCs channel 47% of corporate offshore connections and have different attributes:[53]

  1.  Netherlands - the largest[54][1] Conduit OFC, and focused on routing funds from the EU (via "dutch sandwich") to the Sink OFC of Luxembourg and Sink OFC "triad" of Bermuda/BVI/Cayman.[55]
  2.  United Kingdom - 2nd largest Conduit OFC,[2] and the link from Europe to Asia; 18 of the 24 Sink OFCs are current, or past, dependencies of the U.K. (see table).[56][57]
  3.   Switzerland - a major Conduit OFC for Jersey, the 4th largest Sink OFC.
  4.  Singapore - the main Conduit OFC for Asia, and the two major Asian Sink OFC Hong Kong and Sink OFC Taiwan.
  5.  Ireland - associated with US links (see Ireland as a tax haven),[58] who make heavy use of Sink OFC Luxembourg as a backdoor out of the Irish corporate tax system.[59]

Sink OFC[edit]

"Uncovering Offshore Financial Centers": List of Sink OFCs ordered by value (showing U.K. dependencies)

Sink OFCs cover a broad range of locations from very small counties (e.g. the Marshall Islands), to major global financial centres (e.g. Hong Kong).

Just because funds reach a Sink OFC, does not mean that they remain dormant. Quite the contrary, the funds can be invested in assets all over the world, but their legal ownership and future gains remain in the Sink OFC. For example, the circa $1 trillion of US company offshore cash, is held in Sink OFCs (esp. Caribbean).[60][61]

The report highlighted some interesting aspects of the 24 Sink OFCs:

  1. British Virgin Islands - in terms of connections, is the "Netherlands of Sink OFCs" and heavily linked with the Conduit OFC United Kingdom.
  2. Luxembourg and Hong Kong - would have been considered Conduit OFCs, but the research shows they are even bigger Sink OFCs (i.e. longer-term homes for funds), Luxembourg (for routing funds from high-tax EU countries) and Hong Kong (for routing funds out of China)
  3. Jersey - remains a unique link with major Conduit OFC, Switzerland (because the study could not capture individual "trusts", Jersey could be understated).
  4. Bermuda, British Virgin Islands, Cayman Triad - these three classic offshore tax havens are heavily interlinked and starting to present as one large Sink OFC.
  5. Taiwan - has been a controversial entrant on several tax haven lists (the Tax Justice Network calls Taiwan the "Switzerland of Asia",[62] however, Taiwan is not on any EU/OECD/IMF tax-haven list), and is identified as the 2nd largest Asian Sink OFC.
  6. Cayman Islands - the Cayman Islands are becoming the biggest financial centre for the Central and Latin America.[63]
  7. Malta - the report highlights the rise of Sink OFC Malta as an emerging tax haven "inside" the EU,[64][65] which has been a source of wider media scrutiny.[66]
  8. Mauritius - has become a major Sink OFC for both SE Asia (especially India) and African economies, and now ranking 8th overall.[67]

OECD failings on tax havens[edit]

Of the wider tax environment, O’Rourke thinks the OECD base-erosion and profit-shifting (BEPS) process is “very good” for Ireland. “If BEPS sees itself to a conclusion, it will be good for Ireland.”

Feargal O'Rourke CEO PwC (Ireland)
"Architect" of the double Irish[68][69]
Irish Times, 2015[70]

CORPNET highlighted the lack of progress the OECD Base erosion and profit shifting ("BEPS") project is making, and that the OECD's support of transparent intellectual property-based tax structuring (or patent/knowledge boxes), is incompatible with the emerging position of intellectual property as the leading BEPS tool in conduit OFCs.[71] The reasons for this failure are discussed in failure of OECD BEPS Project.

An example of an IP-based BEPS tool is Ireland's capital allowances for intangible assets ("CAIA") tool, also known as the "Green Jersey", which has an effective tax rate of 0-3%. Apple used the CAIA (or Green Jersey) BEPS tool in Q1 2015 (and created the noted Irish "leprechaun economics" restatement of GDP). Ireland has other IP-based BEPS tools (Ireland as the first OECD nexus-compliant KDB),[72] and is a supporter of the OECD BEPS project (see box).

Isle of Man omitted[edit]

The Isle of Man (the "IOM") was absent from the list of top Sink OFCs. The IOM appears on tax-haven lists and ranks 42 on the 2018 Financial Secrecy Index.[73][74]

The Chief Minister of the IOM, Howard Quayle, announced that the CORPNET report proved that the IOM is not a tax haven.[75][76]

However, CORPNET researchers from the University of Amsterdam directly replied to Howard Quayle's article[77] clarifying that while the IOM does not appear as a leading Sink OFC for corporate tax avoidance, it does not mean that individuals (personal bank accounts and trusts) do not use the IOM to avoid taxes, and particularly United Kingdom VAT.

Other commentators have added that the IOM is "failing as a tax haven", and is now too small to appear in major studies like the CORPNET research.[78]

Ireland underestimated[edit]

The CORPNET report uses corporate connections on the Orbis database, rather than the quantum of money, as its primary metric of analysis. In theory, the authors feel that this does not impede the goal of classification, and of making relative rankings. However, it does mean the amount of potential tax avoidance is ignored.[4]

Acclaimed author on tax havens and offshore financial centers, Gabriel Zucman, uses a different quantitative approach. Zucman focuses on macro-data of national statistical accounts. In theory, the total assets in a system should equal the total liabilities. By aggregating national account data, Zucman can identify an excess of liabilities over assets, implying that the missing assets (to balance the equation), are hidden in tax-havens. On this basis, in 2015, he estimated that 8% of the world's wealth (or $7.6 trillion) was "missing" in offshore tax-havens.[79]

Zucman's analysis highlights the special case of Ireland and why the Orbis database underestimates Ireland's scale as one of the world's largest corporate tax avoidance, or BEPS, hubs.[80]

US multinationals dominate Ireland's economy, using it as a shield from the US "worldwide tax" system (pre 2017 TCJA leglislation).[81] They are 14 of Ireland's 20 largest firms,[82] directly employ one-quarter of the labour force,[83] pay 80% of all business taxes,[84] and create 57% of non-farm private sector OECD value-add.[83] There are no non-US/non-UK foreign firms in Ireland's top 50 firms by turnover (and only one by employees, Lidl).[82] When Apple restructured its Irish subsidiaries in January 2015, it caused Irish GDP to rise 26.3% and Irish GNP to rise 18.7% (became the leprechaun economics affair).

Zucman's analysis shows many of Ireland's US multinationals don't appear on Orbis (Facebook), or only have a small fraction of their data on Orbis (Google and Apple). Analysed using "quantum of funds" (not "Orbis connections"), Zucman shows Ireland is one of the largest corporate tax shelters in the world, and a route for Zucman’s estimated loss of 20% in EU corporate tax revenues annually.[6][7][85]

See also[edit]


  1. ^ a b As discussed in the Definitions sections of tax havens, and of offshore financial centres, most tax academics consider the terms as being synonymous and use them inter-changeably


  1. ^ a b c "Netherlands and UK are biggest channels for corporate tax avoidance". The Guardian. 25 July 2017.
  2. ^ a b c "Is the U.K. Already the Kind of Tax Haven It Claims It Won't Be?". Bloomberg News. 31 July 2017.
  3. ^ a b "Tax Havens Can Be Surprisingly Close to Home". Bloomberg View. 11 April 2017.
  4. ^ a b c d e f Javier Garcia-Bernardo; Jan Fichtner; Frank W. Takes; Eelke M. Heemskerk (24 July 2017). "Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network". Scientific Reports, Nature Publishing Group. 7 (6246).
  5. ^ a b "Offshore activities and money laundering: recent findings and challenges" (PDF). EU Parliament. March 2017. p. 39.
  6. ^ a b Gabriel Zucman (April 2018). "The Missing Profits of Nations" (PDF). National Bureau of Economic Research, Working Papers. p. 35.
  7. ^ a b "Ireland is the world's biggest corporate 'tax haven', say academics". Irish Times. 13 June 2018. Study claims State shelters more multinational profits than the entire Caribbean
  8. ^ a b "Zucman:Corporations Push Profits Into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says". Wall Street Journal. 10 June 2018. Such profit shifting leads to a total annual revenue loss of $200 billion globally
  9. ^ "Banks in Tax Havens: First Evidence based on Country-by-Country Reporting" (PDF). EU Commission. July 2017. p. 50. Figure D: Tax Haven Literature Review: A Typology
  10. ^ a b James R. Hines Jr. (2010). "Treasure Islands". Journal of Economic Perspectives. 4 (24): 103–125. Table 1: 52 Tax Havens
  11. ^ James R. Hines Jr. (2007). "Tax Havens" (PDF). University of Michigan. There are roughly 45 major tax havens in the world today. Examples include Andorra, Ireland, Luxembourg and Monaco in Europe, Hong Kong and Singapore in Asia, and the Cayman Islands, the Netherlands Antilles, and Panama in the Americas.
  12. ^ James R. Hines Jr.; Eric M. Rice (February 1994). "FISCAL PARADISE: FOREIGN TAX HAVENS AND AMERICAN BUSINESS" (PDF). Quarterly Journal of Economics (Harvard/MIT). 9 (1). We identify 41 countries and regions as tax havens for the purposes of U. S. businesses. Together the seven tax havens with populations greater than one million (Hong Kong, Ireland, Liberia, Lebanon, Panama, Singapore, and Switzerland) account for 80 percent of total tax haven population and 89 percent of tax haven GDP.
  13. ^ Dhammika Dharmapala; James R. Hines Jr. (2009). "Which countries become tax havens?" (PDF). Journal of Public Economics. 93 (9–10): 1058–1068.
  14. ^ Gabriel Zucman; Thomas Torslov; Ludvig Wier (June 2018). "The Missing Profits of Nations". National Bureau of Economic Research, Working Papers. p. 31. Appendix Table 2: Tax Havens
  15. ^ "Ireland is the world's biggest corporate 'tax haven', say academics". Irish Times. 13 June 2018. New Gabriel Zucman study claims State shelters more multinational profits than the entire Caribbean
  16. ^ "Towards Global Tax Co-operation" (PDF). OECD. April 2000. p. 17. TAX HAVENS: 1.Andorra 2.Anguilla 3.Antigua and Barbuda 4.Aruba 5.Bahamas 6.Bahrain 7.Barbados 8.Belize 9.British Virgin Islands 10.Cook Islands 11.Dominica 12.Gibraltar 13.Grenada 14.Guernsey 15.Isle of Man 16.Jersey 17.Liberia 18.Liechtenstein 19.Maldives 20.Marshall Islands 21.Monaco 22.Montserrat 23.Nauru 24.Net Antilles 25.Niue 26.Panama 27.Samoa 28.Seychelles 29.St. Lucia 30.St. Kitts & Nevis 31.St. Vincent and the Grenadines 32.Tonga 33.Turks & Caicos 34.U.S. Virgin Islands 35.Vanuatu
  17. ^ "Offshore Financial Centers" (PDF). International Monetary Fund. 8 May 2008.
  18. ^ "2018 Financial Secrecy Index". Tax Justice Network. December 2018.
  19. ^ "Tax Battles: the dangerous global race to the bottom on corporate tax". Oxfam. December 2016.
  20. ^ "TAX BATTLES The dangerous global Race to the Bottom on Corporate Tax" (PDF). Oxfam. December 2016.
  21. ^ a b "The Offshore-Intensity Ratio Identifying the Strongest Magnets for Foreign Capital". City University. 2015.
  22. ^ Richard Phillips; Matt Gardner; Alexandria Robins; Michelle Surka (2017). "Offshore Shell Games 2017" (PDF). Institute on Taxation and Economic Policy. Amount of Tax Haven Connections (Figure 1, Page 11), Amount of Tax Haven Profits (Figure 4, Page 16)
  23. ^ "EU blacklist names 17 tax havens and puts Caymans and Jersey on notice". The Guardian. 5 December 2017.
  24. ^ "From paradise to blacklist: EU's net starts to close on tax havens". The Guardian. 2 December 2017.
  25. ^ "New study offers more nuanced look at offshore finance". Cayman Compass. 1 August 2017.
  26. ^ "There is a definition of a tax haven - and Ireland doesn't make that grade". Irish Independent. 2 October 2017.
  27. ^ "OECD tax chief: 'Ireland is not a tax haven'". 23 July 2013.
  28. ^ "EU countries are not 'tax havens', parliament says". EU Observer. 14 December 2017.
  30. ^ "Ireland named world's 6th worst corporate tax haven". 12 December 2016.
  31. ^ "Now Brazil puts Ireland on its tax haven blacklist". Tax Justice Network. 17 September 2016.
  32. ^ "Oxfam says Ireland is a tax haven judged by EU criteria". Irish Times. 28 November 2017.
  33. ^ "MANTRAS AND MYTHS: A true picture of the corporate tax system in Ireland" (PDF). RTE News. February 2017.
  34. ^ "Offshore Financial Centers and the Five Largest Value Conduits in the World". CORPNET. 24 July 2017.
  35. ^ "What is an OFC Conduit and Sinks". CORPNET. 2017.
  36. ^ "Sinks and Conduits: Identifying Offshore Financial Centres by using Big Data". IFC Review. 1 March 2018.
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  39. ^ "These five countries are conduits for the world's biggest tax havens". 24 July 2017.
  40. ^ "How Apple and Other Multinationals Avoid Taxes and Accountability: A Network Study of Offshore Finance". CORPNET. 27 September 2016.
  41. ^ "PANA Committee on Money laundering, tax avoidance and tax evasion". EU Parliament. 2018.
  42. ^ "These Five Countries Are Conduits For The World's Biggest Tax Havens". Huffington Post. 24 July 2017.
  43. ^ a b "Stranger than paradise: the truth about tax". Financial Times. 10 November 2017.
  44. ^ United States Chamber of Commerce (February 2018). "GIPC IP Index 2018" (PDF). p. 6. Figure I: U.S. Chamber International IP Index 2018, Overall Scores
  45. ^ "The Corporate Tax Avoidance Toolbox". B&R Beurs. 2018.
  46. ^ Andrew Blair-Stanek (2015). "Intellectual Property Law Solutions to Tax Avoidance" (PDF). UCLA Law Review. Intellectual property (IP) has become the leading tax-avoidance vehicle.
  47. ^ "Intellectual Property and Tax Avoidance in Ireland". Fordham Intellectual Property, Media & Entertainment Law Journal. 30 August 2016.
  48. ^ "After a Tax Crackdown, Apple Found a New Shelter for Its Profits". New York Times. 6 November 2017.
  49. ^ "Law firm Matheson lobbied OECD to dilute proposed tax rules". Irish Times. 7 April 2016.
  50. ^ "Consultation Paper on Review of Ireland's Corporation Tax Code" (PDF). Deloitte. January 2018.
  51. ^ "Ireland needs to stay ahead of the corporate tax reform game". Irish Times. 13 September 2017.
  52. ^ "Tax Games" (PDF). EURODAD. 8 November 2017.
  53. ^ "Highly developed countries canalise almost 50% of equity flows to tax havens". CORPNET. 24 July 2017.
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  55. ^ "The Netherlands is world's biggest conduit to offshore tax havens: research". Dutch News NL. 24 July 2017.
  56. ^ "UK second largest conduit for tax havens". Accountancy Weekly. 27 July 2017.
  57. ^ "UK could become 'tax haven' of Europe if it is shut out of single market after Brexit, Chancellor suggests". Independent. 15 January 2017.
  58. ^ "Financial Secrecy Index 2018:IRELAND" (PDF). Tax Justice Network. February 2018.
  59. ^ "Ireland:Selected Issues". International Monetary Fund. June 2018. p. 20. Figure 3. Foreign Direct Investment - Over half of Irish outbound FDI is routed to Luxembourg
  60. ^ "The real story behind US companies' offshore cash reserves". McKinsey & Company. June 2017.
  61. ^ "US corporate giants hoarding more than a trillion dollars". The Guardian. 20 May 2016.
  62. ^ "Taiwan, the un-noticed Asian tax haven?". Tax Justice Network. 10 February 2016.
  63. ^ "The Cayman conundrum: why is one tiny archipelago the largest financial centre in Latin America and the Caribbean?". London School of Economics. November 2017.
  64. ^ "Scientists have found a way of showing how Malta is a global top ten tax haven". Malta Today. 31 July 2017.
  65. ^ "Malta is a Tax Haven, major new study". Times Malta. 29 July 2017.
  66. ^ "Malta is a target for Italian mafia, Russia loan sharks, damning probe says". Times of Malta. 20 May 2017.
  67. ^ "Deloitte promotes Mauritius as tax haven to avoid big payouts to poor African nations". The Guardian. 3 November 2013.
  68. ^ "Man Making Ireland Tax Avoidance Hub Proves Local Hero". Bloomberg News. 28 October 2013.
  69. ^ "Controversial tax strategies brainchild of O'Rourke's son". Irish Independent. 3 November 2013.
  70. ^ "Scion of a prominent political dynasty who gave his vote to accountancy". Irish Times. 8 May 2015.
  71. ^ "New UN tax handbook: Lower-income countries vs OECD BEPS failure". Tax Justice Network. 11 September 2017.
  72. ^ "OECD gives cautious welcome to Irish Knowledge Box tax scheme". Irish Independent. 23 October 2014.
  73. ^ "Financial Secrecy Index 2018". Tax Justice Network. 2018.
  74. ^ "Report on the Isle of Man" (PDF). Tax Justice Network. 2017.
  75. ^ "We're no tax haven study concludes". IOM Today. 1 August 2017.
  76. ^ "Isle of man 'closely mirrors' UK rules, says Chief Minister". Daily Telegraph Business Reporter. 7 November 2017.
  77. ^ "Response to Howard Quayle, Chief Minister of Isle of Man". CORPNET. 8 November 2017.
  78. ^ "The Isle of Man is failing at being a tax haven". Tax Research UK. 2 August 2017.
  79. ^ "The True Cost of Hidden Money". New York Times. 15 June 2014.
  80. ^ "The desperate inequality behind global tax dodging". The Guardian. 8 November 2017.
  81. ^ "A Territorial Tax System Would Create Jobs and Raise Wages for U.S. Workers". The Heritage Foundation. 12 September 2013.
  82. ^ a b "Ireland's Top 1000 Companies". Irish Times. 2018.
  83. ^ a b "IRELAND Trade and Statistical Note 2017" (PDF). OECD. 2017.
  84. ^ "An Analysis of 2015 Corporation Tax Returns and 2016 Payments" (PDF). Revenue Commissioners. April 2017.
  85. ^ "Zucman:Corporations Push Profits Into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says". Wall Street Journal. 10 June 2018. The new research draws on data from countries such as Ireland, Luxembourg and the Netherlands that hadn’t previously been collected.

External links[edit]