Origin of Tax Haven

Origin of Tax Haven: Part 1.

In the context of the origin of the "tax haven", the founding vision of a tax haven came into existence as an "economic response towards the principle of taxes". There is another fact is that, for instance, in Ancient Greece, few Greek Islands were utilized for the purpose of depositories from the sea traders of the specific era to place their foreign goods for denied the two percent imposition of the tax by the state of the city of Athens on foreign or imported goods.

Moreover, In the middle ages, there are several Hanseatic traders who makes complete and effective set up business in London were exempt by tax.

Furthermore, In 1721, there was various American colonies traded from Latin America to denied British taxes. The utilization of the differing laws of tax between two or more countries to make effort to mitigate tax liability as old as the taxation itself.

It is rarely suggested that the practice initially goes prominence through the avoidance of the Cinque ports and afterwards there is an existence of the staple ports respectively during the period of "twelfth and fourteenth centuries". It is to be noted that, there are various countries which may claim to be "the oldest tax haven in the world". In example, the Channel Islands claim the independence of the tax dating as far back as Norman Conquest.

On the other hand, the lsle of Man are going to claims to focus its fiscal independence to even beginning times. Nonetheless, the advance vision of the tax haven is usually accepted to have mixed at an uncertain point in the immediate aftermath of world war.

There are most economic commentators are going to suggested that the first as well as "true tax haven was Switzerland" analyzing deeply by Liechtenstein.
There is no doubt that, it is complicated nonetheless to point out a single event which clearly identifies the emergence of the advance tax haven.

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Origin of Tax Haven: Part 2.

Where did the whole concept of tax haven originate from?

From the time the medieval trade routes came alive and markets flourished, so have tax havens. The earliest tax havens were located within medieval Europe where jurisdictions went into competition with each other. Notable examples included the Vatican City ! The Channel Islands and the Isle of Man have always provided an offshore tax haven location for the more affluent since very early days. However, it is commonly accepted that the modern definition of a tax haven was first formed around the time after World War I.

There are various countries trying to lay claim to the title of being the original offshore tax haven.

Lichtenstein was proactive in the mid 1920’s in trying to attract foreign investments and established its Offshore Trust Law and Bermuda created Offshore Company Laws about ten years later endeavoring to be a Corporate Tax Haven. The common perception, however, of the most established offshore financial centre is Switzerland.

Tax Havens were associated with individual avoidance of tax.

However, in the past war years, companies became over-burdened by taxation and started to look for alternatives. This is when "Corporate Tax Havens" were born. Companies could take advantage of "tax treaties" between their home jurisdiction and the offshore tax haven and pay a reduced rate of taxation. This worked for a while, but the technicalities that permitted this were eliminated as the home jurisdictions realized the amount of tax they were losing.

With so many countries "tying to lay claim to the title of being the originator of the tax haven" and with history getting muddled as it goes far back, it is nothing short of impossible but, what is important is to know that these havens "have now tightened their laws" and adopted translucent accounting practices that have made them safe as international business destinations.

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Read this article on Forbes.com Tax Informants Are On The Loose

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