Examples of using Ofcs in English and their translations into Vietnamese
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Colloquial
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Ecclesiastic
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Computer
After ALL ofcs are converted the exchange will be open for everybody.
(†) In on both the April 2000 FSF list of 42 OFCs, and the June 2000 IMF list of 46 OFCs.
Many OFCs, such as Switzerland, had banking secrecy laws protecting the identity of the owners of the offshore capital in the OFC.
During April- June 2000, the FSF- IMF produced the first list of 42-46 OFCs using a qualitative approach.
In August 2013, Gabriel Zucman showed OFCs housed up to 8- 10% of global wealth in tax- neutral structures.
The OFCs acquired during the Offering are registered under the name of the respective participant and can't be transferred to another participant.
Each bundle, shown on the WEB web page,displays the particular number of OFCs that each of them provides the participant with.
Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks.
By 2010,leading tax academics saw little difference between tax havens and OFCs, and treated the terms as synonymous.
OFCs sometimes market themselves as leaders in regulation operating under the highest standards with the most advanced legal systems.
In April 2000, the term rose to prominence when the Financial Stability Forum("FSF"), concerned about OFCs on global financial stability, produced a report listing 42 OFCs.
However, OFCs play a key role in providing the legal structure for global securitisation transactions that could not be performed from the main financial centres.
The revised list was much shorter than theoriginal IMF list as it only focused on OFCs where the national economic accounts produced breakdowns of net financial services exports data.
Supporters of OFCs also claim that the costs of regulation and operation in OFCs are lower than in the major financial centres due to scale effects and cheaper operating locations.
Others show that the main reason why private equity funds andhedge funds set up in OFCs, such as the Cayman Islands and Luxembourg, is to facilitate the personal tax planning of the managers.
It also led to more specific clampdowns in the area of bank secrecy, over which the IMF have greater control, andwhich ultimately removed much of the main distinctions between historical definitions of OFCs and tax havens.
In August 2014, Zucman showed OFCs being used by U.S. multinationals, in particular, to execute base erosion and profit shifting("BEPS") transactions to avoid corporate taxes.
Critics of this theory also point to studies showing that in many cases, the capital that is invested into the high tax economy via the OFC, actually originated from the high-tax economy, and for example, that the largest source of FDI into the U.K.,is from the U.K., but via OFCs.
For example, while the EU- 28 contains some of the largest OFCs(e.g. Ireland and Luxembourg), these EU- OFCs cannot offer regulatory environments that differ from other EU- 28 jurisdictions.
A study by the University of Amsterdam's CORPNET group published in 2017 in Nature used the Orbis database to analyse over 98 million global corporate connections to investigate tax havens and offshore financial centre(OFCs);[13]resulting in new classifications of Conduit and Sink OFCs.[12][14].
Shadow banking, however, remains a key part of OFCs services, and the Financial Stability Forum list of major shadow banking locations are all recognized OFCs.
Conduit OFCs: jurisdictions through which a disproportionate amount of value moves toward sink OFCs(e.g. the modern corporate tax havens)(Conduits are: Netherlands, United Kingdom, Switzerland, Singapore and Ireland).
On the 23 June 2000, the IMF published a working paper on OFCs which expanded the FSF list to 46 OFCs, but split into three Groups based on the level of co-operation and adherence to international standards by the OFC.
However, as OFCs developed in the 1980s, it became apparent that OFC banks were not just recycling Eurodollars from foreign corporate transactions, but also capital from tax avoidance(e.g. money being hidden in tax havens), and also from other criminal and illegal sources.
As the effective tax rate in most OFCs is near zero(e.g. they are really tax havens), this is a lower risk, although, the experience of U.S. distressed debt funds abusing Irish Section 110 SPVs in 2012- 2016 is notable.
OFCs, and also some RFCs, tend to specialise in tax-driven services, such as corporate tax planning tools, tax- neutral vehicles,[lower-alpha 3] and shadow banking/securitization, and can include smaller locations(e.g. Luxembourg), or city-states(e.g. Singapore).
Academics now consider the activities of OFCs to be synonymous with tax havens,[6][5] with a particular focus on corporate tax planning BEPS tools, tax-neutral[lower-alpha 6] asset structuring vehicles, and shadow banking/asset securitization.
The following 46 OFCs are from the June 2007 IMF background paper that used a qualitative approach to identify OFCs; and which also incorporated the April 2000 FSF list which had also used a qualitative approach to identify 42 OFCs.
Research in 2013- 14, showed OFCs harboured 8- 10% of global wealth in tax-neutral structures, and act as hubs for U.S. multinationals, in particular, to avoid corporate taxes via base erosion and profit shifting("BEPS") tools(e.g. the double Irish).
There is evidence that OFCs have faster approval times, even 24 hours, for approval of new legal structures and special purpose vehicles, however critics highlight this aspect as a sign of weaker regulation and oversight in OFCs(e.g. brass plate company).