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offsco
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There are 6 letters in OFFSCO ( C3F4O1S1 )
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| Offsco might refer to |
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An Offshore Financial Centre or OFC is defined as a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy. The word "offshore" does not refer to the location of the OFC (many FSF-IMF OFCs, such as Luxembourg and Hong Kong, are located "onshore"), but to the fact that the largest users of the OFC are nonresident (e.g. they are "offshore"). The IMF lists OFCs as a third class of financial centre, with International Financial Centres (IFCs), and Regional Financial Centres (RFCs); there is overlap (e.g. Singapore is an RFC and an OFC). * During April-June 2000, the FSF-IMF produced the first list of 42-46 OFCs using a qualitative approach. In April 2007, the IMF produced a revised quantitative-based list of 22 OFCs, and in June 2018, another revised quantitative-based list of 8 major OFCs, who are responsible for 85% of OFC financial flows (which includes, Ireland, the Caribbean, Luxembourg, Singapore, Hong Kong and the Netherlands). The removal of currency and capital controls, the early driver for the creation and use of many OFCs in the 1960s and 1970s, saw taxation and/or regulatory regimes become the main reasons for using OFCs from the 1980s. Progress from 2000 onwards from IMF-OECD-FATF initiatives on common standards, regulatory compliance, and banking transparency, has significantly weakened the regulatory attraction of OFCs. Academics now consider the activities of OFCs to be synonymous with tax havens, with a particular focus on corporate tax planning BEPS tools, tax-neutral asset structuring vehicles, and shadow banking/asset securitization. * 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 global corporate taxes via base erosion and profit shifting ("BEPS") tools (e.g. the double Irish, the dutch sandwich). A study in July 2017, Conduit and Sink OFCs, split the understanding of an OFC into 24 Sink OFCs (e.g. traditional tax havens, to which a disproportionate amount of value disappears from the economic system), and 5 Conduit OFCs (e.g. modern corporate tax havens, through which a disproportionate amount of value moves toward the Sink OFCs). In June 2018, research showed that OFCs had become the dominant locations for corporate tax avoidance BEPS schemes, costing USD 200 billion in lost annual tax revenues. A June 2018 joint-IMF study showed much of the FDI from OFCs, into higher-tax countries, originated from higher-tax countries (e.g. the U.K. is the largest investor in itself, via OFCs). |