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“The team was recently visible advising on a number of pharmaceutical cases. Sources agree that the team is “moving in the right direction” and are particularly impressed by its work in the pharmaceutical sector”.

 

Tax havens

31.03.2014

Dmytro Shemelin, attorney at law, Ilyashev & Partners Law Firm, answered the questions of Yurydychna Praktyka on “Deoffshorization trends – strengthening measures to control taxable transactions”.

The notion of low-tax jurisdiction or tax haven is very vague. According to US National Bureau of Economic Research, 15% of countries worldwide can be considered the so-called tax havens. Speaking about offshore jurisdictions in the List of offshore zones by the Cabinet of Ministers of Ukraine, the following tax havens popular in Ukraine can be noted:
– Cyprus, which formally is not an offshore zone. Although Cyprus has recently began to tax income at the rate of 12.5%​​, this rate is still lower than the Ukrainian income tax;
– The Netherlands, which became popular for holding companies due to the large amount of double taxation avoidance treaties;
– Delaware, U.S. state, one of the world’s most popular corporate centers as more than 60% of Fortune 500 companies are registered in Delaware;
– Singapore and Hong Kong, Asian jurisdictions gaining popularity among the Ukrainians after the Cyprus crisis.

 
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