According to the report published by the Tax Justice Network, the UK territories of the BVI, Cayman Islands and Bermuda are the ones to contribute the most to global tax avoidance, among all the tax havens, and Anguilla, Guernsey, Jersey and the Turks and Caicos Islands also facilitate tax evasion. The report also showed the responsibility of the United Kingdom for a global schemes of tax avoidance.
With more than one third of world’s corporate tax dodging, the UK is the greatest facilitator of corporate tax evasion, followed by the Netherlands.
Most of the top 10 tax haven jurisdictions, including BVI, are small countries, but they are home to trillions of dollars of foreign direct investment, and several of these flows may be because of diminishing tax bills. It is stated in the report that the range at which jurisdictions have allowed corporate tax dodging risks to attract multinationals has made countries’ corporate tax rates “meaningless”, and triggered a “race to the bottom” that would further drain tax revenues and especially influence underdeveloped nations.