0When clouds started to gather over Cyprus, many economists saw the European Union?s unwillingness to hold out any offshore on its territory. The example of Cyprus shows what could be the fate of the rest. The entire world economy suffers from calm offshores, says director of the Institute of Globalization and Social Movements Boris Kagarlitsky.
0?Capital flows from other countries, including the U.S. are greater than that from Russia. All more or less developed countries are experiencing terrible blows linked to the use of offshores,? Boris Kagarlitsky said.
0Although leading countries call offshores evil, they have set up more than one territory that is under special tax jurisdiction within these countries. Britain has offshores on the islands of Man, Guernsey and Jersey as well as in Gibraltar. The U.S. is using its islands in the Pacific. The modern economy has nothing to do without offshores, says head of the department at the Institute of World Economy and International Relations Sergei Afontsev.
0?The competitive ability of leading companies in international trade is based on the skillful use of offshore jurisdiction. For one, Boeing has conducted its operations through Cayman Islands in the past decade. The lower the tax, the higher the competitive ability for the products on the international scene,? Sergei Afontsev said.
0Some experts have insisted that the fight against offshores will turn into confrontation between states and leading companies. Before the crisis, the governments put up with the fact that the companies optimized tax breaks, but at present this is an unacceptable luxury. In fact, by allowing their producers to go offshore, the U.S. and the EU assure them competitive advantages.
0Most likely, this is the reason why attacks on offshores are pin-point targeted. For one, the EU demands that some special taxation organizations reveal information about the owners of capitals preserved there. However, this is done under specially substantiated requests rather than on large-scale so as not to harass those who shouldn?t be.
0Why Cyprus has been treated in such a bad way? Some experts insist that this has nothing to do with the fight against offshores. Simply, the rich countries are fed up with saving weak economies at their cost.
Source: http://english.ruvr.ru/2013_03_26/Offshores-Angels-and-demons-of-modern-economics/
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