A tax haven is

Question

A tax haven is

Quizplus · Accepted Answer

A tax haven is typically a country that offers individuals and businesses low or no taxes on income, as well as other benefits such as banking secrecy and a lack of transparency in financial transactions. While some tax havens may not have any taxes at all, such countries are relatively rare, and typically have limited economic activity and few resources. As such, many tax havens instead offer low corporate income tax rates and withholding tax rates on passive income, making them attractive to multinational corporations and wealthy individuals seeking to minimize their tax liabilities.

A Tax Haven Is