Tax havens are jurisdictions, including cities, states or countries that grant favourable tax treatment which can benefit non-residents. They attract relocation of economic transactions to their territory by applying no or minimal tax rates. They typically host a range of financial service providers. Many tax havens are also secrecy jurisdictions.
Why it matters
All jurisdictions including tax havens should ensure high standards of transparency, accountability and integrity, and take part in multilateral information sharing and mutual legal assistance schemes.