Tax Heaven - A Tax-Free Destination For Corporate Giants
Author: LawSphereX
Category: Corporate & Insolvency
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TAX HEAVEN: A TAX-FREE DESTINATION FOR
CORPORATE GIANTS
Mohd Rubnish Hussain, School of Law, Manav Rachna University
ABSTRACT
Tax heavens, jurisdictions offering minimal or zero tax liabilities, have emerged as pivotal instruments for multinational corporations (MNCs) to optimize global tax burdens, shield profits, and enhance shareholder returns. While these jurisdictions promote financial efficiency and cross-border investments, their opaque regulatory frameworks, lack of transparency, and role in facilitating tax avoidance have drawn significant criticism from governments and international bodies. This research employs a qualitative and analytical approach, combining doctrinal analysis of legal structures with empirical data from government reports, corporate case studies, and global financial surveys. The study dissects the operational mechanisms of tax heavens, evaluates their economic implications, and identifies challenges related to regulatory arbitrage, revenue loss for nations, and ethical concerns.
By comparing global tax heaven models and analysing their impact on corporate behaviour and global equity, the paper proposes actionable reforms, including enhanced transparency protocols, international cooperation, and policy harmonization. The findings aim to provide a comprehensive roadmap for balancing corporate tax efficiency with ethical fiscal practices, ensuring sustainable global economic growth. Keywords: Tax heavens, multinational corporations (MNCs), tax avoidance, regulatory arbitrage, transparency
Why Are Tax Heavens Controversial Yet Integral to Global Corporate Strategy? Tax heavens—jurisdictions offering minimal or zero taxation, financial secrecy, and lax regulations—are central yet contentious tools in global corporate strategy. While they enable multinational corporations (MNCs) to optimize tax burdens legally, their role in exacerbating inequality, eroding public revenue, and enabling unethical practices sparks widespread criticism. Controversy: Ethical and Economic Concerns Tax heavens are controversial primarily due to their facilitation of tax avoidance, where corporations exploit legal loopholes to shift profits to low-tax jurisdictions. This deprives governments of revenue critical for public services, infrastructure, and social welfare.
For instance, the OECD estimates that 1 trillion in profits is diverted annually to tax heavens, disproportionately affecting developing nations that lose up to 1trillion in profits is diverted Annually to tax heavens, disproportionately affecting developing nations that lose up to 200 billion yearly (UNCTAD, 2023). Such practices deepen fiscal inequality, shifting tax burdens to individuals and small businesses while enabling wealth concentration among corporations and elites. Ethical concerns also arise from the opacity of tax heavens. Secrecy laws shield beneficial ownership, aiding illicit activities like money laundering and corruption. High-profile leaks, such as the Panama Papers, exposed how elites and corporations use shell companies to hide assets, eroding public trust in fiscal systems.
Even legal tax planning is increasingly viewed as morally questionable, clashing with corporate social responsibility (CSR) norms. Public backlash against firms like Amazon and Starbucks for paying minimal taxes despite massive revenues underscores this tension. Integral Role: Strategic Advantages for Corporations Despite criticism, tax heavens remain integral to corporate strategy for three key reasons:
1. Profit Maximization: MNCs leverage tax heavens to reduce effective tax rates,
boosting shareholder returns. For example, Apple saved $65 billion in taxes (2015–
2020) by channelling profits through Irish subsidiaries. Such savings enhance
competitiveness and fund innovation or expansion.
2. Global Operational Efficiency: Tax heavens simplify cross-border tax management.
Holding companies in jurisdictions like Luxembourg or Singapore centralize ownership, streamline dividends, and mitigate double taxation. This is vital in a globalized economy with fragmented tax regimes.
3. Risk Mitigation: Tax heavens offer stability, strong legal frameworks, and asset
protection from political risks or litigation. Offshore trusts in the Cayman Islands, for instance, safeguard intellectual property and profits from volatile markets. Balancing Act and Global Reforms The dual role of tax heavens reflects a clash between legal tax optimization and ethical responsibility. While corporations argue they act within the law, mounting regulatory pressures—such as the OECD’s 15% global minimum tax (Pillar Two)—aim to curb profit shifting. Similarly, transparency initiatives like public beneficial ownership registries seek to dismantle secrecy. Research Methodology
1. Research Approach
This study adopts a qualitative and analytical approach to dissect the mechanisms and implications of tax heavens as corporate tax optimization tools. The methodology integrates doctrinal analysis of legal frameworks with empirical data from global financial reports, corporate disclosures, and investigative leaks, ensuring a holistic understanding of tax heaven operations.
2. Data Collection
Primary Data: Examination of tax codes, bilateral agreements, and regulatory policies of prominent tax heavens (e.g., Cayman Islands, Ireland, Luxembourg). Analysis of OECD guidelines, UNCTAD reports, and legislative texts governing international tax practices. • Secondary Data: Review of academic journals, corporate case studies (e.g., Apple, Google), and investigative exposés such as the Panama Papers and Paradise Papers.
Financial audits and NGO reports (e.g., Tax Justice Network) provide insights into profit-shifting trends.
3. Data Analysis Techniques
Comparative Analysis: Contrasting tax heaven models (e.g., zero-tax Caribbean jurisdictions vs. IP-focused European hubs) to identify structural disparities and incentives. • Case Study Methodology: In-depth evaluation of tax strategies employed by multinational corporations (MNCs) to illustrate operational and ethical challenges. • Trend Analysis: Assessing shifts in profit allocation patterns (2010–2023) and regulatory responses, including OECD’s Base Erosion and Profit Shifting (BEPS) initiatives.
4. Scope and Limitations
The study focuses on corporate tax avoidance, excluding individual tax evasion. It emphasizes OECD-member perspectives, with limited coverage of developing economies’ vulnerabilities. • Limitations: Reliance on publicly available data poses challenges due to the secrecy inherent in tax heavens. Leaked documents, while valuable, may introduce selection bias. Additionally, rapidly evolving global tax policies necessitate cautious interpretation of findings. This methodology ensures a rigorous, evidence-based exploration of tax heavens, balancing legal scrutiny with empirical validation to address their dual role as strategic assets and ethical dilemmas in global business.
Key Components of Tax Heavens Tax heavens are jurisdictions designed to attract businesses and individuals through a combination of financial, legal, and regulatory features that minimize tax obligations and maximize privacy. The key components that define these jurisdictions include:
1. Tax Incentives: Tax heavens impose minimal or zero taxes on corporate profits, capital
gains, dividends, and inheritance. For instance, the Cayman Islands levy no corporate or income taxes, while Ireland’s historically low 12.5% corporate tax rate—paired with intellectual property (IP) incentives—has drawn multinational tech firms. These policies enable businesses to retain earnings and enhance shareholder returns.
2. Legal Structures: Tax heavens facilitate the creation of opaque legal entities such as
shell companies, trusts, and holding firms. Shell companies in Panama or the British Virgin Islands (BVI) act as conduits to channel profits anonymously, while Luxembourg’s holding companies allow tax-free consolidation of subsidiaries’ dividends. These structures obscure ownership and enable profit shifting.
3. Financial Secrecy: Strict confidentiality laws protect client identities and financial
activities. Switzerland’s historic banking secrecy and the Cayman Islands’ lack of public ownership registries exemplify this. Such secrecy, highlighted in leaks like the Panama Papers, aids tax evasion and money laundering by shielding transactions from scrutiny.
4. Regulatory Leniency: Tax heavens impose minimal reporting requirements and lack
“substance” rules that mandate physical operations. Businesses can establish “letterbox companies” without local staff or offices, reducing compliance costs. This regulatory laxity contrasts with stricter regimes in non-heaven jurisdictions.
5. Political and Economic Stability: Trust in stable governance and robust legal systems
makes heavens like Singapore and Luxembourg attractive for asset protection. Investors rely on these jurisdictions to safeguard wealth from political instability or litigation risks.
6. Treaty Networks: Some heavens leverage bilateral tax treaties to avoid double
taxation. Ireland’s treaties with the U.S. enabled the “Double Irish” loophole, while the Netherlands’ network facilitates tax-efficient royalty payments for IP holdings.
7. Ease of Setup: Rapid, low-bureaucracy incorporation processes attract users.
Establishing a shell company in the BVI takes 48 hours with minimal documentation, while Delaware (a U.S. tax heaven) offers same-day incorporations.
Comparative Analysis: Global Tax Heaven Models Tax heavens, though united by their goal of minimizing tax burdens, operate through distinct models tailored to regional advantages and corporate needs. This analysis compares four prominent jurisdictions—Cayman Islands, Ireland, Luxembourg, and Singapore—to highlight their unique strategies, regulatory frameworks, and corporate appeal. Jurisdiction Tax Rate Key Features Primary Users Cayman 0% No income, capital gains, or Hedge funds, private Islands corporate corporate taxes; strict secrecy laws; equity firms, asset tax no public registries. Ideal for shell managers. companies and investment funds. Ireland 12. 5% Low tax rate + IP incentives (e. g. , Tech giants (Apple, corporate “Knowledge Development Box”); Google), tax phased out “Double Irish” loophole pharmaceutical firms. but retains treaty networks.
Luxembourg 15–29% Holding company regimes; EU EU-based corporate membership enables tax-free intramultinationals, tax EU dividends; private banking holding companies, secrecy. banks.
Focus on anonymity and zero taxation, attracting investment funds seeking secrecy. The absence of corporate taxes and public registries allows hedge funds to shield investor identities. However, recent OECD “economic substance” rules now require entities to demonstrate local operations, challenging pure shell company models.
2. European Hubs (Ireland, Luxembourg):
Leverage EU membership and IP incentives to attract tech and manufacturing firms. Ireland’s 12.5% rate and R&D tax credits appeal to tech giants, while Luxembourg’s holding companies enable tax-free dividend flows within the EU. Both face scrutiny under OECD’s BEPS (Base Erosion and Profit Shifting) framework, forcing reforms like Ireland’s termination of the “Double Irish” scheme.
3. Asian Centers (Singapore):
Balance moderate tax rates with territorial taxation and political stability. Singapore’s lack of capital gains tax and robust infrastructure make it a hub for Asian conglomerates and wealth management. Unlike Caribbean heavens, it complies with global transparency standards (e. g. , CRS), blending competitiveness with legitimacy. Adaptation to Global Reforms • OECD’s 15% Global Minimum Tax (Pillar Two): Forces heavens like Ireland to adjust IP regimes, while Singapore offsets higher taxes with R&D incentives. • EU Blacklists: Pressure Luxembourg and Cayman Islands to adopt substance requirements and transparency measures. • Treaty Shopping Crackdowns: Target loopholes in Ireland’s and Luxembourg’s bilateral networks. While tax heavens share the goal of tax optimization, their models diverge in balancing secrecy, incentives, and compliance.
Caribbean heavens prioritize anonymity, European hubs exploit treaty networks, and Asian centers emphasize stability and infrastructure. Global reforms are eroding traditional advantages, pushing jurisdictions to innovate within ethical boundaries. The
future of tax heavens lies in adapting to transparency demands while retaining fiscal appeal— a tightrope walk between corporate efficiency and global equity. Economic and Ethical Implications Tax heavens, while offering financial advantages to corporations and host nations, present profound economic and ethical dilemmas that reverberate globally. Economic Implications
1. Revenue Loss for Governments:
Tax heavens enable multinational corporations (MNCs) to shift profits to low-tax jurisdictions, depriving governments of critical tax revenue. The OECD estimates annual losses exceeding 00 billion, with developing countries disproportionately affected due to their reliance on corporate taxes. This undermines public investments in healthcare, education, and infrastructure.
2. Market Distortion:
Companies leveraging tax heavens gain an unfair competitive edge over smaller firms that lack resources for complex tax planning. This distorts market dynamics, stifles innovation, and consolidates power among large corporations.
3. Impact on Developing Nations:
Developing economies lose up to $200 billion yearly (UNCTAD) to profit shifting, exacerbating poverty and hindering sustainable development. Revenue losses limit their ability to address inequality and invest in social programs.
4. Economic Growth in Host Jurisdictions:
5. Tax heavens like Ireland and Singapore attract foreign investment by offering low tax
rates, spurring job creation and infrastructure development. However, this growth often benefits elites, widening wealth gaps within host nations.
Ethical Implications
1. Corporate Social Responsibility (CSR):
While tax avoidance through heavens is legal, it conflicts with ethical obligations to contribute fairly to societal welfare. Public backlash against firms like Apple and Amazon highlights growing demand for corporations to align tax practices with CSR principles.
2. Transparency and Illicit Activities:
Secrecy laws in heavens like the Cayman Islands facilitate money laundering, corruption, and tax evasion. Leaks such as the Panama Papers reveal how offshore structures conceal illicit wealth, eroding trust in financial systems.
3. Global Inequality:
Tax heavens exacerbate wealth concentration. The richest 1% hold 0 trillion offshore (Tax Justice Network), deepening inequality and reducing economic mobility. Developing nations, stripped of resources, struggle to uplift marginalized populations.
4. Legal vs. Moral Obligations:
Tax avoidance exploits legal loopholes but violates the spirit of tax fairness. This distinction fuels debates on corporate morality, as public expectations shift toward ethical governance beyond mere compliance. Balancing the Scales Addressing these implications requires international cooperation to harmonize tax policies, close loopholes, and enforce transparency. Initiatives like the OECD’s 15% global minimum tax aim to curb profit shifting, while public registries of beneficial ownership (e.g., EU’s AMLD5) combat secrecy. Ethically, corporations must prioritize fiscal responsibility as part of CSR, recognizing that tax contributions are vital for equitable societies.
Case Studies: Corporate Giants and Tax Heavens Case 1: Apple vs. European Commission (€13 Billion Irish Tax Ruling) In 2016, the European Commission ruled that Apple had received illegal state aid from Ireland through two tax rulings issued in 1991 and 2007. These rulings allowed Apple to attribute nearly all its EU profits to "stateless" Irish subsidiaries—Apple Sales International (ASI) and Apple Operations Europe (AOE)—which existed only on paper. By funnelling profits through these entities, Apple paid an effective tax rate of 0. 005% in 2014, far below Ireland’s statutory 12. 5% rate. The Commission argued that Ireland’s selective tax treatment violated EU state aid rules, which prohibit member states from granting unfair advantages to specific companies.
In 2020, the General Court of the EU annulled the ruling, citing insufficient evidence of illegality, but the Commission has appealed. The case underscores the tension between national tax sovereignty and EU efforts to combat aggressive tax planning. Implications: • Highlighted flaws in global tax rules allowing "stateless" income. • Spurred reforms like the OECD’s Pillar Two global minimum tax to close such loopholes. Case 2: Nike’s Dutch Subsidiaries and Royalty Payments Nike utilized Dutch subsidiaries to centralize its European royalty streams, leveraging the Netherlands’ favourable tax regime. The company routed royalties from European sales through Nike International Ltd. (Netherlands), which paid minimal taxes due to the country’s participation exemption (no tax on dividends or capital gains) and tax treaties.
The European Commission investigated this structure in 2019, alleging that a 2006 Dutch tax ruling allowed Nike to underpay taxes on royalties, amounting to illegal state aid. While the case is ongoing, it mirrors broader scrutiny of IP-driven profit shifting. Mechanics: • IP Licensing: Nike’s European entities paid royalties to the Dutch subsidiary for trademarks.
Tax Efficiency: The Netherlands’ 0% withholding tax on royalties and exemptions reduced Nike’s effective tax rate. Outcome: • Reinforced calls for transparency in intra-group royalty pricing and stricter "substance" requirements. Case 3: Panama’s Role in the Mossack Fonseca Scandal The 2016 Panama Papers leak exposed how Mossack Fonseca, a Panamanian law firm, facilitated global tax evasion and money laundering by creating over 214,000 offshore entities. These shell companies, often registered in Panama or the British Virgin Islands (BVI), enabled clients to hide assets, evade taxes, and bypass sanctions. Notable examples include: • Icelandic Prime Minister Sigmundur Davíð Gunnlaugsson: Resigned after concealing offshore investments. • Soccer Star Lionel Messi: Implicated for using shell companies to evade Spanish taxes.
Panama’s Role: • Secrecy Laws: Panama’s strict confidentiality rules shielded beneficial ownership. • Lax Oversight: Minimal due diligence allowed illicit actors to exploit offshore structures. Impact: • Global outcry led to reforms like the EU’s Anti-Money Laundering Directive (AMLD5), mandating public beneficial ownership registries. • Mossack Fonseca closed in 2018, but Panama remains on the EU’s tax heaven blacklist. Challenges in Regulating Tax Heavens
1. Jurisdictional Fragmentation
Jurisdictional fragmentation refers to the lack of harmonized tax policies and enforcement mechanisms across nations, creating regulatory gaps that tax heavens exploit. Key Issues: • Divergent Tax Definitions: Countries define terms like “permanent establishment,” “residency,” and “taxable income” differently. For example, the U. S. taxes global income for its residents, while Singapore uses a territorial system (taxing only local income). These disparities allow MNCs to manipulate definitions to shift profits. • Conflicting Compliance Standards: o EU Blacklists: The EU maintains a list of non-cooperative tax jurisdictions, penalizing heavens like Panama for lacking transparency. However, member states like Malta and Cyprus offer favorable tax regimes, undermining the bloc’s credibility.
o OECD Guidelines: The OECD’s BEPS (Base Erosion and Profit Shifting) framework aims to standardize tax rules, but adoption is voluntary. Countries like Ireland resisted BEPS reforms until pressured by the EU. • Enforcement Gaps: Developing nations often lack resources to audit cross-border transactions. For instance, India struggles to trace profits routed through Mauritius due to limited access to offshore data. Impact: This fragmentation enables “forum shopping,” where corporations choose jurisdictions with the weakest regulations. For example, tech firms use Ireland’s IP regimes to avoid taxes, while shipping companies register in Panama to bypass stricter EU laws.
2. Technological and Legal Complexities
Modern financial systems and evolving legal frameworks create layers of complexity that hinder effective regulation. Technological Challenges: • Cryptocurrencies and DeFi: Digital assets like Bitcoin enable anonymous, cross-
border transactions. For example, a 2022 Channellysis report found that 4 billion in crypto flowed to tax heavens annually, bypassing traditional banking checks. Decentralized finance (DeFi) platforms further obscure ownership through smart contracts and pseudonymous wallets. • AI and Automation: While tax authorities use AI to detect fraud, corporations counter with AI-driven tax optimization tools, creating an arms race. Legal Loopholes: • Treaty Shopping: Companies exploit bilateral tax treaties to route profits. The “Double Irish with a Dutch Sandwich” strategy (now phased out) used Ireland’s treaty with the Netherlands to shift profits to Bermuda, a zero-tax jurisdiction. • Hybrid Mismatches: MNCs exploit differences in how countries classify entities or transactions.
For instance, a loan treated as debt in one country (tax-deductible interest) and equity in another (non-taxable) reduces global tax liability. • IP Shifting: Firms like Google allocate patents to subsidiaries in low-tax jurisdictions (e. g. , Ireland), paying royalties to shift profits. Impact: These tactics cost governments 245billion annually in lost revenue (OECD,2023). Legal battles, such as the EU’s 245 billion annually in lost revenue (OECD,2023). Legal battles, such as the EU’s 14. 5 billion ruling against Apple for illegal Irish state aid, highlight the difficulty of prosecuting such schemes.
3. Corporate Resistance
Powerful corporations and industry groups actively lobby against reforms to protect profit margins. Lobbying Efforts: • Opposition to Global Minimum Tax: The U.S. Chamber of Commerce and tech giants like Amazon campaigned against the OECD’s 15% global minimum tax, arguing it would reduce competitiveness. Though the U.S. eventually agreed, implementation
remains stalled due to corporate pressure. • Secrecy Advocacy: The American Bar Association has resisted public beneficial ownership registries, citing privacy concerns, despite their role in curbing illicit flows. Strategic Tax Planning: • Revolving Door Influence: Former policymakers often join corporate boards to shape tax policies. For example, ex-U. S. Treasury officials lobbying for tech firms have diluted transparency measures in the 2017 Tax Cuts and Jobs Act. • Threat of Capital Flight: Corporations threaten to relocate operations if reforms are enacted. In 2021, pharmaceutical giant AbbVie warned it would move patents from Puerto Rico (a U. S. tax heaven) if minimum tax rates rose. Impact: Corporate resistance delays or dilutes reforms. For instance, the EU’s public countryby-country reporting proposal took a decade to pass due to lobbying by banks and multinationals.
Proposed Solutions for a Balanced Framework
1. Global Minimum Corporate Tax:
The OECD’s 15% global minimum tax (Pillar Two) aims to deter profit shifting by ensuring MNCs pay a baseline tax rate, regardless of jurisdiction. This prevents heavens like Ireland or Bermuda from undercutting higher-tax nations. Implementation requires multilateral agreements, as unilateral adoption risks capital flight. While over 140 countries have endorsed it, enforcement remains uneven, with loopholes like “carveouts” for tangible assets.
2. Transparency Reforms:
Mandating public registries of beneficial ownership (e.g., EU’s AMLD5) exposes shell companies and deters illicit flows. Expanding the Common Reporting Standard (CRS) to include developing nations would close gaps, as the U.S. and emerging economies currently lack full participation. Privacy concerns can be mitigated through
tiered access, granting authorities and journalists-controlled data access while protecting individual rights.
3. Harmonization of Tax Laws:
Standardizing substance requirements (e.g., mandating physical offices and staff in tax heavens) and anti-abuse rules (e.g., General Anti-Avoidance Rules) would curb artificial profit shifting. The OECD’s BEPS framework provides a blueprint, but adoption requires binding treaties. For instance, the EU’s Anti-Tax Avoidance Directive (ATAD) harmonizes rules across member states, yet global alignment is stymied by sovereignty disputes.
4. Ethical Corporate Governance:
Integrating tax transparency into ESG reporting would hold firms accountable. Disclosing effective tax rates, country-by-country profits, and tax strategy in ESG reports enables stakeholders to assess fiscal responsibility. The Global Reporting Initiative (GRI) already includes tax metrics, but binding standards are needed to prevent greenwashing.
5. Technological Enforcement:
Deploying AI tools to analyse cross-border transactions and flag anomalies (e. g. , mismatched invoices, crypto flows) enhances detection. Blockchain could automate tax reporting via smart contracts, ensuring real-time compliance. However, tech adoption requires funding for developing nations and safeguards against algorithmic bias. Conclusion: Toward Ethical Tax Efficiency Tax heavens, with their promise of minimal taxation and financial secrecy, have emerged as pivotal instruments for multinational corporations (MNCs) to optimize global tax burdens, shield profits, and maximize shareholder returns. By offering zero or nominal tax rates, opaque legal structures, and lenient regulatory frameworks, jurisdictions like the Cayman Islands, Ireland, and Luxembourg have cemented their status as indispensable hubs for corporate giants seeking fiscal efficiency.
However, their role as tax-free sanctuaries underscores a complex duality: while they drive corporate competitiveness and cross-border investment, they
simultaneously erode public revenue, distort markets, and exacerbate global inequality. The economic implications of tax heavens are profound. Governments worldwide lose hundreds of billions annually to profit shifting, stifling investments in public infrastructure and social welfare. Developing nations, in particular, bear the brunt of these losses, undermining their capacity to address poverty and achieve sustainable development. Ethically, the secrecy inherent in tax heavens facilitates illicit financial flows, eroding public trust and clashing with the principles of corporate social responsibility (CSR). High-profile leaks, such as the Panama Papers, have exposed systemic abuses, highlighting the urgent need for transparency and accountability. Addressing these challenges demands a multifaceted approach.
The OECD’s 15% global minimum tax (Pillar Two) represents a critical step toward curbing profit shifting, while transparency reforms—such as public beneficial ownership registries and expanded CRS participation—can dismantle secrecy. Harmonizing tax laws to standardize substance requirements and anti-abuse rules, alongside integrating tax transparency into ESG frameworks, will align corporate strategies with ethical imperatives. Technological advancements, including AI-driven enforcement and blockchain-based reporting, offer tools to enhance compliance and detect evasion. Yet, the path to reform is fraught with obstacles, including jurisdictional fragmentation, corporate resistance, and the “race to the bottom” in tax competition. Success hinges on international cooperation, binding multilateral agreements, and equitable resource allocation to empower developing nations.
Corporations must evolve beyond legal compliance to embrace fiscal responsibility as a cornerstone of CSR.
References
1. OECD (2023). Global Tax Evasion Report. Retrieved from: https://www.oecd.org/tax/
2. Zucman, G. (2021). The Hidden Wealth of Nations: The Scourge of Tax Heavens. University
of Chicago Press.
3. Tax Justice Network (2023). Corporate Tax Heaven Index. Retrieved from:
https://www.taxjustice.net
4. UNCTAD (2023). World Investment Report: Tax Avoidance and Development.
5. The Guardian (2023). Paradise Papers: Secrets of the Global Elite. Retrieved from:
https://www.theguardian.com
6. IMF (2022). Fiscal Monitor: Policies for Global Tax Reform. Retrieved from:
https://www.imf.org