Scope Of Offshore Operations And Transactions
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Many of the operations and transactions that can be performed onshore can potentially
also be performed offshore. Every day, new technology reduces the number of business,
commercial, financial, and professional activities that are entrapped onshore. The
most important development of all is the impact of electronic commerce.
E-commerce is reshaping the structures of commerce, and with this comes a major
revolution in traditional methods of taxation. Revenue authorities are faced not
only with the challenge of tax collection, but also with having to play a major
role in realising the potential of what is already one of the greatest economic
forces of the 21st century.
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Offshore Banking Operations
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A considerable volume of international banking takes place offshore, and many of
the world’s major banks have banking and trust company operations in one or more
IOFCs.
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Offshore Financial and Business Operations
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- Multi-Currency Management Centers
- Brokerage and Securities Operations
- Dealing in Commodities or Financial Futures
- Debt Factoring
- Leasing Company and Plant Rentals Company
- Trading Operations
- Intangibles
- Joint Ventures and Partnerships
- International Construction Company
- Mail Order Trading Centers
- Purchase and Sale of Special Items and Bulk Purchase Companies
- Assembly and Testing Operations
- Research and Development
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Offshore Shipping and Aircraft Operations
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Owing to the innate mobility of the shipping industry, it is common for ship-owners
and operators to have recourse to tax havens. Frequently, the ownership, operation,
administration, and registration are situated in fiscally favourable (and often
different) jurisdictions to keep global tax burdens at a low level.
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Next - Offshore Provision of International Services
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