ACCOUNTING REGULATIONS IN THE CONTEXT OF A ZERO TAX ENVIRONMENT. THE CASE OF “TAX HAVEN” JURISDICTIONS (Published)
The latest amendments brought to the tax havens` fiscal and commercial legislations as a result of the OECD`s pressure made these states and territories subject to a set of accounting rules. The aim of this paper is to present a comparative analysis of the accounting regulations applicable to the offshore companies: The International Business company (IBC) and the Exempt company, in contrast with the local/domestic companies. For the purpose of this analysis I considered six overseas countries and territories (OCTs) having links to the United Kingdom and which had been listed by the OECD in 2000 as tax haven jurisdictions: Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Montserrat, Turks and Caicos Islands. The results stand to emphasize the fact that there are no substantial differences in terms of accounting regulations between an offshore company and a domestic company despite the harsh criticism continuously being brought to the offshore sector
This paper examines and ascertains how the contributions of Richard Cantillon have been relevant to the development of the Nigerian economy. In doing this, the economic thoughts of Richard Cantillon were critically examined in order to see how these issues raised have been affecting the Nigerian economy. Political economy and descriptive approaches were used to x-ray the relevance of Richard CantillonвЂ™s contributions to NigeriaвЂ™s development. His contributions among others include: the nature of wealth, social and economic organization of people, wages of labour, theory of values, population problems and the use of gold and silver, barter, prices, circulation of money, interest, foreign trade, foreign exchange and banking and credit. The findings of the study revealed that these contributions are of great relevance to economic development in generally, but have not specifically contributed to the development of Nigerian economy. This is seen in the areas of low per capita income, negative attitude to work, inevitable population problems, persistent increase in prices, high lending interest rate, unfavourable terms of trade, incessant and diversion of public funds into private business rather than the real economy, and without doubt Nigeria has no place in foreign trade. Based on the foregoing, it was concluded that all these ugly trends accounted for the reason why economic development is not at sight in Nigeria. Thus, it was recommended that the monetary authorities should initiate sound monetary policies. Also, these monetary policies should be complemented with effective fiscal policies in order to put the Nigerian economy back to path of economic growth and development.