World's 4 'Worst' Corporate Tax Havens Tied to UK - Oxfam

A total of four territories that has been included on a list of "worst" corporate tax havens in the world are strongly linked to the United Kingdom, a recent study of the international charity organization Oxfam said Monday.

MOSCOW (Sputnik) – The organization published the study dubbed Tax Battles: The dangerous global Race to the Bottom on Corporate Tax, which included the list of the top 15 corporate tax havens. The organization said that the list had been created on the ground that the countries and the territories on the list had been practicing "the most extreme forms of corporate tax avoidance."

"The UK’s City of London is at the centre of a web of Crown Dependencies and Overseas Territories, over which the UK wields both official and informal influence. The 14 Overseas Territories include the Cayman Islands, the British Virgin Islands and Bermuda, and Jersey is one of the UK’s three Crown Dependencies," the study said.

Bermuda, the Cayman Islands, Jersey and the British Virgin Islands were on the 1st, 2nd, 12th and 15th places in the list, respectively, according to the study.

All the four havens were characterized by zero-percent corporate income tax, zero-percent withholding taxes, and the "lack of participation in multilateral anti-abuse and transparency initiatives" the study added.