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Liburkina L. M.

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Features of Offshore Zones and Their Role in the System of Global Financial Centers
Lebid O. V., Harkusha V. O.

Lebid, Olesia V., and Harkusha, Vladyslava O. (2019) “Features of Offshore Zones and Their Role in the System of Global Financial Centers.” Business Inform 11:290–296.
https://doi.org/10.32983/2222-4459-2019-11-290-296

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
Downloads/views: 3

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UDC 339.9

Abstract:
The article is aimed at analyzing the activities of offshore zones in the plane of the four components of SWOT-analysis and generalizing both the positive and the negative consequences of the operation of offshore centers in Ukraine and world-wide. Studying and systematizing the scientific works of domestic and foreign scholars, the consequences of lack of the State control over the activities of enterprises with offshore status in tax havens were considered, tendencies and features of development of offshore activities in Ukraine and world-wide were analyzed, as well as the impact of shadowing of offshore operations on Ukraine’s economic development was evaluated. As result of the research, statistics from international financial institutions are analyzed to define the volume of financial flows in the offshore jurisdictions. Tendencies in the development of financial channels in tax havens are defined. The economic threats of active use by entrepreneurs of Ukraine of preferential taxation centers at the State level are substantiated. Prospect for further research in this direction is to identify at the present stage of the development of the world economy the impact of offshoreization on the economic situation of the State and on the business reputation of a company, as it is usually the main purpose of offshore zones to conceal property, evade taxation, conduct illegal cross-border schemes and operations. On the other hand, the further development of tax havens and volume of offshoreization can lead to improvements in the business processes of foreign economic activity, investment and capitalization, as well as to the preservation of corporate assets and stability in risk management, however, only if companies have transparent and flexible policies agreed with the State’s legislative framework.

Keywords: offshore zone, financial flows, offshore capital, minimization of taxation.

Fig.: 1. Tabl.: 1. Bibl.: 17.

Lebid Olesia V. – Candidate of Sciences (Economics), Associate Professor, Professor, Department of International Business and Economic Analysis, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Email: [email protected]
Harkusha Vladyslava O. – Masters Student, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Email: [email protected]

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