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Features of the Functioning of Offshore Zones in the World Economy
Atamanchuk Z. A., Petryk І. M.

Atamanchuk, Zоryna A., and Petryk, Іhor M. (2024) “Features of the Functioning of Offshore Zones in the World Economy.” Business Inform 9:13–18.
https://doi.org/10.32983/2222-4459-2024-9-13-18

Section: Globalization Processes in the Economy

UDC 339.9:336.227.2/.5

Abstract:
The modern world economy is characterized by the rapid development of globalization processes, which leads to the growth of transnational flows of capital, trade and services. As part of these processes, offshore zones play an increasingly significant role, offering preferential conditions for conducting business, optimizing tax policy and diversifying risks. Using these opportunities and having the appropriate geographical location, a group of small countries have increased their role in the world economy to significant values, and the registration of international companies and corporate headquarters in offshore zones has already become a common practice in terms of the world economic space. The article analyzes the main trends and features of the functioning of offshore zones in the modern world economy; their advantages and disadvantages for companies using tax-free jurisdictions; the main motivations, opportunities and threats for countries that define the provision of offshore services as a strategy for economic growth are studied. Attention is paid to recommendations for minimizing the negative impact of offshore zones on the world economy. It is substantiated that in order to balance the advantages and risks of the functioning of offshore zones, it is necessary to effectively regulate capital flows, introduce competitive tax incentives and create a favorable investment climate. In addition, strengthening cooperation with international organizations in the field of interaction with offshore zones will potentially provide a more optimal result in reducing the negative impacts from the use of tax-free harbors.

Keywords: world economy, offshorization of the economy, offshore zone, globalization, taxes, capital, trade, international company, jurisdiction.

Fig.: 5. Tabl.: 1. Bibl.: 14.

Atamanchuk Zоryna A. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of International Economic Relations, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]
Petryk Іhor M. – Masters Student, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]

List of references in article

[Legal Act of Ukraine] (2000). https://zakon.rada.gov.ua/laws/show/2121-14#Text
“Perelik ofshornykh zon“ [List of Offshore Zones]. Uriadovyi portal. https://www.kmu.gov.ua/npas/152436
[Legal Act of Ukraine] (2011). https://zakon.rada.gov.ua/laws/show/143-2011-р#Text
Tax Justice Network. https://taxjustice.net/
VoxEU - CEPR's policy portal. https://cepr.org/voxeu/columns/new-global-estimates-profits-tax-havens-suggest-tax-loss-continues-rise
Investment Officer. Luxembourg. https://www.investmentofficer.lu/en/news/it-time-establish-global-tax-very-rich
International Monetary Fund. https://www.imf.org
[Legal Act of Ukraine] (2019). https://zakon.rada.gov.ua/laws/show/2692-19#Text
“Mizhnarodni dohovory Ukrainy pro unyknennia podviinoho opodatkuvannia“ [International Treaties of Ukraine on the Avoidance of Double Taxation]. Ministerstvo finansiv Ukrainy. https://mof.gov.ua/uk/international_agreements_of_ukraine_on_avoidance_double_taxation-543
[Legal Act of Ukraine] (2019). https://zakon.rada.gov.ua/laws/show/229-20#Text
[Legal Act of Ukraine] (2020). https://zakon.rada.gov.ua/laws/show/466-20#Text
“World Bank Group. Doing Business Data“. https://archive.doingbusiness.org/en/data
YouControl. https://youcontrol.com.ua/
“The Government Analytics Handbook: Leveraging Data to Strengthen Public Administration“. Washington, DC: World Bank, 2023. https://openknowledge.worldbank.org/entities/publication/7c752387-ddf0-4279-8f2a-a19377a9489e

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