IMPROVEMENT OF INSTITUTIONAL OFFSHORE REGULATION MECHANISMS UNDER THE GLOBALIZATION

Abstract

регулювання офшорівThe article is aimed at analyzing and distinguishing key concepts, from the essence of offshore jurisdiction to the scope of their operation. It has been determined and specified that offshore will be considered by the authors as a tool for tax evasion, concealment of income and legalization of illegally obtained funds, illicit flows, and the offshore zone is a territory where appropriate conditions have been created for the activities of companies, which provide privileges and anonymity for the implementation of economic activities. The urgency of the issue of offshore activity at the global level makes it necessary to regulate and control the functioning and distribution of tax havens at the international field. Analyzed the peculiarities of the activities of the main international organizations for countering offshore in the world and within the framework of individual intergovernmental organizations. Have been determined the separate directions, institutional mechanisms and tools of such countermeasures and their current and modern forms. Improving the system of documentation in the field of transfer pricing and the exchange of tax information will make it possible to intensify the control functions of governments in the field of finance and expand their powers in terms of international payments and currency supervision. It is noted that, taking into account the specifics of this phenomenon, it is worth paying the greatest attention to the institutional mechanisms of anti-offshore policy and the development of unified methodological measures to counter offshore. Have been identified the role of virtual assets in the processes of tax evasion and capital concealment, as well as mechanisms for combating this phenomenon. Attention is focused on the fact that the automatic exchange of information, which will provide a high level of efficiency in the movement of information between the governments of countries, will be able to ensure the transparency of financial flows, without directly affecting the mobility of capital movement. The combination of intergovernmental efforts and developments of global organizations, such as the BEPS plan and FATCA, in the field of combating offshore activity, will ensure the process of regulation and control by existing institutional mechanisms. Have been formulated the vectors of further global progress in the fight against offshores and ensuring the transparency of capital movements and corporate income taxation.