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London and the US are modern day tax havens, according to reports.
A new study from the Commonwealth Secretariat claims that both the UK and the US have failed to apply the stringent measures that are forced upon offshore bank accounts to their own dealings.
It is claimed that a number of states in the US fail to adhere to the tax reporting requirements stipulated by the Organisation for Economic Co-operation and Development for smaller countries, while at the same time the US government condemns the practices of a number of Caribbean islands.
According to the Financial Times, "It is time to rethink what we mean by offshore: size and proximity to the coastline do not seem to make much sense.
"A new definition would include anywhere that makes it easy for foreigners to reduce their tax bill."
Great Britain is said to offer some extremely attractive tax perks to foreigners that are not living in the country and could also be classed as an offshore company formation base.
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