Estranged best friends, Dylan and Maddy find themselves reluctantly united as they attempt to unravel the mystery of a rash of supernatural occurrences and reports of mutants that threaten Dark Haven High.

Type: Scripted

Languages: English

Status: Running

Runtime: 30 minutes

Premier: 2017-10-13

Dark Haven High - Tax haven - Netflix

A tax haven is defined as a jurisdiction with very low “effective” rates of taxation (“headline” rates may be higher). In some traditional definitions, a tax haven also offers a degree of secrecy. However, while jurisdictions with high levels of secrecy but also high rates of taxation (e.g. the U.S. and Germany in the Financial Secrecy Index rankings), can feature in some tax haven lists, they are not universally considered as tax havens. In contrast, jurisdictions with low levels of secrecy but also low “effective” rates of taxation (e.g. Ireland, and the U.K. in the FSI rankings), appear in many tax haven lists. (see § Tax haven lists). Traditional tax havens are open about near-zero rates of taxation (e.g. Cayman Islands, Bermuda, BVI, Jersey and the Isle of Man), but therefore have restricted bilateral tax treaties. In contrast, modern corporate tax havens have non-zero “headline” rates of taxation and high levels of OECD-compliance and thus have some of the broadest networks of bilateral tax treaties. However, evidence that multinationals use them to achieve “effective” tax rates that are nearer to zero, not just in the haven but in all jurisdictions with which the haven has tax treaties, sees them also ranked on § Tax haven lists, and specialist Corporate tax haven lists. According to several studies, the main corporate tax havens are Ireland, the Netherlands, Singapore, and the U.K., while Luxembourg, Hong Kong and Switzerland feature as both traditional tax havens and corporate tax havens. Corporate tax havens often serve as “conduits” to specific traditional tax havens. Use of tax havens, whether traditional or corporate, represent a loss of tax revenues to jurisdictions which are not tax havens. Estimates of the scale of taxes lost vary but the most credible have a range of $100–250 billion per annum. In addition, capital held in tax havens can permanently leave the tax base (base erosion). Estimates of capital held in tax havens also vary with the most credible estimates between $7–10 trillion (up to 10% of global assets). The harmful use of traditional and corporate tax havens has been noted in developing nations, such as Africa, who most need the tax revenues to build their economies. At least 15% of countries are tax havens. Tax havens are mostly successful economies and being a haven has often brought prosperity. The top 10–15 GDP-per-capita jurisdictions, excluding oil & gas nations, are the smaller to mid-sized havens. Because the increase in GDP is artificial (due to accounting flows), havens are prone to over-leverage (international capital misprice the artificial debt-to-GDP). This can lead to severe credit cycles and/or property/banking crisis when international capital flows are repriced. Ireland's Celtic Tiger and the subsequent financial crisis in 2009–13, is an example. Jersey is another. The focus on combating tax havens (e.g OECD-IMF led projects) has mostly been in the area of common standards, transparency and data-sharing. However, the rise of OECD-compliant corporate tax havens, who now are responsible for most of the quantum of lost tax revenues from base erosion and profit shifting (or BEPS) activities, has led to criticism of this focus, versus net taxes paid. Higher-tax jurisdictions, such as the U.S. and the EU-28, departed from the OCED BEPS Project in 2017–18, to introduce tax regimes targeted at curtailing corporate tax havens (e.g. U.S. GILTI and BEAT tax regimes, and the proposed EU-28 Digital Services Tax regime). Unlike the OECD-IMF compliance approaches, these new regimes are focused on raising net taxes paid by corporations in corporate tax havens.

Dark Haven High - Effect of developing countries - Netflix

Illicit capital flight from the developing world is estimated at ten times the size of aid it receives and twice the debt service it pays. About 60 per cent of illicit capital flight from Africa is from transfer mispricing, where a subsidiary in a developing nation sells to another subsidiary or shell company in a tax haven at an artificially low price to pay less tax. An African Union report estimates that about 30% of sub-Saharan Africa's GDP has been moved to tax havens. One tax analyst believes that if the money were paid, most of the continent would be “developed” by now.

Dark Haven High - References - Netflix