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Economic Affairs Tax System

Several residents individuals in India have been floating companies in the British Virgin Islands (BVI),a tax heaven to evade taxes, found by the Income-Tax Department.

Who among the following is/are known as tax heaven

1. Liechtenstein

2. Bahamas

3. Luxembourg

4. Cyprus

Choose the correct option from the codes given below:

1 & 2 only

2 &3 only

1, 2& 3 only

1, 2 , 3 & 4 only

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Explanation:

All the countries are correct regarding tax heaven.
A tax haven is a country that offers foreign individuals and businesses a minimal tax liability in a politically and economically stable environment, with little or no financial information shared with foreign tax authorities. Tax havens do not require individuals to reside in or businesses to operate out of their countries to benefit from local tax policies. Due to the globalization of business operations, an increasing number of U.S. corporations, including Microsoft, Apple and Alphabet, are keeping cash in offshore tax havens to minimize corporate taxes.