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residents have been exempt from all taxes including income taxes for the last (260) two

hundred and sixty years.82

Portugal has recently joined the fray as well in its new scheme. The European

Commission has recently (June 2000) approved a new initiative by the Portuguese

Government that would enhance and encourage corporate investments into Madeira by

exempting most taxes.83

Iceland has taken a much bolder position. The government of Iceland enacted the new

International Trading Companies legislation in 1999 which is a whole year following the

OECD’s publishing of its report on Harmful Tax Competition. The new companies law

provides for a substantial reduced tax burden of five percent a year as compared to the

normal rate of thirty percent.84

Luxembourg has as mentioned above voiced vehement disapproval of the entire harmful

tax report as it has a very well known offshore banking sector with very strict bank

secrecy laws intact. Luxembourg also has several distinct versions of International

business companies all of which allow substantive tax breaks to the foreign investor on

foreign earned income.85

82

Ibid

83

Ibid

84

Ibid

85

Ibid

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