A country which provides foreign residents with opportunities to reduce their tax payments by doing business there. Tax havens can be used for tax avoidance, when tax liabilities can legally be reduced by using foreign financial intermediaries. They can also be used for tax evasion, for example by the use of confidential bank accounts to facilitate concealment of income and money laundering. Tax havens are not entirely evil in their effects, however: they have provided facilities to allow the victims of political and religious persecution to keep part of their assets out of the clutches of tyrannical governments.

• procurement
• producer good
• producer's surplus
• product
• product differentiation
• product innovation
• production
• production externality
• production function
• production possibility frontier
• production subsidy
• productive efficiency
• productivity
• product liability
• product life cycle
• professional body
• profit
• profit-and-loss account
• profit maximization
• profit motive
• profit-related pay
• profit-sharing
• profit-taking
• program, entitlement
• program, mandatory spending