(with very limited tax treaty networks) and near-corporate tax havens: However, this theory has a number of deficiencies. Base-shifting to evade or avoid taxes requires a legal mechanism – usually in the form of terms of a double tax treaty. Jurisdictions such as the Cayman Islands and BVI operate a Tax Neutral regime and have no Double Taxation Treaties; therefore, it has no legal mechanism to allow base-shifting. Moreover, in implementing Economic Substance legislation which was intended to address aggressive tax planning, Cayman and the BVI encountered very little impact, demonstrating that most of their business is in investment funds, or asset holding companies which were already tax resident onshore. Ireland as global leader Gabriel Zucman's analysis differs from most other works in that it focuses on the total quantum of taxes shielded. He shows that many of Ireland's U.S. multinationals, like Facebook, don't appear on Orbis (the source for quantitative studies, including CORPNET's) or have a small fraction of their data on Orbis (Google and Apple). Analysed using a "quantum of funds" method (not an "Orbis corporate connections" method), Zucman shows Ireland as the largest EU-28 corporate tax haven, and the major route for Zucman's estimated annual loss of 20% in EU-28 corporate tax revenues. Ireland exceeds the Netherlands in terms of "quantum" of taxes shielded, which would arguably make Ireland the largest global corporate tax haven (it even matches the combined Caribbean triad of Bermuda-British Virgin Islands-the Cayman Islands). See . Failure of OECD BEPS Project Reasons for the failure The rise of modern corporate tax havens, like the United Kingdom, the Netherlands, Ireland and Singapore, contrasts with the failure of OECD initiatives to combat global corporate tax avoidance and BEPS activities. There are many reasons advocated for the OECD's failure, the most common being: It has been noted in the OECD's defence, that G8 economies like the U.S. were strong supporters of the OECD's IP work, as they saw it as a tool for their domestic corporates (especially IP-heavy technology and life sciences firms), to charge-out US-based IP to international markets and thus, under U.S. bilateral tax treaties, remit untaxed profits back to the U.S. However, when U.S. multinationals perfected these IP-based BEPS tools and worked out how to relocate them to zero-tax places such as the Caribbean or Ireland, the U.S. became less supportive (i.e. U.S. 2013 Senate investigation into Apple in Bermuda). However, the U.S.