These five countries are conduits for the world’s biggest tax havens
First came the Panama Papers, then the BahamasLeaks, and now it’s
the Paradise
Papers. Journalists continue to shed light on and raise a public outcry
over the offshore financial centres that corporations use to reduce their tax
bill – something that is still
being challenged in court. A recent study has
now uncovered all the world’s corporate tax havens and, for the first time,
revealed the intermediary countries that companies use to funnel their money
into these places. Published on July 24
in the academic journal Scientific
Reports, the paper Uncovering Offshore Financial Centers: Conduits and
Sinks in the Global Corporate Ownership Network shows that offshore finance is
not the exclusive business of exotic, far-flung places such as the Cayman
Islands and Bermuda.
The Netherlands and
the United Kingdom also play a crucial – although a heretofore obscure – role
in the tax-avoidance game, acting as conduits for corporate profits as they
make their way to tax havens.
Tax havens are a
popular, legal and often secret instrument for multinational corporations to
move capital across borders. By taking advantage of loopholes in various
national legislations and placing operations in countries with low taxes,
companies can reduce their tax rate from around 35% to 25% to 15% or lower... read more:
https://theconversation.com/these-five-countries-are-conduits-for-the-worlds-biggest-tax-havens-79555see also
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