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Little Nations But Big Tax Havens
By Shravan Bhat| Apr 27, 2013
Some of the smallest countries in the world are the largest tax havens for companies and individuals
US-controlled companies are among many global firms and wealthy individuals (including 612 Indians) around the world who park their profits in well-known tax havens. Money from the US controlled companies alone is often several times more than the GDP of these tiny nations.
Profits for US MNCs as a % of local GDP
7.6
Ireland
9.8
Cyprus
18.2
Luxembourg
354.7
British Virgin Islands
546.7
Cayman Islands
339.8
Marshall Islands
645.7
Bermuda
Source:
An investigative report titled Tax Havens: International Tax Avoidance and Evasion brought out by the US Congressional Research Service in January 2013
Profits for US MNCs as a % of local GDP
7.6
Ireland
9.8
Cyprus
18.2
Luxembourg
354.7
British Virgin Islands
546.7
Cayman Islands
339.8
Marshall Islands
645.7
Bermuda
Source:
An investigative report titled Tax Havens: International Tax Avoidance and Evasion brought out by the US Congressional Research Service in January 2013