Tax avoidance accounts for more than $900bn each year, money that multinational corporations steal from developing countries through practices such as trade mispricing. This enormous outflow of wealth is facilitated by a shadowy financial system that includes tax havens, paper companies, anonymous accounts, and fake foundations, with the City of London at the very heart of it. Over 30 percent of global foreign direct investment is booked through tax havens, which now collectively hide one-sixth of the worlds total private wealth.”
Posted on: Sun, 02 Feb 2014 18:31:38 +0000
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