A US government
investigation has confirmed that American multinational companies are
increasingly adopting tax strategies to shift their profits out of high-tax
jurisdictions such as Canada and the UK.
The Congressional
Research Service analyzed profit data from multinational companies and compared
reported profits and other business activity in lower-tax jurisdictions versus
higher-tax countries like the United Kingdom and Canada.
In the tax year 2008,
they declared 43 percent of their overseas profits in Bermuda, Ireland,
Luxembourg, the Netherlands, and Switzerland, while placing only 7 per cent of
their foreign investments in those countries.
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Source:
Reuters
Reuters
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