How corporates keep their hands clean

There is growing concern at the toll which tax havens are taking on economies, government budgets and inequality worldwide as recent research shows they may conceal the equivalent of 10% of global output and nearly a third of the wealth of individuals with a net worth of more than $45m.    

The estimates may be conservative. At least 366 companies in the Global Fortune 500 index operate one or more subsidiaries in tax haven countries, according to a 2017 report by the Institute on Taxation and Economic Policy, a Washington-based think tank.  

The size of assets held in these tax havens could amount to more than $21tr. 

Analysis from researchers in Denmark and the US showed that just 11 tax havens absorbed $616bn in corporate profits last year alone, as companies used legal loopholes to move money away from more costly domestic tax regimes.   

The impact of tax evasion is most severe

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