Unions and Offshore Companies

In the UK, Unions have already very helpfully started compiling a list of offshore institutions owned by government (subsidiaries of banks they have nationalised). In Parliament, there have been veiled references by MPs in March 2009 to the “offshore departments” of nationalised institutions.

Source: www.OffshoreInvestment.com 

The US Government Accountability Office has also recently produced a report (International Taxation - Large US Corporations and Federal Contractors with Subsidiaries in Jurisdictions such as the Cayman Islands, Bermuda and the British Virgin Islands). This report is an update of its 2004 report in response to a request by Senator Carl Levin and Senator Bryan Dorgan. According to Dorgan, the report’s findings constitute that US companies including banks which have received public funds under the bail out programme are continuing to “avoid their fair share of taxes”. 83 of the 100 largest publicly traded US corporations have subsidiaries in offshore jurisdictions.

Source: www.OffshoreInvestment.com 

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