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Little Nations But Big Tax Havens
Some of the smallest countries in the world are the largest tax havens for companies and individuals
Image: Sameer Pawar
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
(This story appears in the 03 May, 2013 issue of Forbes India. To visit our Archives, click here.)
