More than half of world trade passes through tax havens

More than half of world trade passes through tax havens

Published on 07/06/2012

Treasure Islands by Nicholas Shaxson

In a recent book, it was reported that more than half of world trade passes through tax havens. Over 50% of all banking assets and a third of foreign direct investment by multinational companies are routed offshore. Some 85% of international banking and bond issuance takes place in the so-called Euromarkets, a stateless offshore zone. The IMF estimated in 2010 that the balance sheets of the small island financial centres added up to $18 trillion – a sum equivalent to a third of the world’s GDP……83 of the USA’s 100 biggest corporations had subsidiaries in tax havens. 99 of Europe’s 100 largest companies used offshore subsidiaries.

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