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Oxfam named world’s worst corporate tax havens

Oxfam named  world’s worst corporate tax havensBermuda is “the world’s worst corporate tax haven”, according to a report entitled Tax Battles: the dangerous race to the bottom on corporate tax and released by Oxfam on Monday.

The global charity found that U.S. multinational companies reported $80 billion in profits in Bermuda in 2012 — more than their profits reported in Japan, China, Germany and France combined.

Luxembourg, Ireland, Cyprus, and the Netherlands are among the world’s 10 worst tax havens, despite an ongoing EU crackdown on tax avoidance and profit shifting across the bloc. The European Commission has accused all three of offering sweetheart deals to international companies.

“Corporate tax havens are helping big business cheat countries out of billions of dollars every year,” said Esmé Berkhout, a tax policy adviser for Oxfam.

“They are propping up a dangerously unequal economic system that is leaving millions of people with few opportunities for a better life,” she added.

The full ranking of the world’s top offenders is: (1) Bermuda; (2) the Cayman Islands; (3) the Netherlands; (4) Switzerland; (5) Singapore; (6) Ireland; (7) Luxembourg; (8) Curaçao; (9) Hong Kong; (10) Cyprus; (11) Bahamas; (12) Jersey; (13) Barbados; (14) Mauritius; and (15) the British Virgin Islands.

The listing criteria was based on countries with the “most damaging tax policies,” such as zero corporate tax rates, which ultimately harm the average taxpayers, the NGO said.

“When corporate tax bills are cut, governments balance their books by reducing public spending or by raising taxes such as [value-added tax], which fall disproportionately on poor people,” Oxfam said in a statement.
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