A US government investigation has confirmed that American multinational companies are increasingly adopting tax strategies to shift their profits out of high-tax jurisdictions such as Canada and the UK.
The Congressional Research Service analyzed profit data from multinational companies and compared reported profits and other business activity in lower-tax jurisdictions versus higher-tax countries like the United Kingdom and Canada.
In the tax year 2008, they declared 43 percent of their overseas profits in Bermuda, Ireland, Luxembourg, the Netherlands, and Switzerland, while placing only 7 per cent of their foreign investments in those countries.
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Read more at: Tax Times blog