17 April 2012

Tax avoidance

Sometimes, it seems that all the big companies are at it.  Look at this extract from The Independent:
The Cayman Islands is one of the few places in the world where there are more registered businesses than people. The islands have long been considered a tax haven, with no direct corporate taxes levied on businesses. There is also no personal-income tax, no sales tax, no capital-gains tax, and no wealth tax. No minimum wage exists on the islands.
The British firms with the highest number of companies registered in the Cayman Islands – according to analysis of Companies House files by ActionAid in October 2011 – are:
174 Barclays
37 RBS Group
30 HSBC 
24 Lloyds Banking Group 
20 International Power 
17 Standard Chartered 
15 Prudential 
14 Tesco 
10 BP 
10 Man Group
And successive British governments have tolerated this situation.

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