TAX HAVENS
March 1st, 2004
BY PHILIP FINE
US businesses are sheltering an increasing amount of money offshore from the taxman, with 46 per cent of the estimated US$233 billion earned abroad by American-owned multinationals in 2001 being held in foreign tax havens, up from 38 percent in 1999 and 23 percent in 1988. The report from Martin A. Sullivan, an economist and columnist for TaxNotes, a daily journal on tax law and legal issues, said that 11 tax havens held this money, such as Luxembourg (0.9 per cent of earnings) and the Cayman Islands (5.2 per cent). His analysis of recent Commerce ...
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