Friday, March 24, 2017
Issue Number: 498
Diverted Profit Tax Schemes: Corporate Conscience and Reluctant Revenues
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Overview As the famous saying goes, “The only thing that hurts more than having to pay income tax is not having to pay income tax,” meaning that the cost of taxation will always be substantial for companies, as rates of taxation usually correspond quite closely to their profit margins. However, the evading of tax obligations often requires large expenditures and it has now become common practice for big companies to attempt to reduce or even avoid the imposition of taxes through the formulation of complicated, multilayered financial schemes. Through such schemes profits are diverted to other countries, specifically to known tax havens....

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