| The corporations set up their headquarters or subsidiary offices in the tiny city-state for the express purpose of avoiding tax in those countries where their actual sales and activities take place. At the same time, there is no public register of either their parent companies or who actually owns these fictitious subsidiaries. Ports and shipping companies are known to be located in the landlocked country, where tax payable on profits can be as low as 1 percent. The latest documents show a far wider involvement in tax avoidance by giant multinational corporations, who route their financial affairs through Luxembourg, than was revealed last November. Among those named are Amazon, Skype, Disney, and Koch Industries. |
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