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Secretly, tiny nations hold much wealth
Key Excerpts from Article on Website of Christian Science Monitor
Christian Science Monitor, April 25, 2005
Posted: November 11th, 2006
http://www.csmonitor.com/2005/0425/p17s01-cogn.html
Posted: November 11th, 2006
http://www.csmonitor.com/2005/0425/p17s01-cogn.html
They're tax havens: 70 mostly tiny nations that offer no-tax or low-tax status to the wealthy so they can stash their money. Usually, the process is so secret that it draws little attention. But the sums - and lost tax revenues - are growing so large that the havens are getting new and unaccustomed scrutiny. There are about 3 million shell companies (set up largely to duck taxes) in offshore tax havens, Komisar reckons. These tiny tax havens hold 31 percent of total world assets and 26 percent of the stock of US multinationals.
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