Tuesday, March 29, 2005

Where the rich have stashed $11 Trillion

"A new study that reveals the amazing $11.5 trillion the super-rich hold in offshore tax havens - depriving governments of hundreds of billions of dollars - and the looming crackdown by the world's tax collectors.

"Meanwhile, multinational companies are increasingly looking at using offshore havens to avoid or minimise tax payments in a bid to maintain their prof its and to add shareholder value. Multinationals now see tax departments as profit centres and, given the risk of detection, the gains to be made through sophisticated techniques are irresistible.


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