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Ecuador Leads Way In Battling Tax Havens As US Fails To Act
QUITO, April 13 (BERNAMA-NNN-TELESUR)--Top U.S. companies stashed a staggering US$1.6 trillion in tax havens, a practice that also sucks US$100 billion annually from poor nations, according to a new report from Oxfam.
While U.S. President Donald Trump's promise to "drain the swamp" appears to have fallen on deaf ears, Ecuador's efforts to combat tax havens continue to set world standards.
According to Oxfam's report "Rigged Reform," 50 of the biggest U.S. companies including Exxon Mobil, General Electric, Microsoft, Apple and Wal-Mart stashed a US$1.6 trillion in offshore tax havens. Apple was ranked the top company, as it was able to move US$200 billion offshore.
Since its 2016 report on tax havens, Oxfam said that these corporations "have deepened their use of tax havens and boosted their investments in building political influence to push for even greater tax breaks than they already enjoy."
More:
http://www.bernama.com/bernama/v8/wn/newsworld.php?id=1347190
