PARIS: The UAE has entered the world’s top ten tax havens for the first time, research showed Tuesday, in a report flagging OECD nations and their dependencies for more than two-thirds of “global corporate tax abuse”.
The news highlighted “the UAE’s growing role as the offshore financial centre of choice for multinational corporations”, Tax Justice Network’s Mark Bou Mansour wrote on the NGO’s website.Tax Justice Network’s annual rankings name and shame countries most complicit “in helping multinational corporations pay less tax than they are expected to”.
Of those, 45% comes from the “UK spider’s web” — territories under the legal jurisdiction of the British government. The top ten offenders include Asian financial hubs Singapore and Hong Kong, as well as European Union members the Netherlands and Luxembourg.
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