The UK's 100 biggest public companies are running more than 8,000 subsidiaries or joint ventures in onshore and offshore tax havens, 1,685 subsidiaries in UK Crown dependencies such as Jersey, or overseas territories such as the British Virgin Islands , Bermuda and Gibraltar.according to research published on Monday, raising fresh concerns about the full extent of corporate tax avoidance. Barclay’s, for instance, has more than 120 subsidiaries in the Caymans alone.
Tullow Oil, which describes itself as "Africa's leading independent oil company" draws 84% of its revenues from the continent, but only four of the 81 companies it lists as subsidiaries are registered in African countries. By contrast, more than half (47) are registered in tax havens including the St Lucia, the Channel Islands and Netherlands.
Mike Lewis, ActionAid's tax justice policy adviser added: "Poor countries lose three times more money to tax havens than they receive in aid each year.”
Tullow Oil, which describes itself as "Africa's leading independent oil company" draws 84% of its revenues from the continent, but only four of the 81 companies it lists as subsidiaries are registered in African countries. By contrast, more than half (47) are registered in tax havens including the St Lucia, the Channel Islands and Netherlands.
Mike Lewis, ActionAid's tax justice policy adviser added: "Poor countries lose three times more money to tax havens than they receive in aid each year.”
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