‘18,857 businesses registered at 1 address in Cayman Islands ‘ [Oxfam]
‘In 2011, 45 newly incorporated companies in the British Virgin Islands acquired mining assets in the Democratic Republic of Congo at a loss, it was claimed, to the DRC’s economy of US$5.5bn. The identity of those behind the companies remains secret.
In the same year the British Virgin Islands alone was the fourth largest investor to developing countries, with the amount involved US$388bn. Globally it provides investment more than 860 times the size of its own GDP.’ [Christian Aid]
Why do these facts and figures matter?
Because the Cayman Islands and British Virgin Islands are tax havens – and money is often channeled through them deliberately to avoid tax in poor countries. The losses to poor countries and their economies are enormous.
The umbrella organization – IF enoughfoodif –
has produced a detailed report on tax havens and their…
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