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The letterbox company scandals

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posted on Mar, 31 2013 @ 06:35 AM
It's a shame that our country is one of the biggest tax circumventing loading hatch of the world,
I mean if major multinational companies would only pay their taxes on their profits, as we all have to do, we wouldn't have this economy that we have today..

For the ones who do don't know what letterbox compagnies are : A business that establishes its domicile in a tax friendly country with just a mailing address while conducting its commercial activities in other countries for purposes of minimizing its tax liability.

The volkskrant did some research only on dutch multinational companies like Shell and ABN Amro bank, this was result of this research.

Large Dutch multinationals make massive use of letterbox companies in tax havens such as Bermuda, the Bahamas and the Cayman Islands.

The companies have a total of 237 subsidiaries located in one of the nine tax-free countries in the world. Shell and ABN Amro have by far the most mailbox companies.
This is the finding of de Volkskrant to the subsidiaries of 26 large Dutch multinationals in Bermuda, the Cayman Islands, the Bahamas, Bahrain, the Maldives, the British Virgin Islands and the three British Channel Islands. In these nine countries, companies pay 0 percent tax on their profits. Bermuda Bermuda is the most popular with 81 daughters tax refuge, closely followed by the Cayman Islands (66 daughters) and the British Channel Island of Jersey (37).

The largest Dutch company, Shell, has in six countries untaxed total of 85 subsidiaries. ABN Amro's 54 subsidiaries in five countries and oil trader Vitol also has 17 companies in five countries. brewery Sometimes the companies actually operate on these islands. Heineken has such a brewery in the Bahamas and Boskalis maintains the harbor there.

Other multinationals, including Akzo Nobel, Phillips and Unilever, leave a comment to know that they are just doing their holdings in tax havens to liquidate. Of the 26 companies surveyed, only TomTom, TNT and Wolters Kluwer no subsidiaries in the tax-free countries.

Navigation company TomTom does have two daughters in Cyprus. Shell wants no details about her lost tax routes. The company says it with any information to the tax authorities in the countries concerned. Moreover, according to the energy, the Cayman Islands and Bermuda in accordance with a directive of the OECD tax haven no.

I now can understand why our triple A status still stands...
This research has only being done in our country if this would be done worldwide and all the money would be turned back to the state how many jobs wouldn't be lost today and how many jobs would have being created, how many subsidized bodies like health care and other like humanitarian aid wouldn't have been canceled, I could go on forever on this list...



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