Third of world’s mining companies in tax havens

Perthnow): More than one third of subsidiaries of the world's 10 leading oil and mining companies are listed in offshore tax havens or in jurisdictions allowing shady finances, according to a report published overnight. In all, 2,083 of the 6,038 subsidiaries (34.5 percent) controlled by the world's 10 leaders in these fields are listed in countries with so-called “secrecy jurisdictions, which have the potential to be used by companies in complicated ownership structures to shroud revenues and profits,'' the Norwegian branch of Publish What You Pay (PWYP) reported.

The study, titled “Piping profits: the secret world of oil, gas and mining giants,'' reviews the structures of energy goliaths ExxonMobil, ConocoPhillips, Chevron, BP and Shell and mining groups Glencore International, Rio Tinto, BHP Billiton, Anglo American and Baarick Gold Corporation.Alone, these companies pulled in combined sales last year of $1,824 billion, posted a net profit of $144.7 billion, and paid $106.9 billion in taxes, according to the report.

Listing divisions in offshore jurisdictions, can “hinder efficient markets, level playing fields and improved governance,'' the report lamented. “Even worse, the same structures can potentially encourage corruption and aggressive tax avoidance, so depriving citizens in least developed and emerging nations of manifold political, economic and social opportunities,'' it added.

See report here
 

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