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1、Embargoeduntil00.01,11October2011Addictedtotaxhavens:ThesecretlifeoftheFTSE100October2011ThefullextenttowhichFTSE100companiesusetaxActionAidfoundthat:havenshas,forthefirsttime,beencompiled,analysed_TheFTSE100largestgroupsregisteredontheLondonandpublishedinanaccessibleandse
2、archableformatbyStockExchangecomprise34,216subsidiaryActionAid.1companies,jointventuresandassociates.Ofthe100biggestgroupslistedontheLondon_38%(8,492)oftheiroverseascompaniesarelocatedinStockExchange,98usetaxhavens.ActionAid’staxhavens.researchshowsjusthowembeddedtheuseoft
3、axhavensisinthestructuresofnearlyallBritain’s_98groupsdeclaredtaxhavencompanies,withonlybiggestcompanies.twogroups,FresnilloandHargreavesLandsdown,whodidnot.ThefindingsareofparticularconcernbecausemanyFTSE100groupsaresettobenefitfromplanscurrentlyunder_Thebankingsectormake
4、sheaviestuseoftaxhavens,considerationbytheTreasurytogivemultinationalwithatotalof1,649taxhavencompaniesbetweenthecompaniesusingtaxhavensan£840milliontaxbreak,by‘bigfour’banks.Theyarebyfarthebiggestusersoftherelaxingtheveryrulesdesignedtopreventtax-havenCaymanIslands,whereB
5、arclaysalonehas174abuse.2companies.Anexpandedtaxrevenuebaseindevelopingcountriesis_ThebiggesttaxhavenuseroverallistheadvertisingtheonlysustainablesourceoffundingforgovernmentstocompanyWPP,whichhas611taxhavencompanies.investinreducingpovertyandinequality.Itmeansthat_TheFTSE
6、100companiesmakemuchmoreuseoftaxtheydon’tneedtodependonaidandcanachievehavensthantheirAmericanequivalents.self-reliance.Yet,theOECDestimatesthatdevelopingcountrieslosealmostthreetimesmoretotaxhavensthan_Thereareover600FTSE100subsidiarycompaniesinalltheaidtheyreceiveeachyea
7、r.3Spenteffectively,thisJersey(morethaninthewholeofChina),400inthesumwouldeasilybesufficienttoachievetheMillenniumCaymanIslandsand300inLuxembourg–alltinytaxDevelopmentGoals.havens.Corporatetaxavoidance,oneofthemainreasonsWebelievethattheFTSE100havebigquestionstocompaniesus
8、etaxhavens,hasamassiveimpactonansweraboutwhytheyrequiresuchamassivenumberofdevelopingandd
