A new Study by Action Aid has found that 98% of listed 100 companies
used tax havens. Out of a total of 34,216 subsidiaries of these companies, as
many as 8,492 are located in tax havens like Jersey, the Isle of Man and
Caymans.
According to Action Aid, their Study 'Addicted to tax havens’
revealed the eye-popping data, the banking sector makes significant use of tax
havens with a total of 1,649 tax haven companies between the big four banks -
HSBC, Barclays, Lloyds and RBS. Barclays alone has 174 companies in the Cayman
islands.
It is not only the banks but other important oil and mining
companies that structure the group of tax haven users. The British American
Tobacco has 200 companies in tax havens while BP and Shell approximately have
1,000 tax haven companies between them, the study revealed.
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