Multinationals shifted $1 trillion offshore, stripping countries of billions in tax revenues, study says ...Middle East

Multinational corporations shifted $1 trillion in profits from the countries where their economic activity takes place to a small number of tax havens in 2016, depriving governments worldwide of more than $200 billion in tax revenues, a new study shows. Researchers with the U.K.-based International Centre for Tax and Development found that multinationals headquartered in the United States and Bermuda used profit-shifting more “aggressively,” while lower-income countries suffered the most losses because of such practices. The study was mainly based on corporate information released for the first time last year by the Organization for Economic Co-operation and Development, and only data from 2

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