Tuesday, October 28, 2008

Apartheid companies, sanctions-busting and tax havens

We've been sent an interesting report about how South African companies eased their tax burdens, during and after the Apartheid era, getting special tax breaks, using shell companies in tax havens, and so on. Here's a sample:

"Historically, the largest transnational South African corporations possessed investment or paper companies in tax havens such as Jersey, the Cayman Islands, Bermuda, Luxembourg and – as will be briefly discussed below - the Netherlands."

The tax section is most detailed from page 17 onwards. It's a fascinating piece of history, looking at how these companies dodged exchange controls, expanded internationally in the face of international sanctions, and much more.


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