When it comes to the dubious world of offshore wealth and the respective tax losses subsequently inflicted on other countries, not only does the UK rank second, but a further three British overseas territories make the top 10.
In fact, when these tax losses to other nations via this offshore wealth are combined, it sits at a staggering £64.5bn, according to new research.
By taking advantage of the tax loopholes available through offshore investment, wealthy individuals and organisations around the world are able to streamline the tax they pay.
While it’s a very grey area that often attracts some unsavoury practices and people, it’s not, in itself, illegal.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.