Offshore companies in the British Virgin Islands own assets of more than $1.5 trillion, according to a locally-commissioned report released on Wednesday. The report claims that the zero corporation tax-jurisdiction is not a tax haven, and looks to promote the British Virgin Islands over other tax neutral jurisdictions such as Delaware. But tax justice activists point to the underlying invitation to build avoidance schemes.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year