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Delaware tops Switzerland as tax haven of choice
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by snuffysmith | November 2, 2009 at 08:27 am
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MOVE over Switzerland. The tiny US state of Delaware beats the Alpine country in a contest for the most secretive financial jurisdiction, a tax justice rights group said.
The United States, led by the eastern seaboard state, took in $2.6 trillion in deposits from non-resident corporations and individuals in 2007, according to a survey of financial jurisdictions analysed by the Tax Justice Network.
The survey of laws, practices and size of inflows in 60 jurisdictions found Delaware coming in first, followed by Luxembourg and then Switzerland.
The ranking is based on a composite of total offshore activity and measures such as whether a jurisdiction obtains beneficial ownership information about companies and the degree of cooperation in turning over requested financial information.
Delaware is attractive because it does not tax profits realised outside the state and does not require companies to be physically present, according to the Tax Justice Network.
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