Abstract:

The financial and economic globalisation, correlated with the benefits available in tax havens led over time to almost all the large multinational companies in the world opening subsidiaries in such jurisdictions. According to previous studies, 82 out of the top 100 American companies listed on the stock exchange have subsidiaries in tax havens. In the UK, 98 out of 100 companies listed on the London Stock Exchange use tax havens, while in France all the companies from CAC40 have subsidiaries in tax havens. The purpose of this analysis is to determine how many of the companies listed on the BSE are incorporated in tax havens by their shareholders, subsidiaries or related parties and which are the targeted jurisdictions.  In order to reach this target, we analysed annual financial reports of the companies listed on the BSE. The results show that over 42% of these companies are rooted in tax havens.