[MiNe 109]

From GAO-09-157

International Taxation: Large U.S. Corporations and Federal Contractors
with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial
Privacy Jurisdictions

http://www.gao.gov/products/GAO-09-157

snip

Eighty-three of the 100 largest publicly traded U.S. corporations in
terms of 2007 revenue reported having subsidiaries in jurisdictions
listed as tax havens or financial privacy jurisdictions. Sixty-three of
the 100 largest publicly traded U.S. federal contractors in terms of
fiscal year 2007 federal contract obligations reported having
subsidiaries in such jurisdictions. Since subsidiaries may be
established in listed jurisdictions for a variety of nontax business
reasons, the existence of a subsidiary in a jurisdiction listed as a tax
haven or financial privacy jurisdiction does not signify that a
corporation or federal contractor established that subsidiary for the
purpose of reducing its tax burden. GAO did not attempt to determine if
corporations or contractors with subsidiaries in such jurisdictions
engaged in transactions with their subsidiaries to reduce their tax
burden.

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No need to worry about corporations going overseas to avoid taxation,
they're already there.

Stephen