Phantom tax haven business

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Nick Shaxson, author of Treasure Islands,  recorded this very short clip last Friday while in tax haven Luxembourg. It’s a bit of fun — but it does help highlight the contrast between:

  • real businesses that do real things (ArcelorMittal, whatever you may think of them this is in an industry in Luxembourg that was historically built on local iron ore and steelmaking) and
  • phantom tax haven businesses (Itunes Europe, 8 Rue Heinrich Heine, a subsidiary of Apple, Inc. that Nick has blogged before.)