America's official corporate income tax rate is the highest in the world. So, each year corporations work harder to minimize their taxes, denying the U.S. Treasury desperately needed revenue.

Tax haven route won't work for post-Brexit UK, OECD says

LONDON The United Kingdom is unlikely to try to lure international investment by becoming a tax haven after it leaves the European Union, according to an internal memo prepared by the body responsible for the drafting international tax rules.

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Panama Papers report alleges New Zealand prime place for rich to hide money

Mossack Fonseca law firm sign is pictured in Panama City, in this April 4, 2016 file photo.
Reuters/Carlos Jasso/Files

WELLINGTON Wealthy Latin Americans are using secretive, tax-free New Zealand shelf companies and trusts to help channel funds around the world, according to a report on Monday based on leaks of the so-called Panama Papers.

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Swiss banks face scrutiny over Panama Papers

An employee checks a safe box in the vault of a Swiss bank in Basel January 21, 2009. Picture taken January 21, 2009.
Reuters/Arnd Wiegmann

ZURICH Switzerland is stepping up scrutiny of its banks in response to the Panama Papers which have prompted a global outcry over allegations of tax avoidance.

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U.S. Treasury readies new tax rules as G20 vows to fight evasion

Treasury Secretary Jack Lew testifies at a Senate Appropriations Subcommittee hearing on the FY2017 budget for the Treasury Department on Capitol Hill in Washington March 8, 2016.
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Europe's banks under scrutiny as regulators look into Panama Papers

BERN/GENEVA Banking watchdogs across Europe have begun checking whether lenders have ties to a massive document leak from Panama that showed how offshore companies are used to stash clients' wealth.

Switzerland's financial watchdog FINMA said on Thursday that banks must clamp down on money laundering, as the Geneva prosecutor opened a criminal probe.

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