Report: State Losing Millions to Offshore Tax Havens
By: Marci Manley, KARK 4 News
Updated: February 6, 2013
U.S. PIRG Education Fund, a national consumer group, has issued a report saying the state is losing hundreds of millions of revenue dollars in taxes each year to offshore tax havens.
The study -- estimates Arkansas missed out on $478 million dollars from tax revenues in 2012, saying wealthy individuals and corporations were depositing money with banks in countries that have little or no taxes, foregoing paying into the state.
The study suggests closing tax loopholes could help Arkansas recoup some of those losses. To read the full report, click here.
The study -- estimates Arkansas missed out on $478 million dollars from tax revenues in 2012, saying wealthy individuals and corporations were depositing money with banks in countries that have little or no taxes, foregoing paying into the state.
The study suggests closing tax loopholes could help Arkansas recoup some of those losses. To read the full report, click here.
