Re: Well, bears in the woods etc.
anon obviously - this tax dodge is worked everywhere.
I worked for years for a UK company in the US - this company (currently listed on the UK stock market) arranged its accounts every year so that the sales made in the US were always unprofitable. Every year we had to send all our accounts to the UK at the start of December and each time, before the end of December, we would receive a management services invoice that nulled out our profits.
I left the company many years ago - in part because I couldn't believe that they would keep on getting away with this and didn't want to have any part in it, and because running an unprofitable company means that you get paid very little and have no influence on corporate policy. It seems that they continue to make most of their profits in the US, I've no idea how they handle their accounting these days but the upper management hasn't changed so it's a safe bet their tax dodging hasn't changed either. Their stock price is doing nicely however.