U.N. says firms channelled $221 billion to low tax entities in 2015
GENEVA (Reuters) - Companies sent $221 billion (150 billion pounds) in 2015 to "special purpose entities" in low tax zones such as Luxembourg and the Netherlands, but the flows reversed after new rules on abusive tax practices came in, a U.N. report said on Tuesday.
Investment flows to offshore financial centres, chiefly the British Virgin Islands and Cayman Islands, were $72 billion, roughly in line with historical averages, the report said.
(Reporting by Tom Miles; Editing by Angus MacSwan)
