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Headline tax rates usually mean next to nothing, tax enforcement policy, in particular for transfer prices and relations with tax havens, is what really matters.

If a government chooses not to enforce the tax code then the effective tax rate is zero whatever the official number might be, and there is a long tradition of selective enforcement by various developped countries.

by Laurent GUERBY on Fri Mar 16th, 2007 at 06:56:13 AM EST

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