Senate Panel Will Probe a Tax Haven

One Grand Cayman House Is Home to 18,500 Firms A report to be published this morning by the Government Accountability Office will disclose that the number of companies that list their address in a five-story building in the Cayman Islands nearly doubled to more than 18,500 during the past four years, according to a source who has seen the report. Roughly half of the companies with addresses at the Ugland House, located in George Town, the capital of the British crown colony, are American. The GAO report is the culmination of a yearlong inquiry conducted at the behest of the Senate Finance Committee and comes on the heels of another Senate investigation that said the use of tax havens has cost America an estimated $100 billion a year in lost revenue. The chairman of the Finance Committee, Senator Baucus, said in commissioning... [read full story]