Offshore tax havens are the perfect way to avoid taxation and evade sanctions, as has been recently pointed out in the news: http://www.dailykos.com/story/2017/1/9/1618684/-As-Exxon-CEO-Rex-Tillerson-evaded-sanctions-to-do-business-with-Iran-Syria-and-Sudan Is this how Exxon is still involved in the Sakhalin project in Russia, despite sanctions?
Exxon Neftegaz is a Russian subsidiary, but registered in the Bahamas, as can be seen in the SEC documents below.
From Institute for Policy Studies:
“EXXON-MOBIL: The oil giant uses offshore subsidiaries and other loopholes to avoid paying taxes in the United States. They have 32 subsidiaries in tax haven countries including 18 in the Bahamas and 3 in the Cayman Islands. Although Exxon-Mobil paid $15 billion in taxes to other governments in 2009, not a penny of those taxes went to the U.S. Treasury. So maybe those other countries should defend ExxonMobil’s assets around the world, instead of the men and women of the U.S. armed forces. Next time the pirates take over your oil tanker, call the Bahamas! ExxonMobil did come up with $68 million to lobby Congress between 2008 and 2010.” “Stop Corporate Tax Dodging: Talking Points and Background Information
Most of us pay more in taxes than many U.S. corporations, and corporate tax avoidance has increased dramatically in the last 50 years.“, by Chuck Collins, March 23, 2011, Creative Commons: http://www.ips-dc.org/stop_corporate_tax_dodging_talking_points_and_background_information
See too: https://www.theguardian.com/politics/2015/nov/02/united-states-overtakes-caymans-singapore-tax-haven-financial-secrecy-index
“The Bahamas has hosted an offshore centre for crime and tax evasion for decades, and it has historically had a higher tolerance for dirty money than most tax havens. Its secrecy score of 79 in our Financial Secrecy Index is one of the world’s highest. Treasure Islands summarises an important component of the Bahamas’ history and identity, via Chicago gangster Al Capone’s moneyman, Meyer Lansky“: Read more here: http://www.taxjustice.net/2016/09/08/bahamas-tax-haven-emerging-global-menace/
“Bermuda is world’s worst corporate tax haven, says Oxfam”
“Who’s #2 in Tax Avoidance? How About Exxon?”
by Paul Buchheit, Published on Tuesday, April 12, 2011, by Common Dreams.org
“Relative to a dollar of payroll tax, corporations used to pay $3 in income tax. Now they pay 30 cents.” http://www.commondreams.org/views/2016/06/20/growing-case-massive-taxes-rich
Exxon Subsidiaries 2013, Exhibit 21, as reported to the US SEC. The red arrows indicate those registered in the Bahamas. However, there are others on this list considered as tax havens.
Exxon Subsidiaries 2011, Exhibit 21, as reported to the US SEC:
One may search Exxon in the Panama leaks for more: https://offshoreleaks.icij.org/#_ga=1.77896211.627173181.1454938957
Document regarding sanctions to which various articles today appear to be referring: https://www.sec.gov/Archives/edgar/data/34088/000003408806000034/filename1.htm