Tax optimisation
Towards the end of the 20th century, as companies sharpened their focus on shareholder value, they stopped seeing tax as a cost of doing business and started to see their tax departments as potential profit centres that could boost their bottom line, writes Vanessa Houlder.
The result was an explosion of aggressive tax planning in which companies used artificial schemes and shelters. When tax authorities fought back, multinationals pursued a different line of attack, exploiting the growing tax competition between countries.
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