US Treasury Secretary Yellen has found a new weapon in the fight against offshore and tax evasion with their help. She proposed to all countries of the world to introduce a minimum tax on the profits of transnational corporations.

Such a measure, according to Yellen, would make the race of states and jurisdictions for more favorable and attractive conditions for foreign companies senseless. Currently, many of them (not all of them are offshore) have minimal or no income taxes.

This allows companies to be registered in such countries and generate income for them by paying for the services of local lawyers and registration authorities, as well as avoid paying tax until the profits are repatriated to their home country – to the country of registration of the head office.