{"id":594878,"date":"2019-09-10T04:52:44","date_gmt":"2019-09-10T04:52:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/"},"modified":"2019-09-10T04:52:44","modified_gmt":"2019-09-10T04:52:44","slug":"phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/","title":{"rendered":"\u2018Phantom\u2019 FDI accounts for over a third of global investment, and it\u2019s growing"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <b>\u201cPhantom\u201d FDI accounts for over a third of global investment, and it\u2019s growing:<\/b> Almost 40% of all global foreign direct investment (FDI) is being funneled into shadowy structures designed to minimize the global tax paid by firms, <a href=\"https:\/\/www.imf.org\/external\/pubs\/ft\/fandd\/2019\/09\/the-rise-of-phantom-FDI-in-tax-havens-damgaard.htm\">a joint study<\/a> by the IMF and the University of Copenhagen reveals. Of the USD 40 tn in FDI moving around the world, some USD 15 tn passes through \u201cempty corporate shells\u201d \u2014 known as \u201cspecial purpose entities.\u201d These allow companies to use FDI to finance subsidiaries, carry out holding activities and manage intangible assets, instead of investing in real business functions that create jobs, boost growth, and increase productivity. And despite international efforts to clamp down on firms shifting profits for tax purposes, phantom capital is growing as a share of overall FDI, having increased from 31% in 2010 to 38% in 2017.<\/p>\n<p><b>Investment is clustered in a few tax havens:<\/b> The vast majority of the world\u2019s phantom FDI is in a handful of countries, with Luxembourg and the Netherlands hosting nearly 50%. Collectively, these economies and another eight \u2014 Hong Kong, the British Virgin Islands, Bermuda, Singapore, the Cayman Islands, Switzerland, Ireland, and Mauritius \u2014 hold over 85% of all phantom investments.<\/p>\n<p><b>Beneficial to some, harmful to many: <\/b>The accumulation of so much FDI in so few countries is partly the result of policies designed to attract FDI, the study says. In Ireland, for instance, the corporate tax rate has been cut from 50% in the 1980s to about 12.5% today, growing the country\u2019s tax base, and increasing tax revenues as a share of GDP. In the Caribbean, financial contributions to the local economies by the \u201ccorporate shells\u201d count for a significant share of GDP. For other countries, this only results in deprivation of investment and tax revenue. <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/25\/mauritius-leaks-shows-africas-loss-of-revenue-to-wealthy-offshore-tax-haven\/\">In July, we picked up<\/a> an investigation by the International Consortium of Journalists that found that many multinationals are using the low tax rates and tax treaties in Mauritius to ship untaxed income out of Africa. Egypt is one of the countries missing out on tax revenue, with officials describing our treaty with Mauritius as having a crippling effect.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cPhantom\u201d FDI accounts for over a third of global investment, and it\u2019s growing: Almost 40% of all global foreign direct investment (FDI) is being funneled into shadowy structures designed to minimize the global tax paid by firms, a joint study by the IMF and the University of Copenhagen reveals. Of the USD 40 tn in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":594879,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[72,103,1701,69,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-enterpriseam","tag-fdi","tag-oecd","tag-tax","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"67b11395-049f-456a-acdc-e33f1cad100e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/9\/799.jpg","photo_position":"above","related_issue":[594864],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>\u2018Phantom\u2019 FDI accounts for over a third of global investment, and it\u2019s growing - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Phantom\u2019 FDI accounts for over a third of global investment, and it\u2019s growing\" \/>\n<meta property=\"og:description\" content=\"\u201cPhantom\u201d FDI accounts for over a third of global investment, and it\u2019s growing: Almost 40% of all global foreign direct investment (FDI) is being funneled into shadowy structures designed to minimize the global tax paid by firms, a joint study by the IMF and the University of Copenhagen reveals. Of the USD 40 tn in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-10T04:52:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/9\/799.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"\u2018Phantom\u2019 FDI accounts for over a third of global investment, and it\u2019s growing\",\"datePublished\":\"2019-09-10T04:52:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/\"},\"wordCount\":359,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/9\/799.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"FDI\",\"OECD\",\"tax\",\"THE MACRO PICTURE\"],\"articleSection\":[\"THE MACRO PICTURE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/10\/phantom-fdi-accounts-for-over-a-third-of-global-investment-and-its-growing\/\",\"name\":\"\u2018Phantom\u2019 FDI accounts for over a third of global investment, and it\u2019s growing - 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All forms of FDI felt the impact of the coronavirus,\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/297.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599049,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/egypt-fdi-falls-in-2018-amid-global-investment-drop-off\/","url_meta":{"origin":594878,"position":1},"title":"Egypt FDI falls in 2018 amid global investment drop-off","author":"enterpriseam admin","date":"17 June 2019","format":false,"excerpt":"Foreign direct investment into Egypt fell 8.2% in 2018 amid global investment drop-off: Egypt retained its position as the largest recipient of foreign direct investment in Africa last year despite inflows falling 8.2% to USD 6.8 bn, according to UN figures. UNCTAD\u2019s 2019 World Investment Report shows that inflows mostly\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/2981.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572357,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/22\/egypt-southern-africa-were-the-two-bright-spots-in-africa-last-year-as-fdi-dipped-across-the-continent\/","url_meta":{"origin":594878,"position":2},"title":"Egypt, Southern Africa were the two bright spots in Africa last year as FDI dipped across the continent","author":"enterpriseam admin","date":"22 June 2020","format":false,"excerpt":"Egypt, Southern Africa were the two bright spots in Africa last year as FDI dipped across the continent: Egypt remained the top recipient of foreign direct investment (FDI) in Africa last year, with inflows rising 11% y-o-y to USD 9 bn, according to UNCTAD\u2019s 2020 World Investment Report (pdf). Egypt\u2019s\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/222.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566509,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/23\/egypt-is-still-africas-fdi-darling\/","url_meta":{"origin":594878,"position":3},"title":"Egypt is still Africa\u2019s FDI darling","author":"enterpriseam admin","date":"23 June 2021","format":false,"excerpt":"Egypt was the top recipient of foreign direct investment (FDI) in Africa in 2020, attracting USD 5.9 bn in inflows during the year, according to UNCTAD\u2019s 2021 World Investment Report. This corresponds to net FDI of USD 5.5 bn as outflows stood at USD 327 mn during the year, the\u2026","rel":"","context":"In &quot;SPEED ROUND: ECONOMY&quot;","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/570.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564818,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/taper-tantrum-2-0\/","url_meta":{"origin":594878,"position":4},"title":"Taper Tantrum 2.0?","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Emerging market assets took a hit toward the end of February, with the MSCI gauge of shares falling 3% on Friday and major currencies including the ZAR and the MXN tumbling during the final few days, according to Bloomberg. This came following a sharp sell-off in the US bond market,\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/390.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547271,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/15\/egypts-fdi-might-outdo-much-of-the-world-in-2022\/","url_meta":{"origin":594878,"position":5},"title":"Egypt\u2019s FDI might outdo much of the world in 2022","author":"enterpriseam admin","date":"15 June 2022","format":false,"excerpt":"Egypt saw foreign direct investment inflows fall 12% in 2021 but remained the second-largest recipient of FDI in Africa after South Africa, according to the UN. Figures in the 2022 World Investment Report (pdf) show that the country received USD 5.12 bn of FDI last year, down from USD 5.9\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=594878"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594878\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/594864"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/594879"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=594878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=594878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=594878"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=594878"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=594878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}