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Mauritius, an Indian Ocean isaland nation. Photo: Marka/Universal Images Group via Getty Images

Data leaked from law firm Conyers Dill & Pearman’s former Mauritius branch shows the latest tax haven scandal comes from the tiny African nation.

The big picture: Documents show firms like Sequoia Capital, a leading U.S. venture capital firm, used Mauritius to avoid U.S. and local tax collection in countries in Africa and Asia.

What it means: Sequoia, an early investor in the likes of Apple and Google, "invested $1.2 billion in more than 75 Indian companies with combined revenue of more than $3.5 billion" by 2013 largely through its tax shelter in Mauritius, according to reporting from Quartz.

  • "The leaked Sequoia documents offer a rare detailed look at how global companies use venues around the world—even far-flung islands like Mauritius—to get the most favorable tax treatment for their activities," Max de Haldevang writes.
  • "The Tax Justice Network, a research and advocacy group, estimates that multinationals shifting profits to tax havens costs the world’s governments more than $500 billion per year."
  • "To see what that means on the ground, look no further than Aircastle, a Connecticut-based plane-leasing company, which likely avoided $14.8 million in South African taxes over four years. That stash could have paid Johannesburg’s yearly social housing budget twice over."

Go deeper: How Sequoia Capital is trying to avoid taxes on over a billion dollars in Indian investments

Go deeper

Caitlin Owens, author of Vitals
4 hours ago - Health

Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan

Photo: Alex Wong/Getty Images

President-elect Joe Biden has picked former FDA chief David Kessler to lead Operation Warp Speed, a day after unveiling a nearly $2 trillion pandemic relief plan that includes $400 billion for directly combatting the virus.

Why it matters: Biden's transition team said Kessler has been advising the president-elect since the beginning of the pandemic, and hopes his involvement will help accelerate vaccination, the New York Times reports. Operation Warp Speed's current director, Moncef Slaoui, will stay on as a consultant.

The case of the missing relief money

Illustration: Sarah Grillo/Axios

A chunk of stimulus payments is missing in action, thanks to a mix up that put as many as 13 million checks into invalid bank accounts.

Why it matters: The IRS (by law) was supposed to get all payments out by Friday. Now the onus could shift to Americans to claim the money on their tax refund — further delaying relief to struggling, lower-income Americans.

The post-Trump GOP, gutted

McConnell (L), McCarthy (R) and Trump. Photo: Erin Schaff-Pool/Getty Images

Republicans will emerge from the Trump era gutted financially, institutionally and structurally.

The big picture: The losses are stark and substantial.