4Traders:
(Reuters) – Wal-Mart Stores Inc has built a network of 78 subsidiaries and branches in 15 offshore tax havens to minimize taxes on its operations outside the United States, said a report by tax reform advocacy group Americans for Tax Fairness released on Wednesday.
Wal-Mart, the world’s largest retailer, has assets worth at least $76 billion through shell companies domiciled in Luxembourg and the Netherlands, the report said.

The report says Wal-Mart does not list these subsidiaries in its annual filings and called on the U.S. Securities and Exchange Commission to require disclosure to make the tax practices transparent to investors.