Egypt loses as much as LE5 billion [TJN: that’s over $650 million; there’s also a reference to $2.2 billion in annual trade mispricing] a year in tax revenue due to companies using tax havens to shield profits from taxes, according to a new report from the Egyptian Initiative for Personal Rights (EIPR). The practice also distorts figures for Foreign Direct Investment and allows companies to make investments in Egypt without disclosing ownership details, says EIPR researcher Osama Diab.