Every year multinational companies reduce their tax bills by about $200 billion simply by shifting profits, legally, to tax havens. Governments criticise tax loopholes and promise to close them. But at the same time they also use them to attract these paper profits to their jurisdiction. Thomas Tørsløv and Ludvig Weir talk to Tim Phillips about where the missing profits of nations go, the effect of the missing billions on government policies, and how to create a fairer system of taxation for multinationals.