The world's largest retailer does not list these subsidiaries in its annual filings with the U.S. Securities and Exchange Commission.
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Wal-Mart has 22 shell companies in Luxembourg, where it
does not have a single store, and paid less than 1 percent in tax in the country on $1.3 billion in profits from 2010 to 2013, the report said.
Wal-Mart was not immediately available for comment.
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