The report titled “Offshore Shell Games 2016: The Use of Offshore Tax Havens by Fortune 500 Companies” ranks Apple at the top of the list of tax avoiders with approximately $214.9 billion kept offshore followed by Pfizer ($193.6 billion), Microsoft ($124 billion), General Electric ($104 billion) and IMB ($68.1 billion).
According to the report, “multinational corporations use tax havens to avoid an estimated $100 billion in federal income taxes each year” with 367 of the top 500 companies keeping 10,366 tax haven subsidiaries.
Furthermore, the top 30 firms “with the most money officially booked offshore for tax purposes collectively operate 2,509 tax haven subsidiaries,” the most popular destinations being the Netherlands. As a group, these 30 companies “account for 66 percent or $1.65 trillion” of the total figure for Fortune 500 companies.
The study also claims that most of America’s largest corporations maintain subsidiaries in offshore tax havens. At least 367 companies, or 73 percent of the Fortune 500, operate one or more subsidiaries in tax haven countries.
This practice, says the report, is unfair: “multinational companies that depend on America’s economic and social infrastructure are shirking their obligation to pay for that infrastructure when they shelter their profits overseas.”
According to the report, “multinational corporations use tax havens to avoid an estimated $100 billion in federal income taxes each year” with 367 of the top 500 companies keeping 10,366 tax haven subsidiaries.
The study also claims that most of America’s largest corporations maintain subsidiaries in offshore tax havens. At least 367 companies, or 73 percent of the Fortune 500, operate one or more subsidiaries in tax haven countries.
- All told, these 367 companies maintain at least 10,366 tax haven subsidiaries.
- The 30 companies with the most money officially booked offshore for tax purposes collectively operate 2,509 tax haven subsidiaries.
The most popular tax haven among the Fortune 500 is the
Netherlands, with more than half of the Fortune 500 reporting at least one
subsidiary there.
Approximately 58 percent of
companies with tax haven subsidiaries have set up at least one in Bermuda or the
Cayman Islands, two particularly notorious tax havens. The profits that all American multinationals, not just Fortune
500 companies, collectively claimed they earned in these two island nations
according to the most recent data totaled 1,884 percent and 1,313 percent of
each country’s entire yearly economic output, respectively. This practice, says the report, is unfair: “multinational companies that depend on America’s economic and social infrastructure are shirking their obligation to pay for that infrastructure when they shelter their profits overseas.”
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