Apple isn’t the only big name company taking advantage of offshore tax loopholes, according to a new study. American Express, Dell, Microsoft, Nike, and other Fortune five hundred companies bear evidence of tax haven profits in their financial reports.
The Citizens for Tax Justice (CTJ), a central-leftist think tank in Washington DC, released a report on Monday which censures 18 other companies also suspected of holding profits in tax havens, declaring in the report’s title, ‘Apple is not alone.’
In their latest annual report, Apple disclosed they would pay at least a 30 percent US tax rate on the offshore income if repatriated, which serves as an indication that there is still profit being stashed away in tax havens, such as Bermuda and the Cayman Islands, the report suggests.
The CTJ report outlines 18 corporations’ disclosures which fix an amount to un-repatriated income, in millions, which indicated they have paid very little tax on their profits to any government yet.
The Citizens for Tax Justice table showing the ‘unrepatriated’ income from 18 Fortune 500 companies. image from http://ctj.org
According to the report, 55 US companies minimized their tax payments by $127.5 billion by funneling profits through offshore jurisdictions, and would collectively owe the US government this sum if a tax repatriation proceeded.
235 of the Fortune 500 companies are ‘non-disclosing’, which the center calculates holds $720 billion in un-repatriated offshore income. Google, General Electric, Coca-Cola, Wal-Mart, and Cisco Systems are among the ‘non-disclosing’ bloc.
daily alternative | alternative news – ‘Apple is not alone’: 18 top American companies avoid $92 billion in taxes