Monday, November 6, 2017

After a Tax Crackdown, Apple Found a New Shelter for Its Profits - The New York Times

After a Tax Crackdown, Apple Found a New Shelter for Its Profits - The New York Times

The previously undisclosed story of Apple’s search for a new island tax haven and its use of Jersey is among the findings emerging from a cache of secret corporate records from Appleby, a Bermuda-based law firm that caters to businesses and the wealthy elite.
The records, shared by the International Consortium of Investigative Journalists with The New York Times and other media partners, were obtained by the German newspaper Süddeutsche Zeitung.
Continue reading the main story
“U.S. multinational firms are the global grandmasters of tax avoidance schemes that deplete not just U.S. tax collection but the tax collection of most every large economy in the world,” said Edward D. Kleinbard, a former corporate tax adviser to such companies who is now a law professor at the University of Southern California.

U.S. Companies Hold Trillions of Dollars of Profits Offshore 

The top 20 S&P 500 companies by earnings parked overseas. 
Apple
Pfizer
Microsoft
General Electric
Google
IBM
Merck
Johnson & Johnson
Cisco Systems
Exxon Mobil
Oracle
Procter & Gamble
Citigroup
Intel
Chevron
PepsiCo
Hewlett Packard Enterprise
HP
JPMorgan Chase & Co.
Gilead Sciences
$236 billion
178
146
82
78
71
71
66
66
54
54
49
47
46
46
45
41
41
38
38

No comments:

Post a Comment