Thursday, April 14, 2016

Top US firms tuck away $1.3tn offshore - Oxfam

Major American corporations have hidden more than a trillion dollars in funds offshore, according to a new report released by global anti-poverty charity Oxfam.

The study reveals the 50 largest US firms own more than 1,600 subsidiaries in tax havens.

Oxfam found the companies profited by almost $4 trillion globally between 2008 and 2014 and got $11 trillion in US government support over the same period. The charity estimated the corporations received $27 in government support for every dollar they paid in federal taxes.

According to Oxfam, the world’s second biggest company Apple kept over $181 billion in three offshore subsidiaries ....