Public Interest Group Reports Document Offshore Holdings of Major Corporations

by Sabrina I. Pacifici on June 3, 2013

Citizens for Tax Justice: “Apple is one of eighteen Fortune 500 companies that disclose, in their latest annual reports, that they would pay at least a 30 percent U.S. tax rate on their offshore income if repatriated. This figure is a clear indication that very little tax has been paid on those profits to any government—which in turn is an indicator that much of these offshore profits are being stashed in tax havens such as Bermuda and the Cayman Islands…A total of 290 Fortune 500 corporations have disclosed, in their most recent financial reports, holding some of their income as “permanently reinvested” foreign profits. Yet the vast majority of these companies—235 out of 290—declined to disclose the U.S. tax rate they would pay if these offshore profits were repatriated. (55 corporations, including the 18 companies shown on this page, disclose this information. A full list of the 55 companies is published in the PDF of this report.)”

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