Apple brought in offshore more all of us companies is $200 billion
13.04.2017 Erika J. Wells 0 Comments
Apple keeps the capital in the several offshore companies, the report said non-profit organization Oxfam, which is dedicated to the fight against poverty. With the help of special schemes the iPhone maker managed to hide from tax authorities more than $200 billion.
According to the organization, the largest US corporations such as Apple, Goldman Sachs, Chevron, Wal-mart, General Electric, kept offshore $1.6 trillion – $200 million more than the year before. For comparison, from 2008 to 2014 50 us companies paid taxes in the amount of $1 trillion. The funds are “opaque and secretive network” 1751 subsidiaries located in offshore.
Apple brought through offshore companies $200 billion – more than all U.S. corporations. She was able to reduce taxes by paying less than 2% of the profits earned outside the United States. In Cupertino have developed a scheme, through which for many years did not pay the billions of dollars in taxes.
The results of the investigation conducted earlier by the business publication the Australian Financial Review are based on evidence of the relation of the Australian division of Apple with Apple Sales International — registered in Ireland organization, which is engaged in the optimization of taxable income from sales of devices American manufacturer around the world.
Apple is not the only company that uses loopholes in the tax laws. Pfizer laboratories keeps offshore $of 193.6 billion, Microsoft – 124 billion, the report noted that the 50 largest companies actively financed lobbyists, in order to achieve tax benefits.
According to the organization, major American companies have spent billions of dollars on “armies of lobbyists” calling for increased government support in the form of loans, grants, and guarantees.
If implemented, the tax reform proposed by the President of the United States Donald trump for the return of funds from offshore, companies can save from $312 to $327 million: the tax rate is only 15% instead of 35%.
“President trump promised to correct the shortcomings of the political and economic system, but its tax reform will contribute to the further enrichment of the powerful corporations at the expense of ordinary people and small businesses,” — says Robbie Silverman, a senior adviser to Oxfam. To prevent evasion of the corporations revenues, the US needs to work more actively with governments around the world, he adds.