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Fifty biggest global US companies stash $1.3 trillion offshore
Author: Oxfam International, Published on: 14 April 2016
The 50 biggest US companies have more than a trillion dollars hidden offshore according to a new report published by Oxfam today...The companies, which include global brands such as Pfizer, Goldman Sachs, Dow Chemical, Chevron, Walmart, IBM, and Procter and Gamble, have more than 1,600 subsidiaries in tax havens. It's estimated that tax dodging by multinational companies costs countries around the world up to $240 billion annually...Silverman [Senior Tax Advisor at Oxfam] said, “When corporations don’t pay their fair share of taxes governments are forced to cut back on essential services or levy higher taxes on the rest of us. It’s time governments stopped pandering to big business and started working for the good of their citizens.” 'Broken at the Top' outlines a range of tricks, tools, and loopholes companies use to avoid paying tax. One of the most common is profit shifting, where a company declares its profits in a low or zero tax jurisdictions instead of where they actually do business. Oxfam is calling for governments to work together to ensure multinational companies and wealthy individuals pay their fair share of tax. This must include measures to ensure companies pay taxes where they do business and to stop the secrecy that enables companies and individuals to hide their money from tax authorities...