Large US firms shift $1.6 trillion to offshore tax havens: Report

The 50 largest companies in the United States have now shifted $1.6 trillion of their profits to offshore tax havens to reduce their tax burden, according to new analysis.

The 50 largest US companies, including Apple, Microsoft and Pfizer, parked $200 billion in 2015 alone, according to Oxfam America, a charitable organization affiliated with the UK-based Oxfam.

$200 billion of their profits to offshore tax havens in 2015 alone, taking the total to approximately $1.6 trillion, according to new analysis.

Although not illegal, the companies “used a secretive network of 1,751 subsidiaries in tax havens to stash” their earnings outside the US, the report said ahead of next week’s meetings of the International Monetary Fund and World Bank in Washington, DC.

“Tax avoidance has become standard business practice across the globe. Corporate tax dodgers cheat America out of approximately $135 billion in unpaid tax revenues every year,” Oxfam senior advisor Robbie…

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