![\"The](\"http:\/\/rt.com\/files\/news\/1f\/4d\/80\/00\/tablet.jpg\")
<\/p>\nApple isn\u2019t the only big name company taking advantage of offshore tax loopholes, according to a new study. American Express, Dell, Microsoft, Nike, and other Fortune five hundred companies bear evidence of tax haven profits in their financial reports.<\/p>\n
\n The Citizens for Tax Justice (CTJ), a central-leftist think tank
\n in Washington DC, released a report on Monday which censures 18
\n other companies also suspected of holding profits in tax havens,
\n declaring, in the reports title, \u2018Apple is not alone.\u2019\n<\/p>\n
\n In their latest annual report, Apple disclosed they would pay at
\n least a 30 percent US tax rate on the offshore income if
\n repatriated. An indication that there is still profit being
\n stashed away in tax havens, such as Bermuda and the Cayman
\n Islands, the report suggests.\n<\/p>\n
\n The CTJ report outlines 18 corporations\u2019 disclosures which fix an
\n amount to un-repatriated income, in millions, which indicated
\n they have paid very little tax on their profits to any government
\n yet.\n<\/p>\n
\n <\/p>\n
\n According to the report, 55 US companies minimized their tax
\n payments by $127.5 billion by funneling profits through offshore
\n jurisdictions, and would collectively owe the US government this
\n sum if a tax repatriation proceeded.\u00a0\n<\/p>\n
\n 235 of the Fortune 500 companies are \u2018non-disclosing\u2019, which the
\n center calculates holds $720 billion in un-repatriated offshore
\n income. Google, General Electric, Coca-Cola, Wal-Mart, and Cisco
\n Systems are among the \u2018non-disclosing\u2019 bloc.\n<\/p>\n
\n Under the current law, corporations can indefinitely defer paying
\n US income taxes on their offshore profits.\n<\/p>\n
\n Avoiding or minimizing the payment of taxes, as opposed to
\n evasion is not a criminal offense. However, the authorities have
\n defined tax evasion as immoral and contrary to the spirit of
\n entrepreneurship and law in the US.\n<\/p>\n
\n Mr. Cook, Apple CEO, sat before the permanent Senate \n Cook has repeatedly denied Apple uses \u2018tax gimmicks\u2019 or has an \n A two-pronged tax avoidance strategy, Carl Levin (D-MI) the \n \n Apple has $102 billion in offshore accounts, shifting profits \n Senators John McCain (R-AZ) and Levin suggested the Irish \n Ireland has vehemently denied it is a tax haven and on Wednesday \n The \u2018Irish double dip\u2019 allows a company to file two subsidiaries \n The theme of Apple, and many other companies use of \u2018legitimate
\n subcommittee on May 21st , as they questioned him on why his
\n company had avoided paying tax on $74 billion of profit between
\n 2009 and 2011.<\/span>\n<\/p>\n
\n elaborate offshore profit scheme. Before the hearing, Apple
\n released Cook\u2019s prepared speech which certified Apple was the
\n country\u2019s biggest corporate taxpayer in 2012, and paid nearly $6
\n billion in taxes.\n<\/p>\n
\n chairman of the committee, coined it, accusing Cook\u2019s company of
\n single-handedly rewriting rules of intellectual property as well
\n as knowingly shielding offshore income from US taxes.\n<\/p>\n![\"Apple](\"http:\/\/rt.com\/files\/news\/1f\/4d\/80\/00\/tim-cook_-ceo.jpg\")
<\/p>\n
\n away from US subsidiaries to Ireland, where it paid a tax rate of
\n less than 2 percent, according to the senate panel report.\n<\/p>\n
\n government played an assisting role in helping Apple trim its
\n taxes in a \u2018highly questionable\u2019 offshore entity sum which never
\n trickled back to US income taxes.\n<\/p>\n
\n called for an international clampdown on multinationals, yet sits
\n at the center of the controversy. Apple Inc. paid just 2 percent
\n on $74 billion in overseas income, which was mostly facilitated
\n by a loophole in Ireland\u2019s tax code.\n<\/p>\n
\n in Ireland with a corporate tax rate of 12.5 percent, which is
\n far less than the 35 percent rate in the US, for example.\n<\/p>\n
\n tax abuse\u2019 will be discussed by the OECD at the G20 summit in
\n July.\n<\/p>\n