November 27, 2020

Which U.S. Companies have the most tax havens?

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By Niall McCarthy From Forbes

Every year, U.S.-based multinational corporations use tax havens to avoid paying an estimated $100 billion in federal income tax. According to a report from the Institute on Taxation and Economic Policy, 366 of the country’s 500 largest companies maintain at least 9,755 tax haven subsidiaries where they hold over $2.6 trillion in accumulated profits. Apple is at the very top of the offshore cash pile, booking $246 billion and avoiding $76.7 billion in U.S. taxes in the process. Interestingly, Apple only has three tax haven subsidiaries which are all based in , according to the report, far fewer than other U.S. based multinationals.

The Goldman Sachs Group has $31.2 billion stashed offshore in 905 tax haven subsidiaries, the most of any company mentioned in the report by far. That includes 511 in the , despite the company not having a single office there. It also has 183 more subsidiaries in Luxembourg, 52 in Ireland and 41 in . has the second highest number of tax havens with 619 while ThermoFisher Scienfic comes third overall with 199. Despite the popularity of small island nations such as Bermuda and the Cayman Islands for tax avoidance schemes, the Netherlands is actually the most frequently used tax haven for major U.S. companies.

*Click below to enlarge (charted by Statista)

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