American devices major Apple tops Oxfam’s list with $181 billion held offshore.
The 50 biggest US companies including Apple, IBM, Walmart, General Electric, Microsoft, Google and Coca-Cola, among others, have $1.4 trillion stashed in offshore tax havens.
These companies used more than 1,600 subsidiaries in tax havens to avoid billions of dollars in tax each year, a report by anti-poverty charity Oxfam America said.
The Oxfam’s report titled ‘Broken at the Top’, comes on the heels of the Panama Papers scandal revealing a secret multi-billion dollar trail to tax havens where corporations and wealthy stash their fortunes.
Technology giant Apple tops Oxfam’s list with $181 billion held offshore while General Electric comes second with $119 stored in tax havens, The Guardian said.
Microsoft, which comes at third with $108 billion stashed offshore, Pfizer, Google’s parent company Alphabet and Exxon Mobil also feature amongst the top ten companies in the Oxfam list.
The report reveals that the same companies were also among the largest beneficiaries of US taxpayer funded support, and received $11 trillion in federal loans, loan guarantees and bailout assistance during 2008-2014.
The other technology companies in the report include AT&T, Berkshire Hathaway, Cisco Systems, Comcast, General Electric, Hewlett-Packard, Intel, Oracle, Qualcomm, Twenty-First Century Fox, Verizon Communications, Walt Disney and Wells Fargo.