Sunday, December 9, 2012

Which tax havens do the top 100 US companies use

Every wonder which countries the Fortune 100 use for the tax shelters ?  Well the government already knows.  Here is a report from the GAO that lists which countries helped the Fortune 100 avoid taxes. It also lists the countries used by the top 100 government contractors.

The report from the GAO in 2009 is here. GOA Tax Shelter Report.  It list which countries are used by which companies to avoid paying US taxes.

The financial industry was the leader in the number of tax shelter companies followed by the pharmaceutical and high-tech industries.  Both industries transfer their patents or other assets to low tax jurisdictions and then collect royalties.  They also earn profits outside the US and then use the money for overseas investments.

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