Written by Staff Writer
06 Oct, 2015 | 12:04 pm
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.
Technology firm Apple was holding $181.1 billion offshore, more than any other U.S. company, and would owe an estimated $59.2 billion in U.S. taxes if it tried to bring the money back to the United States from its three overseas tax havens, the study said.
The conglomerate General Electric has booked $119 billion offshore in 18 tax havens, software firm Microsoft (MSFT.O) is holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer (PFE.N) is holding $74 billion in 151 subsidiaries, the study said.
Fortune 500 companies hold more than $2.1 trillion in accumulated profits offshore to avoid taxes, with just 30 of the firms accounting for $1.4 trillion of that amount, or 65 %, the study found.
Fifty-seven of the companies disclosed that they would expect to pay a combined $184.4 billion in additional U.S. taxes if their profits were not held offshore. Their filings indicated they were paying about 6 percent in taxes overseas, compared to a 35 % U.S. corporate tax rate, it said.
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