Ondrej Holzman The latest study showed that the 500 largest American companies keep more than 2,1 trillion dollars (50,6 trillion crowns) outside the borders of the United States to avoid paying high taxes. Apple has by far the most money in tax havens.
A study by two non-profit organizations (Citizens for Tax Justice and the US Public Interest Research Group Education Fund) based on financial documents filed by companies with the US Securities and Exchange Commission found that nearly three-quarters of Fortune 500 companies have money stashed away in tax havens such as Bermuda, Ireland, Luxembourg or the Netherlands.
Apple holds the most money abroad, a total of $181,1 billion (4,4 trillion crowns), for which it would pay $59,2 billion in taxes if transferred to the United States. In total, if all companies transferred their savings domestically, $620 billion in taxes would flow into the American coffers.
[do action=”citation”]The tax system is not viable for companies.[/do]
Of the technology companies, Microsoft has the most in tax havens – $108,3 billion. The conglomerate General Electric holds 119 billion dollars and the pharmaceutical company Pfizer 74 billion dollars.
"Congress can and should take tough action to prevent companies from using offshore tax havens, which would restore the basic fairness of the tax system, reduce the deficit and improve the functioning of markets," according to Reuters in a published study.
However, Apple does not agree with this and has already preferred to borrow money several times, for example for its share buyback, rather than transfer its money back to the United States for high taxes. Tim Cook has previously stated that the current US tax system for companies is not a viable solution and that its reform should be prepared.
