Category: Nike

STUDY: 73% OF FORTUNE 500 COMPANIES USED TAX HAVENS IN 2015

In 2015, more than 73 percent of Fortune 500 companies maintained subsidiaries in offshore tax havens, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Collectively, multinationals reported booking $2.5 trillion offshore, with just...

Corporations paid no tax at Rio Olympics

Coca-Cola, McDonald’s, Visa and the rest of the corporate sponsors of the August 5–21 Olympic Games in Rio de Janeiro won’t be paying any taxes on the money they earn due to a tax exemption law that is set to cost Brazil hundreds of millions of dollars. The exemption, which...

Special investigation: Why it’s not just planes that vanish in Bermuda

Journalist Steve Topple investigates Bermuda-based big business tax avoidance and its links with UK political parties – and even some charities LAST WEEK saw the news emerge that everyone’s favourite search engine, Google, only had to pay £97m in back-tax (not the “major success” of £130m as was first reported)...

Adobe Shifts Hundreds of Millions Offshore, Revealing, Like PDF Documents, Its Profits Are Portable Too

While most computer users are likely familiar with Adobe products, they are probably not aware of the company’s tax-dodging practices. The maker of the ubiquitous PDF reader and Flash software earlier this week released its annual report, which revealed the company is rapidly diverting profits offshore. Its stash of “permanently...

Offshore Shell Games 2015: The Use of Offshore Tax Havens by Fortune 500 Companies

U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code. Rather than paying their fair share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their...

Europe May Not Be a Tax Haven for U.S. Multinationals Much Longer

FRANKFURT (The Street) — Europe’s allure as a tax haven for U.S. multinationals may be coming to an end. That’s because European Union regulators are closing up tax loopholes that U.S. companies have been enjoying for years. The first two to feel the heat are Starbucks (SBUX – Get Report)...

Nike: Just Dodge It

For fans of creative tax dodging, the release of the Nike Corporation’s annual report is always an enlightening occasion. As we noted two years ago, the company quietly acknowledges having stashed billions of dollars in low-tax offshore destinations, and has inadvertently given some signals about how it might be achieving...

GOP stands in way of Obama gambit for offshore corporate cash

Under a plan baked into the White House’s budget for 2016, U.S. corporations would theoretically be forced to pay hundreds of billions in new taxes on money kept abroad. Levying fees on the $2.1 trillion in funds largely held by shell companies through an accounting trick called deferral, the move,...

Big money dodges taxes

Eighteen American multinationals – companies such as Nike, Microsoft and Apple – have used tax havens abroad to avoid what Citizens for Tax Justice estimates as $92 billion in federal taxes. This is money that could be used to provide universal pre-school for America’s children. CTJ also found 235 companies...