Apple has been named the “biggest corporate tax avoider in the US”, with an offshore cash pile of $215 billion.
A new report released by Citizens for Tax Justice and the Institute on Taxation and Economic Policy says the tech giant would otherwise have paid $65 billion in US taxes.
According to the report, the 298 Fortune 500 firms reporting offshore profits collectively hold nearly $2.5 trillion of income offshore. This is more than double the offshore income reported in 2009.
The top 30 companies – accounting for 66 percent of the total – operated 2,509 tax haven subsidiaries in 2015.
The report also highlights Pfizer, with 181 subsidiaries in tax havens and $194 billion held offshore.
Pfizer recently attempted a corporate “inversion” through a merger with Dublin-based Allergan, but was blocked by new regulations.