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Oxfam: US firms stash $1.4 tn in offshore tax havens

An activist performs as a client of an offshore company during a protest by 'Oxfam' and 'Transparency International' in front of the European Commission headquarters in Brussels, on April 12, 2016US corporate giants like Apple and General Electric have stashed nearly $1.4 trillion in dozens of offshore tax havens, denying the US and other governments needed tax income, Oxfam America said Thursday. A new report by the US arm of the global anti-poverty group Oxfam said that the funds amassed by 50 top US companies offshore between 2008 and 2014 demonstrate the extent to which tax havens allow firms to avoid taxes. Between them the companies made use of more than 1,600 subsidiaries in tax havens to store and move money around outside the reach of fiscal authorities.

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