A report by Oxfam analysed the financials of top 50 firms in the US to find several top companies with funds stashed in offshore accounts to evade tax
Top companies in the US such as Apple, Walmart and General Electric have $1.4 trillion (about Rs 93.1 lakh crore or 980 billion pounds) in tax havens, according to Oxfam (an anti-poverty charity).
India's GDP in FY15 touched $1.6 trillion.
In a report by The Guardian, Oxfam claims that the sum is larger than the economic output of Russia, South Korea and Spain which is held in an “opaque and secretive network” of 1,608 subsidaries which are held offshore.
Oxfam has analysed the financials of the 50 biggest corporations in the US following the Panama Papers link.
The charity released its report 'Broken at the Top' which gave information on the massive systematic abuse of the global tax system.
According to the Oxfam report, Apple was on top of the table with around $18 billion (about Rs 1.19 lakh crore) held in offshore accounts in three subsidaries.
While General Electric (GE) was second with $119 billion (about Rs 7.91 lakh crore) stored in 118 tax haven subsidiaries. This Oxfam said was after having received $28 billion in taxpayers backing.
Microsoft which features third on the list with $108 billion (about Rs 7.18 lakh crore). Some of the other companies in the top 10 list included Pfizer, Google's parent company Alphabet and Exxon Mobile.
Oxfam showed the difference in the amount held by these firms in offshore accounts to the amount paid by them between 2008 and 2014. It revealed that the US firms has paid only $1 trillion in tax in comparison to the $1.4 trillion stashed in offshore accounts.
The report pointed out that the companies have received a combined $11.2 trillion in federal loans, bailouts and loan guarantees during this period.
Oxfam's report further says that the money stashed in tax havens has helped these firms spend billions on an “army” of lobbyist which called for state support for loans, bailouts and guarantees, which was funded by taxpayers money.
The top 50 US companies had spend $2.6 billion between 2008 to 2014 on lobbying for the US government, claims Oxfam.
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