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Top 50 US firms stashed $1.6 trillion in tax havens - Oxfam

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(Picture: AFP)
(Picture: AFP)

Washington - The 50 largest US companies, including Apple, Microsoft and Wal-Mart, are parking about $1.6trn in offshore tax havens to reduce their US tax burden, according to a study published on Wednesday.

Poverty-fighting organisation Oxfam America said the sum for 2015 was a $200bn increase over the prior year. The report cites the companies' own data.

While not illegal, the companies "used a secretive network of 1 751 subsidiaries in tax havens to stash" their earnings outside the United States, Oxfam said in the report released ahead of next week's meetings of the International Monetary Fund and World Bank in Washington.

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