In the wake of the Panama Papers leak, the eyes of the world have been on big business and the globe’s most powerful individuals. With revelations of huge sums of money being held offshore and tax evasion rife among the elite, appetite has possibly never been greater for transparency and full disclosure.
The latest episode in this saga comes courtesy of Oxfam America who analyzed the tax affairs of the 50 biggest companies in the U.S. to reveal data on such aspects as expenditure on lobbying, income from federal loans and bailouts, and of course, money held offshore.
Of the 21 companies with the most offshore cash, 8 have a tech focus, with Apple, Microsoft and IBM in the overall top 5. Apple had the most offshore funds of all companies with a whopping 181.1 billion U.S. dollars. The infographic below pulls these 8 tech companies together to see how they stack up in terms of money held offshore and subsidiaries in tax havens.
This chart shows the amount of money U.S. tech companies have offshore and how many subsidiaries they have in tax havens.