Panama papers shock! Bag big tax breaks, stash trillions in tax havens

Updated: Apr 19, 2016, 18:17 PM IST
Panama papers shock! Bag big tax breaks, stash trillions in tax havens

Zee Media Bureau

New Delhi: When we talk of corporate philanthropy, the names of some of the big US corporations flash through the mind.

In this backdrop it is shocking to know that some fifty largest corporations in the United States, including Apple, General Electric, Microsoft hid money in the faraway tax havens, especially when these corporations received large tax breaks and taxpayers' money support.

Tech Times reported how Oxfam America has revealed that 50 largest U.S. corporations stashed a staggering $1.4 trillion dollars in tax havens outside the American border.

More corporations like IBM, Merck, Johnson & Johnson, Cisco Systems, Exxon Mobil, Alphabet (Google's parent company) and Citigroup complete the top ten list. Oxfam America analysed data from public resources in the period 2008 to 2014.