Apple is Still No

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10/8/2015

Apple is still No. 1 at avoiding US taxes ­ Quartz

TURKISH TURF WARS

Russian and Turkish jets are
clashing along the Syrian border



Flying the unfriendly skies. (AP/Usame Ari (Cihan News Agency))

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The US and its allies are already uneasy about Russia’s
air strikes on Bashar al-Assad’s enemies in Syria—
especially since Moscow has targeted groups supported

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10/8/2015

WRITTEN BY

Svati Kirsten Narula

October 06, 2015

Apple is still No. 1 at avoiding US taxes ­ Quartz

by the US-led coalition. Now it appears that the Russian
planes conducting those strikes have been taking
detours into Turkish air space—a sign that Moscow is
not willing to abide by no- y zone rules.
Turkey says two of its F-16 ghter jets intercepted a Russian war
plane on Turkey’s side of the Syrian border on Saturday (Oct. 3),
and that on Sunday (Oct. 4), two of its jets were “harassed” by an
unidenti ed MiG-29 plane for more than ve minutes while ying
near the Syrian border. NATO con rmed these incidents but said
the unidenti ed plane involved in Sunday’s incident was a Russian
SU-30 or SU-24, rather than a MIG
The Turkish military also said that on Monday (Oct. 5), an
unidenti ed plane locked its radar on up to eight Turkish jets and
that missile systems inside Syria were “locked on” to Turkish
planes for several minutes, as well.
Turkey and Russia are on opposing sides of the Syrian con ict:
Turkey wants Assad ousted, and Russia wants to prop him up. US
state secretary John Kerry said he is “greatly concerned” about the

1 at avoiding US

recent Russian incursion into Turkish air space. According to an
anonymous NATO of cial quoted by the Wall Street Journal: “It was
a political statement from the Russians that said, ‘We will y
anywhere we want.’”
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10/8/2015

Apple is still No. 1 at avoiding US taxes ­ Quartz

OFFSHORE CASH

Apple is still No. 1 at avoiding US
taxes



Wave goodbye to Apple's tax payments. (AP Photo/Eric Risberg)

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US multinationals in the Fortune 500 doubled the assets

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WRITTEN BY

they hold in foreign subsidiaries between 2008 and 2014,
taking advantage of loopholes in US and foreign laws to
keep $2.1 trillion out of sight of tax authorities, a new

Tim Fernholz

analysis shows.

@timfernholz

Here are the top 30 companies that disclose assets
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10/8/2015

Apple is still No. 1 at avoiding US taxes ­ Quartz

OBSESSION

booked offshore, according to the Center for Tax
Justice’s analysis of SEC lings. Apple leads the pack
with $70 billion more held offshore in 2014 than in

Borders

2 hours ago

2013, when a Senate investigation found the company
pushed the limits of US and Irish law to keep its
earnings taxed at 2% or less.
The top 30 US companies exploiting global tax havens
Assets held offshore

OUR PICKS

Apple

LATEST

POPULAR

General Electric



OBSESSIONS



Microsoft

119
108

Pfizer

74

IBM

61

Merck

60

Johnson & Johnson

53

Cisco Systems

53

Exxon Mobil

51

Google

47

Procter & Gamble

45

Citigroup

44

Hewlett-Packard

43

Oracle

38

PepsiCo

38

Chevron

36

Coca-Cola

33

J.P. Morgan Chase

31

Amgen

29

United Technologies

28

Eli Lilly

26

Qualcomm

26

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$181 billion

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10/8/2015

Apple is still No. 1 at avoiding US taxes ­ Quartz

Goldman Sachs

25

Bristol-Myers Squibb

24

Intel

23

Wal-Mart Stores

23

Abbott Laboratories

23

AbbVie Inc

23



Data: CTJ



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These companies tend to share common traits—technology and
pharmaceutical companies can easily move intellectual property
abroad, taking advantage of lax enforcement of transfer-pricing
rules to move even US earnings overseas. Large industrial and
energy rms often leverage capital-investment accounting rules to
funnel more money abroad, and nancial services companies
routinely book their deals through low-tax jurisdictions.
At least 72% percent of the Fortune 500 operate subsidiaries in taxhaven jurisdictions—one in four of which are in the Cayman
Islands—costing the government between $26 billion and $90
billion a year. The 57 Fortune 500 companies that disclose
estimates of what their tax liability would be if they did not book
their pro ts offshore would owe $184.4 billion in outstanding
federal taxes.
Avoiding a tax bill of that size require a web of shell companies.
PepsiCo, for example, operates 132 subsidiaries in offshore tax
havens—one of their structures was a nalist last year in our
inaugural tax-avoidance power ranking. Nike, which holds $8.3
billion offshore, has 52 subsidiaries, including some named after its
shoe lines.

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10/8/2015

Apple is still No. 1 at avoiding US taxes ­ Quartz

While the Obama administration has proposed closing loopholes
that allow companies to shift pro ts and hide assets from the IRS,
corporate lobbyists have thus far been able to keep them from
becoming law.
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