Ten Fortune 500 companies held over one trillion dollars offshore in 2016. According to a new report
from the Institute on Taxation and Economic Policy, Apple
are exploiting tax havens the most, with a total of $246 billion held in three subsidiaries in Ireland. This huge amount of cash led to an estimated tax avoidance of $77 billion. Tech companies dominate the top end of the list, with Apple joined by Microsoft
, IBM, Cisco Systems and Google
to account for a combined $586 billion held offshore.