Report: Walmart has $76 billion in offshore tax havens – CBS News
Walmart (WMT) has tucked away $76 billion in assets through a network of undisclosed subsidiaries in 15 tax havens, although that would be a surprise to anyone who reads its regulatory filings.
According to a report from Americans for Tax Fairness, the largest American private-sector employer has never openly reported its complicated system of tax-haven subsidiaries in its U.S. Securities and Exchange Commission regulatory filings. The group said it required hundreds of hours of research to compile the data on Walmart’s offshore holdings, searching for information as far afield as Luxembourg and South Africa.
The issue of offshore taxes has increasingly become a political sticking point, with large American companies stockpiling $2.1 trillion in untaxed profits in tax havens outside U.S. borders. In the last 10 years, those offshore profits have jumped more than five-fold as U.S. corporations have tapped strategies to reduce their U.S. tax bill. In the case of Walmart, Luxembourg appears to be the center of its tax-haven strategy, with $64.2 billion in assets parked there, even though it doesn’t have a single store in the European country, the report noted.