Most of the top 50 U.S. tech firms have established an overseas headquarters, not in the country where they do the most business, but where they can pay rock-bottom tax rates. A Reuters special report looks at which companies are saving what and where.
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What does he -- We're not talking about private equity we're talking about her in -- acknowledgment. It's a tax term meaning and US company sets up its main overseas residents. -- -- looked at the top fifty US tech firms and found that both had permanent establishment not countries where they did in the business. But where they can -- that would be a man attacks. Of the top fifty. Nineteen -- -- Ireland eight in Switzerland. Five in and Netherlands. And one in the -- some part. It's not hard to see -- companies -- accusing an Irish mailing address. -- apple is not US pretax profit of 36 point eight billion dollars. It only paid one point 9% tax. Other tech giants are also having similar luck with the Irish Microsoft -- nine point 4% on twenty point six billion dollars. Oracle made six point six billion but only pay twelve point 5%. And Google paid only two point 6% on five point eight billion dollars in nine US profit. But all this could change. The Organisation for Economic Co-operation and Development the OECD. Is considering it -- on the taxable. To force companies to declare PP in countries where they do the most sales.