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Microsoft Has Nearly $93 Billion In Overseas Cash
Microsoft is saving almost 30 billion dollars in taxes by keeping $92.6 billion of earnings in accounts outside the United States, as mentioned in the company’s most recent annual filings with the Securities and Exchange Commission. The US government isn’t pleased with it, and finds that the software giant dodging its economic responsibilities.
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Microsoft Has Nearly $93 Billion In Overseas Cash, And It's Reduced Its Tax Bill By Almost $30
Microsoft's stash of cash stored overseas, not subject to U.S. taxes, is growing. In its latest regulatory filing, the software giant said it has now stockpiled $92.9 billion offshore and that this money could have cost the company $29.6 billion in taxes ...
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Microsoft Has Over $93 Billion In Overseas Cash Using Tax Havens, Blames U.S. International Tax
Recently, Citizens for Tax Justice published a report on American Fortune 500 corporations are likely saving about $550 billion by holding nearly $2 trillion of “permanently reinvested” profits offshore. All these US companies are using Tax Havens outside the US to have their cash reserves. Microsoft has now over $92.9 billion outside the US which if brought inside would cost them about $29 billion. Microsoft is not alone in this case, Apple has over 138 billion, Cisco has over $48 billion, Google has over $39 billion. In the recent regulatory filing, Microsoft noted the following cash reserves, As of June 30, 2014, we have not provided deferred U.S. income taxes_or foreign withholding taxes on temporary differences of approximately $92.9 billion resulting from earnings for certain non-U.S. subsidiaries which are permanently reinvested outside the U.S. The unrecognized deferred tax liability associated with these temporary differences was approximately $29.6 billion at June 30, 2014. Income taxes paid were $5.5 billion, $3.9 billion, and $3.5 billion in fiscal years 2014, 2013, and 2012,...
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. Microsoft has nearly $93 billion in overseas cash, and it’s reduced its tax bill by almost $30
Microsoft’s stash of cash stored overseas, not subject to U.S. taxes, is growing. In its latest regulatory filing, the software giant said it has now stockpiled $92.9 billion offshore and that this money could have cost the company $29.6 billion in taxes, but didn’t. That compares to $76.4 billion from the previous year, worth an […]
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