Big US firms, led by Apple, hold $2.1 trillion overseas to avoid taxes: study

WASHINGTON - The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid US taxes and would collectively owe an estimated $620 billion in US taxes if they repatriated the funds, according to a study released on Tuesday.

The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.

The Center for Tax Justice and the US Public Interest Research Group Education Fund used the companies' own financial filings with the Securities and Exchange Commission to reach their conclusions.

Technology firm Apple was holding $181.1 billion offshore, more than any other US company, and would owe an estimated $59.2 billion in US taxes if it tried to bring the money back to the United States from its three overseas tax havens, the study said.

The conglomerate General Electric has booked $119 billion offshore in 18 tax havens, software firm Microsoft holding $108.3 billion in five tax haven subsidiaries and drug company Pfizer is holding $74 billion in 151 subsidiaries, the study said.

"At least 358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014," the study said. "All told these 358 companies maintain at least 7,622 tax haven subsidiaries."

Fortune 500 companies hold more than $2.1 trillion in accumulated profits offshore to avoid taxes, with just 30 of the firms accounting for $1.4 trillion of that amount, or 65 percent, the study found.

Fifty-seven of the companies disclosed that they would expect to pay a combined $184.4 billion in additional US taxes if their profits were not held offshore. Their filings indicated they were paying about 6 percent in taxes overseas, compared to a 35 percent US corporate tax rate, it said.

"Congress can and should take strong action to prevent corporations from using offshore tax havens, which in turn would restore basic fairness to the tax system, reduce the deficit and improve the functioning of markets," the study concluded.

source: interaksyon.com

GE unveils premium ultrasound equipment

MANILA, Philippines - GE Healthcare recently unveiled its newest line of premium ultrasound equipment — the LOGIQ Forward Series. The high-performance but lower-priced ultrasound system is a product of the company’s continuous commitment to developing high quality, affordable healthcare innovations driven by its “healthymagination” strategy.

“The importance of providing up-to-date health facilities and services to secondary hospitals, especially those away from the key cities, cannot be overemphasized in a country where more than 50 percent of health expenditures are still out-of-the-pocket because of inadequate healthcare financing,” explained Ivanalexi Arota, GE Healthcare Philippines country manager. “By offering reasonably priced but premium quality medical equipment, GE Healthcare strives to bridge the gap between quality and affordable healthcare.”

According to a study conducted by the University of the Philippines–National Health Institute, six out of 10 Filipinos who succumb to sickness die without seeing a doctor. Private medical institutions are beyond reach of the majority of Filipinos, while on the other hand, public hospitals remain generally underfunded, resulting in antiquated medical equipment and insufficient number of health personnel.

“With our latest offerings, GE Healthcare seeks to revolutionize healthcare in the country by removing barriers to accessible patient care and leading the way for sustainable healthcare systems,” said Arota. 

The new LOGIQ F Series improves the affordability of a high-performance ultrasound system by 30 percent while incorporating established high-performance capabilities from GE’s flagship ultrasound systems.

The new series of ultrasound machines is comprised of the LOGIQ F3, LOGIQ F8 and LOGIQ F6/F5 models.

source: philstar.com

GE close to $4B deal to buy Avio

General Electric is close to signing a deal to buy Avio SpA, an Italian aerospace firm, for about $4 billion, sources told The Wall Street Journal.

The deal, which is expected to be announced Thursday, is not finalized. As such, there is a chance it will not go through.

One outstanding issue yet to be resolved is how to carve Avio's space business out of the acquisition. Avio, 81 percent of which is owned by the private equity firm Cinven, makes both commercial and military jet engines and propulsion systems for satellites. But GE is not seeking to buy the space operations end of Avio's business, the Journal said.

GE is already responsible for about two-thirds of Avio's contracts, which explains why GE is interested in the purchase.

GE is expecting a large increase in jet engine orders in the next five years and is working to ensure it has an uninterrupted supply chain.

Avio employs 5,200 workers and last year had sales of $2.6 billion, a 16 percent increase over 2010.

source: upi.com