Bermuda Mentioned In NY Times Tax Report
A New York Times report on taxes has stated that some companies avoided taxes “by attributing hundreds of billions of dollars in earnings to low- or no-tax jurisdictions such as Cyprus, Bermuda, Switzerland, and the Cayman Islands.”
The New York Times report said, “A year ago, the Trump administration withdrew from a global effort to curb offshore tax-dodging by multinational companies. That decision has been a huge gift to corporate America, enabling companies to avoid at least $40 billion in income taxes since the beginning of 2025.
“A New York Times review of securities filings from nearly 500 companies showed that they avoided taxes by attributing hundreds of billions of dollars in earnings to low- or no-tax foreign locales like Cyprus, Bermuda, Switzerland and the Cayman Islands. Often, corporations funneled the profits through subsidiaries in places where they had no employees, offices or customers.
“Tax havens became more appealing after President Trump signed an order on his first day back in office withdrawing the United States from a 13-year international effort to end such schemes. The effort led dozens of countries to impose a minimum corporate tax and rules for pursuing companies using tax havens. After House Republicans passed legislation last year targeting some of those countries with a new tax, international officials agreed to exempt U.S. companies from much of the crackdown.
“On the face of it, the offshore tax strategies don’t necessarily violate any laws. But the Internal Revenue Service says some of the companies have gone too far, and tax advisers say the Trump administration’s actions will make it easier to pursue even more aggressive dodges.”
You can read the full story here on The New York Times.
