From Charter Communications to Nike, these are the companies that avoided paying taxes in 2020
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The analysis showed that Charter Communications is the company with the biggest pre-tax income of almost $3.7 billion, yet paid $0 in federal taxes in 2020.
Meanwhile failure to pay is the most common penalty type for corporations, with over half a billion dollars in failure to pay penalties.
Corporations With Biggest Pre-tax Income That Paid $0 In Taxes
- The research showed that the telecommunications company, Charter Communications, is the company which paid $0 in taxes in 2020 and had the highest pre-tax income of nearly $3.7 billion.
- Sports apparel company Nike ranked second, with a pre-tax income of $2.9bn, yet paid zero in taxes in 2020 and actually received a tax rebate of $109m.
Most Common Penalty Types For Corporations
- In terms of the most common types of tax offences for corporations, failure to pay is the most frequent one that’s issued, with 286,725 penalties issued, totalling $589 million.
- When it comes to corporations, only 59 fraud penalties have been issued, which have only equated to fines of $7.9 million in total
Further Findings
- Failure to pay is also the most common tax offence for individuals and trusts, with over 19 million penalties issued, totalling $7.1 billion collected.
- Ireland is the country which lost the most money as a result of tax offences in 2020, with 22.26% of their total tax revenue collected lost because of tax abuse.
- Former US attorney Paul Daugerdas is guilty of what has been dubbed the biggest criminal tax fraud in history, racking up a tax debt of $1.6bn from his fraudulent tax shelters.
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