Browsing: contractors

Sixty-three of the 100 largest publicly traded U.S. federal contractors have subsidiaries in tax havens, according to a new Government Accountability Office report. A tax haven is a country with no or low taxes where companies set up subsidiaries in order to reduce their tax burdens to the United States. Many of the tax havens cited in the GAO report are Caribbean countries, such as Barbados, the Bahamas and the Cayman Islands. Four contractors had more than half of their foreign subsidiaries in jurisdiction listed as tax havens. One contractor, Proctor and Gamble, has 83 off-shore subsidiaries in tax haven countries.