In this article we are going to learn about the 5 biggest companies that don’t pay taxes, based on Insider Monkey’s latest article. Everybody has to pay taxes, independently on the place of living. Although none of us like paying taxes, it’s inevitable to maintain a country. Taxes are needed to develop infrastructure: water supply, bridges roads, just to name a few. But as for the largest companies, the situation is a little bit different. Companies don’t prefer paying taxes either, but they can find a way easier why not to pay. According to Insider Monkey’s research, in the end of December, 2019 “378 companies had an effect tax rate of 11% which is around 50% less than the already significantly decreased tax rate.” Additionally, there were 91 corporations that didn’t pay any taxes, despite they were profitable.
And now let’s see what Insider Monkey has investigated for us. We have opted for three companies as a brief summarize. On the fourth spot we can see Prudential Financial. In 2018, its total revenue was $64,807 billion, total profit was $4,186 billion, and the total assets were $896,552 billion, while the company employed 51,511 people. Prudential is among the largest financial services companies in the world. General Motors is on the third spot of the list. In 2018, its total revenue was $137,237 billion, total profit was $6,732 billion, and the total assets were $228,037 billion, while the company employed 164,000 people. GM has a lot of losses being carried forward which is why despite being profitable, it doesn’t pay a cent in taxes. International Business Machines stands on the second spot. In 2018, its total revenue was $77,147 billion, total profit was $9,431 billion, and the total assets were $152,186 billion, while the company employed 383,800 people. Unbelievable but IBM is also among the companies that don’t pay tacxes. IBM is one of the biggest semiconductor companies in the world, operating in more than 170 countries. For more interesting information, please keep up reading and click the list of the biggest companies that don’t pay taxes.