Published on 16 Mar 2023 on Insider Monkey via Yahoo Finance

26 Companies that Donate to Nonprofits

In this piece, we will take a look at the 26 companies that donate to nonprofits. For more companies, head on over to 5 Companies that Donate to Nonprofits.

Corporate greed is always a popular topic in the press. And, firms are to blame for some extent as well. There are well known examples of tax evasion, through which multinationals such as Apple Inc. (NASDAQ:AAPL) and Alphabet Inc. (NASDAQ:GOOG) have been caught funneling their profits through low tax jurisdictions such as Ireland to take advantage of low tax rates. In fact, Apple's variation of the popular Double Irish tax evasion scheme led to the company being fined a whopping 13.5 billion Euros by the European Commission for tax evasion - a decision that was later overturned by a court.

The Double Irish used to be a popular tax minimization approach from U.S. companies through which they would set up two different entities in Ireland, one in an EU country, and another one in a tax free jurisdiction such as Bermuda. The U.S. corporation would develop technology in its home country, sell it to the Bermuda arm, which would mark it up as an asset and license it to the first Irish company, which would license it to the EU branch for it to further license it to the second Irish company which would then sell the product to the customer. The resulting income from the sale would be parked in Bermuda, and lent out to the U.S. based company enabling it to avoid taxes - hence the term 'Double Irish' due to the two Irish entities.