Medtronic a big user of tax havens, holding $20.5 billion overseas (Star Tribune)
A study shows that it’s among the companies with the most cash parked overseas.
Medtronic Inc., famous for heart devices, also has a less-well-known distinction: It’s one of the 30 U.S. corporations with the most money parked offshore.
The Fridley-based medical device maker holds $20.5 billion overseas, just one notch below Wal-Mart Stores Inc. with $21.4 billion, according to a report released Thursday.
Medtronic is one of more than a dozen Minnesota corporations in the joint report by Citizens for Tax Justice and U.S. Public Interest Research Group, which are calling for an end to the abuse of offshore tax havens.
The study uses 2013 data to examine the number of subsidiaries Fortune 500 companies have in countries regarded as tax havens, such as Bermuda and the Cayman Islands, and the amount of money they report holding offshore in general.
Medtronic, for instance, has 37 subsidiaries in so-called tax haven countries.
The authors say they can’t determine exactly how much of the money companies keep offshore is in tax-haven countries vs. other overseas locations where the companies have operations. ...
