Exxon’s Income Tax: $0 (UPDATED)

Adam Weinstein

4/5/2010

ExxonMobil had such a profitable year in 2009, it contributed $15 billion to the world’s tax coffers. The bad news: Not a cent of that went to the IRS. Says Forbes in a report on all the taxes of the US’s top 25 firms: Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.

The story continues …..

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