Updated Feb. 27, 2013 at 9:23 a.m.
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Research Triangle Park, N.C. — Cisco Chairman and CEO John Chambers apparently has given up hope for tax changes in the U.S. Therefore, he plans to "go ahead and move" on threats to create jobs elsewhere. Others in tech industry will do likewise, he tells the Financial Times.
Cisco CEO following through on threat to grow outside US
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Research Triangle Park, N.C. — Cisco Chairman and CEO John Chambers apparently has given up hope for tax changes in the U.S. Therefore, he plans to "go ahead and move" on threats to create jobs elsewhere. Others in tech industry will do likewise, he tells the Financial Times.
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"just a smart business executive looking out for the best interest of shareholders"
How about being a loyal American looking out for the best interest of your country and fellow Americans?
How about being a loyal American looking out for the best interest of your country and fellow Americans?
Cisco Systems Inc.has cut its income taxes by $7 billion since 2005 by booking roughly half its worldwide profits at a subsidiary at the foot of the Swiss Alps that employs about 100 people.
Cisco’s techniques cut the effective tax rate on its reported international income to about 5 percent since 2008 by moving profits from roughly $20 billion in annual global sales through the Netherlands, Switzerland and Bermuda.
Cisco transfers a portion of the patent rights to technology developed in the U.S. to a Dutch unit, which sells some of the resulting products back to its parent for eventual distribution in the U.S. That means Cisco credits about $5 billion in U.S. sales annually to the Netherlands.
Cisco then transfers most of the profit from the Netherlands to low-or-no-tax countries like Switzerland and Bermuda, in the process shortchanging countries like France and Germany. Its Swiss unit has just a hundred workers and its Bermuda unit is a shell company.
Cisco’s techniques cut the effective tax rate on its reported international income to about 5 percent since 2008 by moving profits from roughly $20 billion in annual global sales through the Netherlands, Switzerland and Bermuda.
Cisco transfers a portion of the patent rights to technology developed in the U.S. to a Dutch unit, which sells some of the resulting products back to its parent for eventual distribution in the U.S. That means Cisco credits about $5 billion in U.S. sales annually to the Netherlands.
Cisco then transfers most of the profit from the Netherlands to low-or-no-tax countries like Switzerland and Bermuda, in the process shortchanging countries like France and Germany. Its Swiss unit has just a hundred workers and its Bermuda unit is a shell company.
Meanwhile, Obama loving GE paid NO taxes and Google got a taxpayer funded check. Obama doesn't care, since his intent it to destroy our country.
So Cisco credits 5 billion in US sales to the Netherlands and all you can say is Obama wants to destroy the country. Simply amazing...did you bother to read the article or do any research?
"just a smart business executive looking out for the best interest of shareholders"
How about the near-worst example of a spoiled and bratty CEO that nearly tanked the company.
How about the near-worst example of a spoiled and bratty CEO that nearly tanked the company.
Cisco MADE the money overseas. It isn't being shipped there. Google and GE made the money here and paid no taxes on it. It is you who needs to do sone research. Business is business. If it is patriotic to pay your taxes, then address Obama's donors. Whining about a CEO doing what business does is stupid.
http://www.ibtimes.com/ge-pfizer-microsoft-apple-other-major-us-corporations-are-parking-more-cash-abroad-avoid-paying
Obama's supporters keeping hundreds of billions overseas.
Obama's supporters keeping hundreds of billions overseas.
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