It is common practice for multinational corporations to take advantage of tax shelters. The report offers a rare look at how one company has pulled it off. ViacomCBS, a media giant that came into being after the 2019 merger of the sibling companies, has used the same strategy for all its entertainment properties, according to the report. Since 2002, ViacomCBS and its predecessor companies Viacom and CBS together avoided paying $3.96 billion in U.S. corporate income tax through a system that involved subsidiaries in Barbados, the Bahamas, Luxembourg, the Netherlands and Britain, according to the report. Much of the $30 billion in non-U.S. royalty revenue brought in by the company’s film and TV franchises, such as “SpongeBob,” “Star Trek” and “Mission: Impossible,” has not been subject to corporate taxes, the study determined.
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