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Corporate America Extracts Cash From Bermuda After Tax Change

July 24, 2019, 1:10 PM

U.S. corporations brought back offshore profits in record numbers last year with nearly half of the repatriated funds coming from low-or-no-tax countries where companies had stashed cash prior to the 2017 tax law.

Nearly half of the cash U.S. multinationals brought back onshore during 2018 came from Bermuda—$231 billion—and the Netherlands—$138.8 billion, according to figures released by the Commerce Department’s Bureau of Economic Analysis July 24. Ireland was the third largest source of repatriated cash, but the value is suppressed because of confidentiality rules in the country, according to the report.

The data give one of the first indications at ...