Not only can we not tax their offshore subsidiaries, but they can write off the foreign taxes.

Under this guarantee, which was introduced in 2009, all money held in Irish owned banks, even if through offshore subsidiaries, is 100 per cent covered.

Until then, only their offshore subsidiaries had been allowed to trade.

The company adamantly denies that its offshore subsidiaries are used to shift income out of the U.S.

The tax break lets companies shield income earned in those businesses from taxes by shifting money to offshore subsidiaries.

There was offshore drilling off every shore and offshore subsidiaries on every corner.

The White House proposed to tax excessive profits of offshore subsidiaries as a curb on income shifting.

But companies would not need to channel sales through offshore subsidiaries, which are often situated in tax havens.

Onshore reinsurance companies may also incorporate an offshore subsidiary to reinsure catastrophic risks.

Next, that offshore subsidiary makes huge profits, by virtue of charging those huge fees.