---
title: "NVIDIA paid $17 billion in taxes in the United States, ranking first in global corporate tax payments"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/279974950.md"
description: "NVIDIA paid nearly $17 billion in taxes in the United States, becoming the top corporate taxpayer globally. New accounting standards require companies to disclose detailed tax information, while JP Morgan received a $1.1 billion tax refund. The new regulations require companies to provide more detailed data on tax incentives and overseas operations, helping investors understand the tax situation of companies. By 2025, the tax contributions of 43 leading companies will account for a quarter of U.S. corporate income tax revenue"
datetime: "2026-03-20T17:00:40.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279974950.md)
  - [en](https://longbridge.com/en/news/279974950.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279974950.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/279974950.md) | [English](https://longbridge.com/en/news/279974950.md)


# NVIDIA paid $17 billion in taxes in the United States, ranking first in global corporate tax payments

Multiple companies disclosed their tax refund situations and tax planning in Ireland and Malta in the new regulatory filing documents.

> The new accounting standards require companies to disclose detailed information on cash tax payments, publicly revealing their tax amounts in various countries and the factors affecting their effective tax rates.

NVIDIA paid nearly $17 billion in taxes to the U.S. government last year; JP Morgan received a $1.1 billion tax refund; business layouts in Ireland and Malta helped several companies reduce their tax burdens.

This key information comes from the detailed tax disclosures required by the new accounting standards, allowing investors to clearly understand the tax situation of companies. The filing documents show the cash tax amounts of large enterprises and the countries where the taxes were paid.

The new regulations provide a unified standard for listed companies to explain why their effective tax rates differ from the U.S. statutory rate of 21%. In annual securities filing documents, companies are now required to provide more detailed data on tax incentives and overseas operations.

The Wall Street Journal, in collaboration with data analysis company Calcbench, has compiled detailed information on approximately 1,100 companies that have completed the new disclosures.

**U.S. Companies with Large Cash Tax Payments**

Chip manufacturer NVIDIA saw a surge in profits last year, paying **$16.8 billion** in corporate income tax to the U.S., the highest among disclosed companies. In previous years, companies were not required to break down cash tax data by country.

The taxes paid by NVIDIA accounted for nearly 4% of the total corporate income tax in the U.S., which is still not enough to cover the federal government's average daily expenditure.

The top six companies collectively paid over $53 billion in federal income tax, accounting for 13% of total tax revenue. By 2025, 43 leading companies, each contributing no less than $1 billion in taxes, will account for more than a quarter of U.S. corporate income tax revenue.

Some companies received federal tax refunds, with JP Morgan's refund amounting to $1.1 billion. The bank paid over $6.4 billion in taxes to other regions, including $987 million to the UK, $582 million to India, and $538 million to New York State. JP Morgan stated that the refund was due to overpayment of taxes in previous years.

Refunds may also come from the completion of tax audits: the bank reported that federal and state audits brought it $629 million in tax benefits. Despite receiving cash refunds, JP Morgan confirmed $7.6 billion in federal income tax accounting expenses in its 2025 financial report, with a global effective tax rate of 21.4%.

Some leading U.S. profitable companies, such as Apple, Oracle, and Microsoft, will disclose related data months later due to different fiscal year start times.

A few U.S. domestic companies disclosed that they did not pay cash taxes to the U.S. and only paid taxes overseas. Mining company Freeport-McMoRan is one example, disclosing $2.2 billion in taxes paid to Indonesia and $704 million to other regions, with no taxes paid to the federal or state governments in the U.S. A company spokesperson stated that the profitability of its U.S. operations has long been far below that of its overseas operations **Tax Planning of Pharmaceutical Companies in Ireland**

Large U.S. companies collectively paid approximately $12 billion in cash taxes to Ireland, more than any other country outside the United States. Currently, most of the tax payments come from pharmaceutical companies, and this pattern may change once all technology companies complete their disclosures.

U.S. pharmaceutical companies have long regarded Ireland as a hub for production and intellectual property operations, with some companies recording profits from sales to U.S. customers in Ireland. Although these overseas profits are subject to some U.S. taxes, the tax burden is typically lower than that of producing domestically and holding intellectual property in the U.S.

Eli Lilly disclosed that it paid $6.6 billion in taxes to Ireland, which is double its tax amount in the U.S., while two-thirds of the company's revenue comes from the U.S. market. Filing documents show that its operations in Ireland reduced its effective tax rate by 0.3 percentage points.

Eli Lilly stated that the related tax payments reflect its expansion of production in Ireland to meet global demand. The company noted that its taxable income in the U.S. decreased due to new and more substantial R&D and investment tax incentives introduced in last year's tax law, and that investments in its U.S. factories will lead to higher tax payments in the future.

Pfizer paid $1 billion in taxes to Ireland, accounting for 22% of its total tax amount, which is lower than the $2.7 billion paid to the U.S. Filing documents indicate that nearly 60% of Pfizer's revenue last year came from U.S. customers, while its Irish operations contributed less than 5%.

Regeneron Pharmaceuticals paid more taxes in Ireland than in the U.S., with filing documents showing that it saved over $300 million through its operations in Ireland. As of December 31, 2025, the company had 2,149 employees in Ireland compared to 11,961 in the U.S. The company stated that U.S. tax incentives for R&D and treatment of rare diseases lowered its domestic tax rate, while the global minimum tax rate increased its tax payments in Ireland.

**Tax Planning in Malta**

Through new regulations, investors can glimpse companies' operational layouts in regions without significant employment, sales, or production activities, including the pocket-sized nation of Malta.

Water treatment technology company Xylem disclosed that its tax rate was reduced by 1.6 percentage points, saving $19 million, thanks to Malta's **notional interest deduction** tax incentive. This incentive aims to encourage companies to invest through equity rather than debt.

Yum! Brands stated in its filing that it has transferred some of its intellectual property for Pizza Hut to Malta as part of a simplified corporate structure transaction.

Thermo Fisher Scientific, a manufacturer of pharmaceutical equipment, also disclosed tax incentives obtained in Malta, saving nearly $1.2 billion through the notional interest deduction policy by 2025.

**Prevalence of Energy Tax Credit Trading**

Companies continue to benefit from the Democratic Party's 2022 Inflation Reduction Act, which allows for the trading of clean energy tax credits.

Companies generating credit amounts, such as battery manufacturers, wind farms, and solar power plants, often find their tax liabilities insufficient to fully utilize the credits. Therefore, Congress allows them to sell the credits to businesses in need to reduce their tax burdens, creating a new market for tax incentive trading Buyers typically pay 90 to 95 cents for each $1 tax credit. Profitable companies are increasingly accepting the complexity and risks of this market.

According to data from tax credit trading service provider Reunion Infrastructure, 8.5% of publicly traded companies disclosed purchasing tax credits in 2025, up from 4.9% in 2024.

McDonald's disclosed purchasing $429 million in credits in 2025, with no related records in 2024. Green Mountain Coffee's Dr. Pepper has consistently purchased $260 million to $270 million in credits each year over the past three years, saving $16 million to $23 million in taxes annually.

Another major user is payment technology company Fiserv, which saved $96 million through transferable credits in 2025, with tax savings recorded in 2023 and 2024 as well. The company's former CEO Frank Bisignano left in May 2025 and is now the head of the IRS

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