WASHINGTON: In the 2017 fiscal year, FedEx owed more than $1.5 billion in taxes. FedEx reaped big savings, bringing its effective tax rate to less than zero in fiscal year 2018 from 34% in fiscal year 2017, meaning that, overall, the government technically owed it money. Its financial filings show it owed no taxes in the 2018 fiscal year overall. More than 200 of those companies saw their effective tax rates fall by 10 points or more. The company has also added to its pension fund, a move that carried the benefit of reducing its tax liability even further.

Source: Economic Times November 17, 2019 03:56 UTC