The problem here is the most of the money is either made or spent off shore from the incorporated nation. These corporations have created subsidiary corporations within other jurisdictions and sell to them at costs of a loss and the subsidiary ends up making the money in the jurisdiction that has low taxes.
And Alternative minimum tax would not be able to get around that because each incorporation is recognized legally as a separate corporation/company even when they are entirely owned by one of them.
Where the confusion happens is in the SEC (and equivalent) filings in which the owned subsidiaries get counted as an asset so it's activities are reported along with the parent corporation's activities. However, it doesn't reflect the obligations in differing nations or jurisdictions. Imagine it like this, you own an apartment building in the US and another in France. You form a corporation in France and place the apartment building there so make accounting and legal compliance easier. You pay property taxes on the properties only in the countries in which they actually are. Well, as long as you do not bring your rental income back to the US, you pay taxes on it only in France and it wouldn't even be counted on your US tax forms. But if I sued you because you got drunk and ran over my cat and you lost everything, those apartments in France would count as one of your assets.
Keep in mind, it's a bit more complicated then that, but that should give the gist of it.