TV News LIES

Tuesday, Jan 16th

Last update05:20:13 AM GMT

You are here News Economy Microsoft 'used offshore units to avoid paying $4.5bn in taxes', Senate claims

Microsoft 'used offshore units to avoid paying $4.5bn in taxes', Senate claims

E-mail Print PDF

Microsoft Technology giants Microsoft and Hewlett-Packard used offshore units to shield billions of dollars from US taxes by taking advantage of loopholes in the tax code, a US Senate panel has said.

Describing tax avoidance as rampant in the technology sector, the Senate's Permanent Subcommittee on Investigations said tech companies used intellectual property, royalties and license fees in tax havens such as the Cayman Islands to skirt US taxes.

"The hi-tech industry is probably the number one user of these offshore entities to transfer intellectual property," Senator Carl Levin, chairman of the panel, said at a news conference. "The tax practices and gimmicks range from egregious to dubious validity."

More...


Most Recent Related Stories...


Stocks Fall on Report China Could Slow or Halt Investments in U.S. Debt

Stock xchangeStocks declined on Wednesday, Jan. 10, the dollar slumped and bond yields spiked to a 10-month high...

U.S. trade gap soars as imports from China hit record high

trae deficit soars The U.S. trade deficit jumped 8.6 percent in October as imports from China and other suppliers...

World’s Wealthiest Billionaires Got Nearly $1 Trillion Richer In 2017: Bloomberg

money goes to moneyThe rich aren’t just getting richer — they’re getting much, much richer. Citing its Billionaires Index, Bloomberg...

The GOP tax plan could negatively affect your Social Security benefits

Tax reform? No, tax CUTS for the wealthy!Without a guaranteed monthly stipend, the number of seniors living below the federal poverty level could...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!