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Senate Report Details HP & Microsoft Offshore Tax Ploys
A new report from the Senate Permanent Subcommittee On Investigations asserts Microsoft Corp. and Hewlett-Packard have used “aggressive” offshore ploys to save or defer billions in U.S. corporate tax.
Executives from both tech giants, as well as a representative of HP auditor Ernst & Young, are scheduled to appear at a 2 P.M. subcommittee hearing today to answer questions from the subcommittee. HP and Microsoft cooperated with the investigation and are among “hundreds of companies’’ that are engaging in such offshore manipulations, Subcommittee Chairman Carl Levin (D-Michigan) noted at a press briefing this morning. He added that multinationals have been exploiting a mix of loopholes created by Internal Revenue Service regulations, loopholes created by Congress itself, and loopholes the corporate lawyers and accountants have created through technical and questionable readings of the tax code.
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