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Senate Subcmte. Discusses Corporate Offshore Profit Shifting

Washington, DC
Thursday, September 20, 2012

The Senate Homeland Security and Governmental Affairs Subcommittee on Permanent Investigations holds a hearing on multinational corporations shifting profits into offshore subsidiaries to avoid paying U.S. taxes.

The hearing examined how these activities are affected by the Internal Revenue Code and other related regulations.

Witnesses include representatives from the Internal Revenue Service, the Financial Accounting Standards Board, multinational corporations and an accounting firm.

Sen. Levin questioned Bill Sample, Microsoft Corporate Vice President for Worldwide Tax on a company that Microsoft owns in Bermuda that has no employees and claims $3 billion in income. Sample separately conceded that it was in Microsoft's interest to reduce their tax burden and that holding assets in a foreign country serves to reduce the company's U.S. tax burden.

Sen. Levin (D-MI) will chair the hearing.

Updated: Thursday, September 20, 2012 at 6:46pm (ET)

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