Sept 18 A powerful U.S. Senate panel will on
Thursday examine the tax implications of how U.S. multinational
corporations shift overseas profits around the world.
The Senate's Permanent Subcommittee on Investigations put
out some details about the hearing on Tuesday. The panel said it
will focus on "shifting of profits offshore by U.S.
multinational corporations" and U.S. tax law.
The committee said witnesses will include tax executives
from Microsoft Corp and Hewlett-Packard Co ; a
tax executive from Big Four accounting firm Ernst & Young; and
senior officials from the U.S. Internal Revenue Service.
Democratic Senator Carl Levin, who chairs the panel, has
been investigating offshore tax evasion for years and frequently
issues voluminous reports calling attention to the issue.
Precise details of the latest findings by Levin's committee
were not being disclosed by the panel.