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U.S. Senate panel targets offshore profits and taxes
September 18, 2012 / 8:25 PM / 5 years ago

U.S. Senate panel targets offshore profits and taxes

Sept 18 (Reuters) - 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.

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