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 Outrageous: Caterpillar facing US Senate tax probe - Long live tax avoidance

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Outrageous: Caterpillar facing US Senate tax probe - Long live tax avoidance Vide
PostSubject: Outrageous: Caterpillar facing US Senate tax probe - Long live tax avoidance   Outrageous: Caterpillar facing US Senate tax probe - Long live tax avoidance Icon_minitimeFri Mar 21, 2014 6:48 pm
A US Senate investigative panel is examining Caterpillar and whether the company improperly avoided US taxes by moving profits outside the country, said three people familiar with the inquiry.

The Senate's Permanent Subcommittee on Investigations will hold a hearing in early April, said two of the people. They spoke on condition of anonymity before an official announcement.

Rachel Potts, a spokeswoman for Caterpillar, declined to comment. Two staff members for the subcommittee declined to comment.

In 2009, Daniel Schlicksup, an employee who had worked on tax strategy, alleged in a lawsuit in federal court that Caterpillar used a "Swiss structure" to shift profits to offshore companies and avoid more than $US2 billion in US taxes. He also alleged that Caterpillar used a "Bermuda structure" involving shell companies to return profits to the US without paying required taxes.
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According to Schlicksup's complaint, the Swiss structure involved "many shell corporations with no business operations," in which the management of profitable businesses was technically shifted to Switzerland while actually remaining in the US.

Read more: http://www.smh.com.au/business/world-business/caterpillar-facing-us-senate-probe-20140321-3575n.html#ixzz2wdl53u6p

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