Category: Hewlett-Packard

Google And The UK Tax System – Tax Avoidance?

For several years now Google has been facing what appears to be a case of tax avoidance in the UK, at some point in time, the company went as far saying it did not make any money from business in the UK all in a desperate attempt to pay less… – Continue reading

Meg Whitman: HP will offshore 60% of the jobs in its ‘essential’ business unit

Hewlett-Packard will offshore 60% of its workers at its consulting unit, HP Enterprise Services, CEO Meg Whitman told investors Tuesday during the company’s annual analyst meeting. In 2013, 36% of ES workers were in low-cost offshore locations like Manila, Philippines; Costa Rica; and Bangalore, India. By 2018, 60% of them… – Continue reading

Tax Savings Drove Valeant, Burger King Deals, Senate Report Says

Tax savings drove the acquisition strategy of Valeant Pharmaceuticals International Inc. and led to Burger King’s move to Canada, according to a U.S. Senate committee report. Taxes appear to be much more important to the deals than the companies say, according to an advance copy of the report and testimony… – Continue reading

Microsoft, IRS going to court over longtime tax scrutiny

The IRS’ investigation into Microsoft books centers on how the company uses its overseas subsidiaries for tax purposes. The company says the IRS audit has gone on long enough and the federal agency improperly hired an outside law firm to help in the investigation. Microsoft and the federal government have… – Continue reading

The Tangled Web of Walmart and its Subsidiaries

A recent report by Americans For Tax Fairness looks at how Walmart, the world’s largest corporation, uses a vast network of subsidiaries and branches in overseas tax havens with two purposes: 1.) to minimize taxes owed on its foreign operations. 2.) most importantly, to avoid United States taxes on those… – Continue reading

Studies show, Congress Favors the Rich

When Hillary Clinton recently borrowed Elizabeth Warren’s talking points and claimed “the deck is still stacked in favor of those at the top” (in our economic and political system) against regular working people, did she mention reforming the tax code — and then offer any solutions? The simple answer is… – Continue reading

Caterpillar Hit With $1 Billion Demand From IRS

Caterpillar, Inc. (CAT), the heavy equipment maker is now under scrutiny as the IRS now demands $1 billion in taxes and penalties. This should come as no shock after the company faced Senate scrutiny in 2014 over its tax plans. Tax Woes The company deals in the designing, manufacturing and… – Continue reading

US tech giants launch fierce fightback against global tax avoidance crackdown

Lobby groups representing Google, Amazon and other powerful US tech multinationals have launched a fierce attack on global plans to stamp out artificial corporate structures used to avoid tax. In responses to the latest stage of a two-year, G20-led programme of international tax reform, lobbyists for the US tech industry… – Continue reading

Whopper? Microsoft Skirts Billions In Taxes, Google, HP & Apple Have It Their Way Too

With all the talk about inversions and America’s Burger King Going Canadian, it’s easy to ignore even more prevalent tax savings by numerous American companies. Take Microsoft, which admits in its 2014 SEC filing that it avoids $30 billion in U.S. taxes. The trick? Keep about triple that amount, $93… – Continue reading

Microsoft has nearly $93 billion in overseas cash, and it’s reduced its tax bill by almost $30 billion

Microsoft’s stash of cash stored overseas, not subject to US taxes, is growing. In its latest regulatory filing, the software giant said it has now stockpiled $92.9 billion offshore and that this money could have cost the company $29.6 billion in taxes, but didn’t. That compares to $76.4 billion from… – Continue reading

Caterpillar Previews Tax Defense for Senate Offshore Hearing (1)

Caterpillar (CAT:US) Inc. began defending its international tax maneuvers as a U.S. Senate investigative panel set an April 1 hearing to examine the company’s “offshore tax strategy.” Representatives from Caterpillar and PricewaterhouseCoopers LLP will testify, according to the hearing notice posted today by the Senate’s Permanent Subcommittee on Investigations. The committee, led… – Continue reading

Luxembourg Ordered to Give EU Tax-Deal Detail Amid Aid Probe (1)

European Union competition watchdogs ordered Luxembourg to hand over details of tax breaks for businesses after they said the Grand Duchy was hindering a state-aid probe spanning several EU nations. Luxembourg refused to deliver details concerning the 100 largest companies benefiting from a special program for companies whose profits stem… – Continue reading

Close corporate tax loopholes for large companies

Boeing won’t be paying any taxes this year [“Boeing has big tax refund coming from Uncle Sam — again,”, March 1]. Instead, by deferring tax payments, it will be getting a $199 million refund. It’s not alone; many corporations are avoiding taxes altogether through loopholes. In the Senate there is… – Continue reading

Apple to IBM hoard $206b abroad to avoid US tax

The largest US-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. The multinational companies have accumulated $1.95 trillion outside the US, up 11.8 per cent from a year earlier, according to securities filings… – Continue reading