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Senate panel to hold hearing on Caterpillar offshore taxes

  • A U.S. Senate panel known for investigating corporate tax avoidance has scheduled a hearing for April 1 to examine offshore tax strategies of Caterpillar (CAT).
  • It's the latest in a series of efforts by the Senate's Permanent Subcommittee on Investigations to examine how U.S.-based companies allocate income among their foreign subsidiaries and how those decisions are influenced by federal tax rules; CAT said in a securities filing last month that it has received notices from the IRS saying it owes more in federal taxes.
  • CAT says its effective tax rate averages about 29%, "relatively high for a company with substantial earnings generated from business activities outside the U.S."
Comments (1)
  • tfitzg123
    , contributor
    Comment (1) | Send Message
    our government loves double and more taxation, there is never enough of other peoples money or rich corporate money.
    25 Mar, 02:38 AM Reply Like
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