Monday, August 31, 2015   

Caterpillar dodged ‘US$2.4b in taxes’
(04-01 15:27)

Executives from US manufacturer Caterpillar Inc. are heading to Capitol Hill to explain what one senator calls an aggressive strategy to avoid paying billions in taxes.
Democrat Senator Carl Levin says Caterpillar has avoided paying US$2.4 billion in US taxes since 2000 by shifting profits to a wholly-controlled affiliate in Switzerland.
Levin chairs the Senate investigations subcommittee. His panel is holding a hearing Tuesday on Caterpillar's taxes. Representatives from Caterpillar and accounting firm PricewaterhouseCoopers LLP are scheduled to testify.
A report released by Levin says Caterpillar paid PricewaterhouseCoopers US$55 million to develop its tax strategy.
Julie Lagacy, a Caterpillar vice president, said the company complies with all tax laws. She said Caterpillar pays an effective income tax rate of 29 percent, among the highest for multinational manufacturers.—AP

   
Other Business breaking news:
Greece swears in caretaker cabinet (08-28 23:00)
US stocks lower at the open (08-28 21:45)
UBS pays penalty for disregarding bans on a terrorist’s deals (08-28 21:20)
US personal incomes and spending rise at modest rate (08-28 21:03)
Oil prices drop to US$42.35 (08-28 20:50)
Bank of China and AgBank report marginal earnings growth (08-28 19:25)
UK reports 0.7pc second quarter growth (08-28 18:31)
Shanghai stocks rally 4.8pc at close, Hang Seng gives up gains (08-28 16:25)
Dow leaps 200 points at open (08-27 22:34)
US reports broad-based 3.7pc growth sparked by consumer spending and business investment (08-27 22:05)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.