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Bill Introduced to Close Tax Loopholes, Raise Revenue and Keep Profits and Jobs in U.S. July 12th, 2011
Transfer pricing is a system whereby multinational corporations manipulate their internal prices to shift profits offshore, where they pay little or no tax.
In the midst of the current heated debate on the budget and associated deficit reduction, the introduction of a comprehensive bill to permanently close tax loopholes puts specific revenue-raising proposals on the table.
The Stop Tax Haven Abuse Act, introduced today by Senator Carl Levin (D-MI), would put new restrictions on the use of offshore tax havens to avoid and evade federal taxes. Some of the key provisions include taxing foreign corporations that do business primarily in the U.S., as domestic corporations, and requiring annual country-by-country reporting by SEC-registered corporations related to their employees, sales, purchases, financing arrangements, and taxes.
For a summary of the bill, click here.
Read Senator Levin’s press release for more information.
Click here to read more »
