TAX AVOIDANCE: A logo of HP is seen outside the Hewlett-Packard Belgian headquarters in Diegem. The company together with Microsoft have been accused of using offshore units and loopholes to shield billions of dollars in profits from US taxes. - Reuters
WASHINGTON: Microsoft Corp and Hewlett-Packard Co pushed back against claims by a US Senate panel that they used offshore units and loopholes to shield billions of dollars in profits from US taxes.
Calling tax avoidance rampant in the technology sector, the Senate’s Permanent Subcommittee on Investigations said tech companies used intellectual property, royalties and licence fees in overseas tax havens to skirt taxes.
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