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Microsoft Admits Keeping $92 Billion Offshore to Avoid Paying $29 Billion in U.S. Taxes
Key Excerpts from Article on Website of International Business Times
Posted: September 2nd, 2014
http://www.ibtimes.com/microsoft-admits-keeping-92-billion-o...
Microsoft Corp. is currently sitting on almost $29.6 billion it would owe in U.S. taxes if it repatriated the $92.9 billion of earnings it is keeping offshore, according to disclosures in the companys most recent annual filings with the Securities and Exchange Commission. The company says it has "not provided deferred U.S. income taxes" because it says the earnings were generated from its "non-U.S. subsidiaries and then "reinvested outside the U.S. Tax experts, however, say that details of the filing suggest the company is using tax shelters to dodge the taxes it owes as a company domiciled in the United States. The disclosure in Microsofts SEC filing lands amid an intensifying debate over the fairness of U.S.-based multinational corporations using offshore subsidiaries and so-called "inversions" to avoid paying American taxes. Such maneuvers -- although often legal -- threaten to significantly reduce U.S. corporate tax receipts during an era marked by government budget deficits.
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