A U.S. Senate committee memo said Microsoft Corp. usedaggressive international tax maneuvers to avoid billions of dollarsin taxes over the past three years.
The committee memo, released for a hearing today in Washington,said Microsoft used transactions with subsidiaries in Puerto Rico,Ireland, Singapore and Bermuda to save at least $6.5 billion intaxes. The committee also revealed that Hewlett- Packard Co. hasused a series of short-term internal loans that allowed the companyto tap its offshore cash for domestic operations without payingtaxes, according to the memo.
Senator Carl Levin, a Michigan Democrat and chairman of thePermanent Subcommittee on Investigations, didn't accuse thecompanies of acting illegally, though he said he was “highlydubious” that HP was in compliance with the tax law.
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