Senate report claims Caterpillar avoided $2.4bn in US taxes

Carl Levin's subcommittee on investigations says the equipment-maker routed money through a Swiss subsidiary

One of the world's biggest manufacturing companies diverted more than $8bn in profits to Switzerland in order to avoid US taxes, according to investigators working for the Senate.

Caterpillar, the world's largest maker of construction and mining equipment, allegedly avoided paying more than $2.4bn in US taxes over a decade by striking a deal with Swiss tax authorities to pay as little as 4% on the profits from its lucrative international spare parts business through a Geneva-based subsidiary.

via Business Feeds

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