Transfer pricing helps companies in the US avoid tax
August 13, 2008
US corporations are using transfer pricing regulations to move profits out of the country to avoid paying federal income tax, said a report from the US Government Accountability Office (GAO).
“If a company is earning profits in the US, it should have some taxable income,” said John Taylor, a US tax partner at the law firm Allen & Overy in London said. But, he added, moving profits to another jurisdiction to avoid taxes is a legitimate activity.
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