Transcription of Testimony in Support of L.D. 784 - MECEP
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Testimony in Support of L.D. 784 - MECEP
Testimony in Support of 784 An Act to Prevent Tax Haven Abuse March 27, 2017 Good afternoon Senator Dow, Representative Tipping, and distinguished members of the Joint Standing Committee on Taxation. My name s Sarah Austin, a policy analyst at the Maine Center for Economic Policy. I m here to speak in favor of 784, An Act to Prevent Tax Haven Abuse. The Organization for Economic Co-operation and Development (OECD) identify offshore tax havens as jurisdictions that have little to no tax on certain types of income, lack effective information exchange and transparency, and do not require operating businesses to prove they are engaged in substantial offshore tax avoidance takes many forms- debt shifting, transfer pricing, contract manufacturing, and more. ii These schemes work within corporate webs of parent companies, subsidiaries, and third parties that transfer debt and payments to artificially lower the profits claimed in counties with higher tax rates and increase the profits claimed in countries with lower tax rates.
Testimony in Support of L.D. 784 An Act to Prevent Tax Haven Abuse March 27, 2017 Good afternoon Senator Dow, Representative Tipping, and distinguished members of the Joint Standing ... For more information about the OECD tax haven definitions and guidance see Countering Offshore Tax Evasion: Some questions and answers on the project. Available at:
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