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Slideshow Battle for Syria The battle for Syria's biggest city, Aleppo. Slideshow Microsoft, HP skirted taxes via offshore units: Senate panel Tweet Share this Email Print Related News Tax ruling threatens commodity mutual funds: Kemp Fri, Sep 14 2012 Whistleblower in UBS tax case gets record $104 million Tue, Sep 11 2012 IRS warned, but did not act on tax strategy for private equity Mon, Sep 3 2012 HP posts mega-loss after EDS writedown Wed, Aug 22 2012 Dell's outlook disappoints as PC market falters Wed, Aug 22 2012 Analysis & Opinion Essential reading: Next school crisis for Chicago is its dwindling pension, and more Essential reading: No sales-tax effect on Amazon in Texas, and more Related Topics Tech » A variety of logos hover above the Microsoft booth on the opening day of the International Consumer Electronics Show (CES) in Las Vegas January 10, 2012. Credit: Reuters/Rick Wilking By Kim Dixon WASHINGTON | Thu Sep 20, 2012 11:55am EDT WASHINGTON (Reuters) - Technology giants Microsoft Corp and Hewlett-Packard Co used offshore units to shield billions of dollars from U.S. taxes by taking advantage of loopholes in the tax code, a U.S. Senate panel said on Thursday. Describing tax avoidance as rampant in the technology sector, the Senate's Permanent Subcommittee on Investigations said tech companies used intellectual property, royalties and license fees in tax havens such as the Cayman Islands to skirt U.S. taxes. "The high-tech industry is probably the No. 1 user of these offshore entities to transfer intellectual property," Senator Carl Levin, chairman of the panel, said at a news conference. "The tax practices and gimmicks range from egregious to dubious validity." The investigative panel's findings came hours ahead of a hearing Thursday, at which Levin is slated to reveal further details and to take testimony. Witnesses set to testify include tax executives from Microsoft and Hewlett-Packard, a tax executive from Big Four accounting firm Ernst & Young, and senior officials from the U.S. Internal Revenue Service. Levin has been investigating offshore tax evasion for years and often issues reports calling attention to the issue. The committee said that from 2009 to 2011, Microsoft shifted $21 billion offshore, almost half its U.S. retail sales revenue, saving up to $4.5 billion in taxes on goods sold in the United States. It also said the software giant shifts royalty revenue to units in lower-tax nations such as Singapore and Ireland, avoiding billions of dollars of additional taxes in the U.S. A spokesman for Microsoft could not be reached for comment. The panel said Hewlett-Packard funded U.S. operations with a stream of intercompany loans, using an exception in the law for short-term loans, to avoid billions of dollars in taxes. A spokesman for HP could not immediately be reached for comment. (Additional reporting by Lynnley Browning; Editing by Kevin Drawbaugh and Bernadette Baum) Tech Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (2) TomPaine1791 wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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