GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
In 2015 the Organization for Economic Co-Operation and Development issued a plan to combat multinational corporations shifting profits from country to country, potentially to exploit differences in tax systems.
Many U.S. corporations operate globally and have foreign subsidiaries. The subsidiaries may be created, for example, to take advantage of sales opportunities or favorable labor conditions. In some cases they may be used to reduce taxes.
The 1988 Trade Act requires the Department of the Treasury to annually assess whether countries manipulate their currencies for trade advantage and to report semiannually on specific aspects of exchange rate policy.
The federal government was involved in about 8.6 million contract actions, including new contract awards, worth over $250 billion in fiscal year 2002. Some of these contracts were awarded to tax haven contractors, that is, U.S. subsidiaries of corporate parents located in tax haven countries.
Pursuant to a congressional request, GAO reviewed the Department of the Treasury's Office of Technical Assistance (OTA) foreign aid program, focusing on: (1) the types of technical assistance OTA advisors have provided to Russia and Romania; (2) oversight by OTA of advisors' activities; (3) advisor qualifications,...
GAO reviewed the Internal Revenue Service's (IRS) procedures for processing and posting tax returns with missing or incorrect social security numbers (SSN), focusing on: (1) the growth in IRS individual master file (IMF) accounts with missing or incorrect SSN; (2) IRS procedures for verifying the identities...