Caterpillar to face U.S. Senate panel on offshore taxes

Caterpillar Inc's offshore tax strategies will come under scrutiny on Tuesday at a U.S. Senate hearing expected to examine dealings by the world's largest mining and construction equipment maker in Switzerland, Bermuda and Luxembourg. With many multinationals being criticized for tax avoidance, veteran tax sleuth Senator Carl Levin will chair another session of his Permanent Subcommittee on Investigations, with three current and former Caterpillar executives slated to testify. Levin's panel dives deeper than any other on Capitol Hill into the minutia of tax law and accounting, with its Caterpillar probe expected to center on the tax aspects of Caterpillar's corporate restructurings in the late 1990s and early 2000s. Big Four accounting firm PricewaterhouseCoopers LLP, which advised Caterpillar on its tax strategies, is also sending three officers to the hearing as witnesses.

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