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GE to return $3.2 billion to US Treasury
Facing criticism over the amount of taxes it pays, General Electric announced it will repay its entire $3.2 billion tax refund to the US Treasury on April 18.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
GE uses a series of foreign tax havens that the company says are legal and that led to an enormous refund for the 2010 tax year.
The company earned $11 billion in 2010 on revenue of $150 billion.
The company, based in Fairfield, Conn., plans to phase out tax havens over 5 years and said it will create one job in the US for each new job it creates overseas.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
