(Reuters) - Some Alaska lawmakers say the tax system, which charges against the net profits oil companies make in Alaska instead of their overall production, cheats the state out of around $1 billion per year and may have been the product of corruption.
"This issue is also one of sovereignty," said state Rep. Les Gara, an Anchorage Democrat and longtime critic of the new tax system. "By letting the companies manipulate their profit numbers, you let them control the amount they can skate on in terms of tax payments."
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"This issue is also one of sovereignty," said state Rep. Les Gara, an Anchorage Democrat and longtime critic of the new tax system. "By letting the companies manipulate their profit numbers, you let them control the amount they can skate on in terms of tax payments."
Read more at Reuters.com Bonds News
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