Testimony by Jennifer Davis to the Committee on Ways and Means of the House of Representatives in favor of HR 1005 which would deny foreign tax credit for any tax paid or accrued to the Republic of South Africa. Davis says such action would be a significant further step on the road to ending apartheid, beyond the 1986 passage of the Anti-Apartheid Act, at a time when the white minority government continues to be intransigent. Davis examines U.S. investment in South Africa and notes that U.S. computer companies, including IBM, Unisys and Control Data, dominate the computer market. She notes that South Africa relies heavily on foreign corporations to refine and distribute petroleum products....
Testimony by Jennifer Davis to the Committee on Ways and Means of the House of Representatives in favor of HR 1005 which would deny foreign tax credit for any tax paid or accrued to the Republic of South Africa. Davis says such action would be a significant further step on the road to ending apartheid, beyond the 1986 passage of the Anti-Apartheid Act, at a time when the white minority government continues to be intransigent. Davis examines U.S. investment in South Africa and notes that U.S. computer companies, including IBM, Unisys and Control Data, dominate the computer market. She notes that South Africa relies heavily on foreign corporations to refine and distribute petroleum products. Chevron, Texaco, Mobil and Shell dominate the market. Under the National Key Points Act, all companies - including foreign multinationals - can be forced to provide armed security of their facilities under the supervision of South Africa's defense forces. The testimony cites the value of taxes paid by U.S. corporations to South Africa, as reported by the Department of Commerce's Bureau of Economic Analysis and the Internal Revenue Service. • South African Income and Taxes Paid by Majority Owned Nonbank Affiliates on Nonbank U.S. Parents • Net Income South Africa Majority Owned Nonbank Affiliates of U.S. Parents • 1982 Taxes of South African Nonbank Affiliates of Nonbank U.S. Parents • The Role of U.S. Investment • Paying Taxes to South Africa • Sources • Notes and explanations
