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offshoring

Offshoring is the practice of locating some of a company’s manufacturing, services, or other processes in a country other than the country where the company is based. Offshoring is typically done to access lower-cost labor resources, labor resources with specific skills, and infrastructure, such as manufacturing plants.

In Massachusetts, there is no specific state statute that directly addresses the practice of offshoring. However, federal laws and international trade agreements, which apply to all states including Massachusetts, govern aspects of offshoring such as tariffs, trade regulations, and tax implications for companies that engage in offshoring. Companies in Massachusetts that offshore operations must comply with federal tax laws, including reporting and paying taxes on foreign income. Additionally, they must adhere to international trade agreements that the United States is a part of, such as the North American Free Trade Agreement (NAFTA) and its successor, the United States-Mexico-Canada Agreement (USMCA). These agreements can affect the duties and tariffs imposed on goods and services that are traded between member countries. It's important for companies considering offshoring to consult with an attorney to ensure compliance with all applicable laws and trade agreements.

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offshoring

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Business

offshoring

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