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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 Vermont, as in other states, offshoring is not directly regulated by state-specific legislation. Instead, companies in Vermont must adhere to federal laws and international trade agreements when engaging in offshoring practices. These federal regulations include tax laws, trade agreements, and labor standards that must be followed when a company decides to move part of its operations overseas. For instance, the Tax Cuts and Jobs Act of 2017 introduced changes to the way offshore profits are taxed, aiming to discourage offshoring by implementing a global minimum tax on earnings. Additionally, companies must comply with regulations such as the Foreign Corrupt Practices Act (FCPA) to prevent corruption and ensure fair competition. While Vermont may offer resources or incentives for businesses to keep operations within the state or the country, the decision to offshore is primarily influenced by federal policy and international economic factors rather than state law.

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offshoring

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