|Image via CrunchBase|
That is one key conclusion in a new report from the Senate Permanent Subcommittee on Investigations on the computer giant’s strategies for avoiding U.S. corporate income tax. It is a rare and detailed window into how multinationals juggle their international operations to avoid having to pay the taxman. This report may be about Apple, but the information it contains will sound familiar to anyone who has talked to tax lawyers or studied the 10-Ks of other major companies that do business around the world. Read more...
C-SPAN | Watch: Apple CEO Pressed on Offshore Tax Practices
Apple CEO Tim Cook goes before a Senate Permanent Subcommittee on Investigations to testify on his organization's offshore tax practices. The hearing also features two additional panels with treasury department officials and tax law academics.
Apple Inc AAPL.O Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more.
The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or "residence."
- Apple CEO Cook Rebuts $9 Billion Tax-Avoidance Claim (bloomberg.com)
- Apple grilled about tax havens (money.cnn.com)
- Senate Report Reveals Apple's Unusual Tax Structure (huffingtonpost.com)
- Apple Used Loopholes To Skip Paying U.S. Taxes On $44 Billion In Offshore Income, Senate Committee Claims (forbes.com)
- Appl, Congress spar over taxes ahead of Tuesday hearing (news.yahoo.com)
- Senate panel says Apple avoids billions in U.S. taxes (usatoday.com)