Apple’s CEO Tim Cook has defended his company’s tax avoidance tactics, Cook faced a grilling by US lawmakers accusing the tech-behemoth of sham subsidiaries and convoluted strategies to shift profits offshore, however Cook strenuously denied the company used gimmicks to avoid paying taxes. Cook told a US Senate committee Apple paid all the taxes it owed, complying with not only the law, but the spirit of the law.
Cook said last year Apple paid $US6 billion to the US coffers, a tax rate of about 30 percent.
The high level US Senate committee investigating corporate offshore tax avoidance has accused Apple of shifting billions of dollars in profits to avoid paying US taxes on a massive scale. It found Apple avoided paying $9 billion in tax in 2012. Earlier, Panel chairman Senator Carl Levin accused Apple of “exploiting an absurdity” in its tax payments.
Mr Cook told the hearing that Apple lives up to its tax obligations and more, but some lawmakers expressed outrage over findings of the panel’s probe that the tech-behemoth avoided taxes by using a web of foreign subsidiaries, some without any tax jurisdiction :: Read the full article »»»»