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Web of Tax Shelters Saved Apple Billions, Inquiry Finds

mspohr (589790) writes | about a year and a half ago

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mspohr (589790) writes "Apple relied on a “complex web of offshore entities” and U.S. tax loopholes to avoid paying billions of dollars in U.S. taxes on $44 billion in offshore income over the past four years, according to excerpts from a Senate subcommittee report to be released tomorrow as Apple CEO Tim Cook testifies on the company’s overseas operations.

The maker of iPhones and iPads used at least three foreign subsidiaries that it claims are not “tax resident in any nation” to help it avoid paying billions in “otherwise taxable offshore income,” the Senate Permanent Subcommittee on Investigations said in a statement today. "
Coverage in Forbes:
http://www.forbes.com/sites/connieguglielmo/2013/05/20/apple-used-loopholes-to-skip-paying-44-billion-in-u-s-taxes-senate-committee-claims/
NYTimes also has coverage:
http://www.nytimes.com/2013/05/21/business/apple-avoided-billions-in-taxes-congressional-panel-says.html"

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