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             Apple Faces Congressional Questions on US Tax Dodging

   by VOA News

   Giant technology company Apple is facing questions from a U.S.
   congressional panel about how it avoided billions of dollars in U.S.
   taxes on its profits by creating offshore entities that claim not to be
   a tax resident in any nation.
   Apple's chief executive Tim Cook is set to appear Tuesday before a
   Senate investigative panel. The committee released a report saying the
   U.S.-based firm claimed that three of its companies are not tax
   residents in Ireland, where they are incorporated, or in the U.S.,
   where the companies are managed.
   In one instance, the investigators said an Apple subsidiary had $30
   billion in income from 2009-2012, but had not paid taxes on it to any
   country.
   Numerous large multinational companies based in the U.S. seek to cut
   their taxes by parking huge sums in offshore accounts, where the money
   is only taxed if it is returned to the U.S. With the U.S. facing
   chronic budget deficits, it is a loophole that some lawmakers want to
   close.
   The committee's investigators did not accuse Apple of illegality with
   creation of the Irish subsidiaries. But the chairman of the panel,
   Senator Carl Levin, said the company "wasn't satisfied with shifting
   its profits to a low-tax offshore tax haven," adding that "Apple sought
   the Holy Grail of tax avoidance."
   Apple says it paid about $6 billion in U.S. taxes last year, but
   investigators say it would have had to pay billions more without the
   overseas accounts.
   A one-time U.S. presidential nominee, Senator John McCain, said that
   "Apple claims to be the largest U.S. corporate taxpayer, but by sheer
   size and scale, it is also among America's largest tax avoiders."
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   [1]http://www.voanews.com/content/apple-faces-congressional-question-on
   -us-tax-dodging/1665235.html

References

   1. http://www.voanews.com/content/apple-faces-congressional-question-on-us-tax-dodging/1665235.html