Senate panel questions Apple offshore tax avoidance tactics

Tuesday 21 May 2013 | 10:13 CET | News
Apple is accused of using a complex structure of international subsidiaries to avoid paying billions in income tax. The company's CEO Tim Cook will defend the company's record on 21 May at a hearing by a US Senate sub-committee investigating tax issues at US multinationals. The ranking senators on the committee, Democrat Carl Levin and Republican John McCain, said they will issue a 40-page memorandum with findings and recommendations based on the committee's investigation. Tax avoidance tactics used by Apple include a cost sharing agreement to transfer intellectual property assets offshore

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Categories: Mobile & Wireless
Companies: Apple / HP / Microsoft
Countries: United States
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