Monday, May 20, 2013

Apple 'among largest tax avoiders in US'

It may come as a big surprise to Apple users worldwide that the manufacturer of famous iPhones is among America's largest tax evaders.

Committee member John McCain said: "Apple claims to be the largest US corporate taxpayer, but by sheer size and scale, it is also among America's largest tax avoiders."

A senate committee has accused Apple for using 'a complex web of offshore entities' to avoid paying billions of dollars in US income tax. However, the committee said there was no indication it had done anything illegal. Apple has a cash stockpile of $145 bn (£95 bn), but the committee said $102 bn of this was held offshore.

While Apple chief Tim Cook will go before the panel on Tuesday, the company insists that it did not use tax gimmicks.

Apple said in its statement: "Apple does not move its intellectual property into offshore tax havens and use it to sell products back into the US in order to avoid US tax.

( via BBC )
If you like Silicon Buzzard, please follow us on | Twitter | Facebook |


Post a Comment

Twitter Delicious Facebook Digg Stumbleupon Favorites More