Apple avoided billions in taxes, congressional panel says
The Associated Press
Timothy D. Cook, Apple's chief executive, is expected to come under sharp questioning at a congressional hearing on Tuesday.
By Peninsula Daily News staff via New York Times News Service
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Some of these subsidiaries had no employees and were largely run by top officials from the company’s headquarters in Cupertino, Calif., according to congressional investigators.
But by officially locating them in places like Ireland, Apple was able to, in effect, make them stateless – exempt from taxes, record-keeping laws and the need for the subsidiaries to even file tax returns anywhere in the world.
In 2011, for example, one subsidiary paid Ireland just one-twentieth of 1 percent in taxes on $22 billion on pretax earnings from various operations; another did not file a corporate tax return anywhere and has paid almost nothing on $30 billion in profits since 2009.
READ MORE: http://www.nytimes.com/2013/05/21/business/apple-avoided-billions-in-taxes-congressional-panel-says.html?emc=na
Last modified: May 20. 2013 2:49PM