TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Senate: Apple uses firms outside U.S. to avoid taxes

Daily Photo Galleries

By The Associated Press
Monday, May 20, 2013, 8:54 p.m.
 

WASHINGTON — Apple Inc. employs a group of affiliate companies outside the country to avoid paying billions of dollars in income taxes, a Senate investigation found.

The world's most valuable company is holding overseas $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued on Monday by the Senate Permanent Subcommittee on Investigations.

The strategies Apple uses are legal, and many other multinational corporations employ similar techniques to avoid paying income taxes on profits they reap overseas. But Apple uses a twist, the report found. The company's tactics raise questions about loopholes, lawmakers say.

Apple's top executives are scheduled to testify and explain the company's tax strategy at a hearing by the subcommittee on Tuesday.

 

 
 


Show commenting policy

Most-Read Nation

  1. Cleanup follows heavy storms in Phoenix area
  2. Mountaineer workers fear smoking ban will harm ‘livelihood’
  3. Irwin native among military personnel kept waiting for return of personal vehicle
  4. Last 4 hostages freed in suburban Chicago
Subscribe today! Click here for our subscription offers.