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View Diary: Overnight News Digest: Climate Change Edition (31 comments)

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  •  Apple is insanely great at not paying taxes (7+ / 0-)

    Apple, Congress spar over taxes ahead of Tuesday hearing

    (Reuters) - Using an unusual global tax structure, Apple Inc (AAPL.O) has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure said on Monday.

    In a 40-page memorandum released a day before Apple CEO Tim Cook is scheduled to testify before Congress, the Senate's Permanent Subcommittee on Investigations identified three subsidiaries that have no "tax residency" in Ireland, where they are incorporated, or in the United States, where company executives manage those companies.

    The main subsidiary, a holding company that includes Apple's retail stores throughout Europe, has not paid any corporate income tax in the last five years.

    The subsidiary, which has a Cork, Ireland, mailing address, received $29.9 billion in dividends from lower-tiered offshore Apple affiliates from 2009 to 2012, comprising 30 percent of Apple's total worldwide net profits, the report said.
    Apple to Congress: We do not use 'tax gimmicks'

    Summary: Ahead of a Congressional hearing on Tuesday, the iPhone and iPad maker sets out Apple chief executive Tim Cook's testimony. The company is clear: "what you see is what you get," but will Congress buy it?

    Apple on Monday posted its full testimony that it will later this week present to Congress, explaining in detail how it arranges its financial affairs, such as how and where it pays tax.

    The document, 16 pages in length[PDF], was posted by the Cupertino, Calif.-based technology giant on its website ahead of Apple chief executive Tim Cook's presence in the U.S. Senate on Tuesday.

    The U.S. Senate Permanent Subcommittee on Investigation is looking into a number of tax avoidance schemes and strategies by major technology firms. It comes as companies, not limited to Google and Amazon, have faced the wrath of the U.K. parliamentary select committees on public finance.

    I want 1 less Tiny Coffin, Why Don't You? Support The President's Gun Violence Plan.

    by JML9999 on Mon May 20, 2013 at 09:21:16 PM PDT

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