“Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more,” Patrick Temple-West and Kevin Drawbaugh report for Reuters. “The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying $9 billion in U.S. taxes, using a strategy involving three offshore units with no discernible tax home, or ‘residence.'”

“Cook, in his first congressional testimony since becoming Apple CEO in 2011, said his company is a major taxpayer, handing over nearly $6 billion in cash to the U.S. government in 2012,” Temple-West and Drawbaugh report. “‘We expect to pay even more this year,’ Cook said. ‘We pay all the taxes we owe.'”

Temple-West and Drawbaugh report, “Cook said Apple did not depend on tax gimmicks. ‘We don’t move intellectual property offshore and use it to sell our products back to the United States to avoid taxes. We don’t stash money on some Caribbean island,’ he said… Senator John McCain praised Apple as a success story, but he said the company’s tax strategy reflected a ‘flawed’ tax system… Cook said Apple agreed with those in Congress who want to reform corporate taxes and called for changes that include lower corporate income tax rates and a reasonable tax on foreign earnings. ‘Apple recognizes these and other improvements in the U.S. corporate tax system may increase the company’s taxes,’ he said in prepared testimony.”

Read more in the full article here.

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