By - Andrew Trotman
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Apple tried to find the “Holy Grail of tax avoidance”, a US Senate committee has claimed, on the eve of chief executive Tim Cook’s appearance to answer questions on the tech giant’s offshore businesses.
The committee, which is made up of senior politicians, on Monday argued that Apple’s complex structure includes three Irish-based subsidiaries that appear not be a tax resident anywhere in the world.
According to the committee, one of those Irish affiliates, Apple Sales International, reported pre-tax profits of $22bn (£14.4bn) in 2011 but paid just $10m in tax, a rate of 0.05pc.
“Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven,” said senator Carl Levin, the subcommittee’s Democratic chairman.
“Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere.
“We intend to highlight that gimmick and other Apple offshore tax avoidance tactics so that American working families who pay their share of taxes understand how offshore tax loopholes raise their tax burden, add to the federal deficit and ought to be closed.”
The committee, which is made up of senior politicians, on Monday argued that Apple’s complex structure includes three Irish-based subsidiaries that appear not be a tax resident anywhere in the world.
According to the committee, one of those Irish affiliates, Apple Sales International, reported pre-tax profits of $22bn (£14.4bn) in 2011 but paid just $10m in tax, a rate of 0.05pc.
“Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven,” said senator Carl Levin, the subcommittee’s Democratic chairman.
“Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere.
“We intend to highlight that gimmick and other Apple offshore tax avoidance tactics so that American working families who pay their share of taxes understand how offshore tax loopholes raise their tax burden, add to the federal deficit and ought to be closed.”
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