Senate Subcommittee: Apple Uses Offshore Entities to Avoid Billions in Taxes

The Senate Permanent Subcommittee on Investigations has issued a statement today saying that Apple uses a complex web of offshore entities to avoid paying billions in taxes.

The full statement (which can be read below) accuses Apple of multiple tax avoidance strategies including the creation of two offshore companies that are incorporated in Ireland but are not tax residents of the country. One of the subsidiaries has allegedly paid no income taxes to any national tax authority for the past five years.

The subcommittee has also released a 40 page memorandum with findings and recommendations.


More at iHash.eu