Apple offshore loopholes averted taxes: Panel
WASHINGTON (AFP) - Apple avoided paying taxes on tens of billions of dollars in profits through a complex network of subsidiaries, many with "no declared tax jurisdiction," a US Senate panel has concluded.
The Senate investigation, set to be discussed at a hearing on Tuesday, stopped short of accusing the US tech giant of anything illegal but two lawmakers on the panel said the tax strategies call for new scrutiny.
"Apple wasn't satisfied with shifting its profits to a low-tax offshore tax haven," said Senator Carl Levin, head of the Senate Permanent Subcommittee on Investigations, in a statement Monday.
"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."