FINANCIAL TIMES: …The Senate permanent subcommittee on investigations released a 40-page report on Apple’s international tax structure ahead of a hearing that will shine a harsh political spotlight on the US technology group…
“Apple sought the Holy Grail of tax avoidance,” said Carl Levin, the Democrat who chairs the panel and will lead the hearing. “It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere.”
The Senate report said Apple’s elaborate use of loopholes for international profits allowed it to save US tax on $44bn in “otherwise taxable offshore income” in the past four years. But the committee said there was no indication Apple had done anything illegal in attempting to minimise its tax bill … (more)
