Arab Today, arab today apple offshore loopholes averted taxes
Last Updated : GMT 09:42:59
Arab Today, arab today
Arab Today, arab today

Apple offshore loopholes averted taxes

Arab Today, arab today

Arab Today, arab today Apple offshore loopholes averted taxes

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 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.\" Levin said Tuesday\'s hearing would \"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.\" Republican Senator John McCain, another panel member, cited \"the highly questionable tax strategies that corporations like Apple use to avoid paying taxes in America.\" \"The proper place for the bulk of Apple\'s creative energy ought to go into its innovative products and services, not in its tax department,\" McCain said in a statement. The two senators said they were proposing measures to close these loopholes used by Apple and other multinationals to shield offshore income from US taxes. The Senate report said Apple used a \"cost sharing agreement\" to transfer intellectual property assets offshore and shift the resulting profits to a tax haven jurisdiction. One subsidiary \"reported net income of $30 billion, but declined to declare any tax residence, filed no corporate income tax return, and paid no corporate income taxes to any national government for five years,\" the report said. The panel said Apple also negotiated a tax rate of less than two percent with the government of Ireland, lower than that the 12 percent statutory rate , to use Ireland as the base for its network of offshore subsidiaries. From 2009 to 2012, the deal allowed Apple to shift $74 billion in worldwide sales income away from the United States to Ireland, the investigators found. The report said Apple has $145 billion in cash and equivalents, of which $102 billion is held offshore to minimize tax liabilities. The panel has called Apple chief executive Tim Cook and others from the California tech giant to testify Tuesday on \"methods employed by multinational corporations to shift profits offshore.\" The hearing comes amid increased scrutiny on offshore holdings of big US corporations, which have hundreds of billions of dollars overseas but are reluctant to bring the funds home because they could be subject to a top tax rate of 35 percent. Cook told The Washington Post he will be making his own proposal to lawmakers, which he argued would make it easier for Apple and other companies to repatriate offshore profits. \"If you look at it today, to repatriate cash to the US, you need to pay 35 percent of that cash. And that is a very high number,\" Cook told the daily. \"We are not proposing that it be zero. I know many of our peers believe that. But I don\'t view that. But I think it has to be reasonable.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today apple offshore loopholes averted taxes Arab Today, arab today apple offshore loopholes averted taxes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today apple offshore loopholes averted taxes Arab Today, arab today apple offshore loopholes averted taxes

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday