Apple posts Tim Cook’s US Senate testimony
Apple Testimony to PSI | Apple
Apple does not use tax gimmicks. Apple does not move its intellectual property into offshore tax havens and use it to sell products back into the US in order to avoid US tax; it does not use revolving loans from foreign subsidiaries to fund its domestic operations; it does not hold money on a Caribbean island; and it does not have a bank account in the Cayman Islands. Apple has substantial foreign cash because it sells the majority of its products outside the US. International operations accounted for 61% of Apple’s revenue last year and two-thirds of its revenue last quarter. These foreign earnings are taxed in the jurisdiction where they are earned (“foreign, post-tax income”).
Apple posts Tim Cook’s US Senate testimony | The Loop
Apple’s Prepared Testimony Before U.S. Senate | Daring Fireball
Senate investigators: Apple sheltered $44 billion from taxes | POLITICO.com
Meet AOI, Apple’s mysterious Irish subsidiary – updated | Fortune Tech
Subcommittee to Examine Offshore Profit Shifting and Tax Avoidance by Apple Inc. [Press Releases] | Carl Levin
It’s going to be messy.