Senate report: Apple claims subsidiaries with no taxing jurisdiction

Apple has set up three foreign subsidiaries that the company claims are not resident in any nation for taxing purposes, in an effort to avoid paying tens of billions of dollars in taxes to the U.S. and other countries, according to a new report from a U.S. Senate subcommittee.

Apple has set up a ?complex web? of offshore entities to avoid paying taxes, with some subsidiaries set up in low-tax Ireland, according to a report released Monday by the investigations subcommittee of the Senate Homeland Security and Governmental Affairs Committee.

One of the subsidiaries set up by Apple has paid no corporate income tax to any nation for the past five years, although it reported $30 billion in net income from 2009 to 2012, the report said. Another subsidiary has paid a tax rate to Ireland of one-tenth of 1 percent or less in 2009, 2010 and 2011, far below the normal Irish corporate income tax rate of 12 percent, according to the subcommittee report.

Apple has negotiated an income tax rate of less than 2 percent with the Irish government, but in some cases, avoids paying even that rate, staffers said.

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Source: http://www.macworld.com/article/2039299/senate-report-apple-claims-subsidiaries-with-no-taxing-jurisdiction.html#tk.rss_all

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