GRILLED: Apple CEO Tim Cook testifies at a Senate homeland security and governmental affairs investigations subcommittee hearing on offshore profit shifting and the US tax code, on Capitol Hill in Washington. - Reuters
WASHINGTON: Apple Inc chief executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in US taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more.
The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone avoided paying US$9bil (RM27.15bil) in US taxes, using a strategy involving three offshore units with no discernible tax home, or "residence."
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