Tim Cook to Testify Before Senate Subcommittee Investigating Tax Practices

Posted May 15, 2013 at 11:02pm by iClarified | Please help us and submit a translation by clicking here | 3809 views

Apple CEO Tim Cook will testify before a Senate subcommittee on Apple's offshore tax practices, reports Politico.

Apple has been under fire for its tax practices. The company recently avoided paying as much as $9.2 billion in taxes by buying back stock with debt instead of offshore cash, Bloomberg reported. Apple has a reported $100 billion in offshore funds.

HP and Microsoft representatives already testified in a hearing this past September. The subcommittee is examining how companies shift profits offshore and how that impacts the tax code.

The Permanent Subcommittee on Investigations has scheduled this second hearing called, “Offshore Profit Shifting and the U.S. Tax Code - Part 2” for Tuesday, May 21, 2013, at 9:30 a.m. in Room 106 of the Dirksen Senate Office Building.

The Subcommittee will continue its examination of the structures and methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code and related regulations. Witnesses will include representatives from the Department of the Treasury, the Internal Revenue Service, representatives of a multinational corporation, and tax experts. A witness list will be available Friday, May 17, 2013.

Read More [via MacRumors]


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Jon - May 16, 2013 at 3:11am
They are all thieves including the government. They are just mad that they got beat to it. Didn't our government compensated corporations for almost bankrupting this country and the CEOs gave themselves bonuses with that money while people's retirement funds were going broke. No one went to jail for that.
FukStupidGovernment - May 16, 2013 at 4:53am
You are one of the few Americans that still have the right intellectual minds for critical and analytical thinking, my friend. The rest of us are either doped out or just plain dumb. God bless you! We need more people like you for this great nation's future. Obama is taking us down straight to hellhole. He and his administration lied to us all about what really happened in Benghazi during re-election time, now he had IRS targeting conservative groups because they are his political rivals, and having the AP reporters wiretapped is just simply against our first Amendment. It's time to impeach this anti-American Muslim a$$hole. With Obama, America is heading straight to Socialism. We can't afford that. We do not want to be the next Soviet.
davedupa - May 16, 2013 at 2:21am
"stealing is not right" what a hypocrite
carbon - May 15, 2013 at 11:44pm
everyone hates taxes!
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