At the same time, Cook said he was happy to appear to be able to give Apple's side of the story.
That means cash rich Apple is, paradoxically, borrowing money to finance dividends and buybacks for its shareholders.
He appeared with Apple CFO Peter Oppenheimer and Head of Tax Operations Phillip Bullock.
Apple uses five companies located in Ireland to carry out its tax strategy, according to the Congressional report. The companies are located at the same address in Cork, Ireland, and they share members of their boards of directors. While all five companies were incorporated in Ireland, only two of them also have tax residency in that country. That means the other three aren't legally required to pay taxes in Ireland because they aren't managed or controlled in that country, in Apple's view. and Irish rules regarding tax residency. In Ireland, a company must be managed and controlled in the country to be a tax resident. law, a company is a tax resident of the country in Nike Shoes Gold And Black
Sen. tax code is unique among multinational corporations.
Apple's enormous, iPhone fueled profits mean that it has more cash stashed overseas than any other company: $102 billion. Like other companies, it has a responsibility to shareholders to pay as little as possible in taxes.
Thanks largely to the iPhone, Apple is one of the world's most profitable companies. It earned $41.7 billion in calendar year 2012. It's neck and neck with Exxon Mobil Corp. as the world's most valuable company.
which it was established.
Intellectual property rights, like patents, are Apple's "golden goose," Levin said.
WASHINGTON (AP) The Senate dragged massively profitable Apple Inc. taxes. taxes, a message he struggled to convey to the Senate Permanent Subcommittee on Investigations. tax code. federal taxes in 2011 and $9 Nike Shoes Eminem
The core of Levin's argument is that Apple has shifted intellectual property rights, like patents, to its Irish subsidiaries, which means other divisions pay royalties to those subsidiaries for their sales.
"Apple is exploiting an absurdity," Levin said at the start of the hearing.
"I'm saying it's who we are as people. . Wherever we are, we're an American company," Cook insisted when asked about Apple's use of affiliate companies in Ireland.
Apple executives countered that the main company has kept the rights for Nike Shoes Vector
"What Apple is doing is pretty mainstream," said accounting expert Robert Willens, in an interview.
In effect, Apple is holding out for a lower corporate tax rate, and Cook spent some of his time in the spotlight to advocate for one, accompanied by a streamlining of the tax code to eliminate
"This has been a major priority of his because he thinks it is inexplicable that our tax code would actually be written in a way that rewards companies for taking jobs and profits offshore, and thereby penalizes companies for doing what we want them to do, which is create jobs and opportunity here in the United States," Carney said Tuesday.
However, Apple's Irish subsidiaries date back thirty years, to the time when the Macintosh computer was Apple's banner product, and its profits were a fraction of 1 percent of today's figure.
The spotlight on Apple's tax strategy comes at a time of fevered debate in Washington over whether and how to raise revenues to help reduce the federal deficit. Many Democrats complain that the government is missing out on billions of dollars because companies are stashing profits abroad and avoiding taxes. companies make abroad. They say the move would encourage companies to invest at home.
Cook, who is more accustomed to commanding a stage in front of investors and techies than facing a congressional committee, took a defensive tone with his opening statement. He punched out words when stressing the 600,000 jobs that the company supports while adding that Apple is the nation's largest corporate taxpayer.
Apple's CEO faces tough Senate questions on untaxed profits
billion in 2012 by using its tax strategy, and described a complex setup involving Irish subsidiaries as being a key element of this strategy. taxes at all.
North and South America, so only royalties for overseas sales flow to the Irish subsidiaries. Also, the Irish companies pay for some Nike Sneakers Pink of research and development costs incurred at Apple's headquarters in Cupertino, Calif.
While the two parties agree that reform is necessary, there is little agreement about what shape it would take. tax system is in dire need of repair. tax code, is one of longstanding concern to President Barack Obama. Carney said Obama has long favored proposals "to ensure that American companies cannot use off shore profit shifting to avoid paying taxes," including a proposal for a minimum tax on foreign earnings.
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