Technology News Alert

With 'complex web' of offshore entities, Apple avoids taxes: Senate

Apple used an elaborate overseas accounting scheme to avoid taxes on at least $74 billion in profits between 2009 and 2012, a Senate investigation said Monday.

The Silicon Valley giant formed two subsidiaries based in Ireland but they had no employees or physical offices. The businesses had just one purpose: to funnel much of the company's global profits and dodge billions of dollars of U.S. tax obligations, according to the report by the Permanent Subcommittee on Investigations.

Apple denied breaking any tax laws. It argued the Irish subsidiaries help the U.S. economy by funding research and development projects, and assist the company's expansion in Asia and Europe.

Read more at:
http://www.washingtonpost.com/business/technology/with-complex-web-of-offshore-entities-apple-avoids-taxes-senate/2013/05/20/a59daea6-c16c-11e2-bfdb-3886a561c1ff_story.html

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