- Apr 12, 2001
After jostling in competing memoranda yesterday, Apple and a group of U.S. Senators are prepared to go head-to-head in a committee hearing examining the tax avoidance strategies of Apple and other multinational corporations.
CEO Tim Cook, CFO Peter Oppenheimer, and Apple's head of tax operations Phillip A. Bullock will appear in front of the U.S. Senate Permanent Subcommittee on Investigation in the second part of a committee hearing running now.
The hearing is streaming live on the subcommittee's website and below. We will be liveblogging the hearing at the bottom of this post.
Update: iOS users can view the hearing at NBCNews.
Apple yesterday released a statement laying out some of its international operations and financial strategies, noting that it paid $6 billion in federal income tax in 2012 and that it has created hundreds of thousands of jobs in the United States.
A bipartisan group of Senators responded with a statement of its own, accusing Apple of using several offshore subsidiaries to avoid paying income taxes. Said Senator Carl Levin (D-MI), "Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere."
Earlier today, the Irish government -- where a number of Apple's subsidiaries are headquartered -- said that it was not responsible for the tax rates Apple pays in other countries and that its system was transparent.
Click here to read rest of article...
Article Link: Apple CEO Tim Cook and CFO Peter Oppenheimer Testify In Front of Senate Committee on Tax Strategies [Hearing Over]