Home From the Wires Apple dodges taxes on offshore income

Apple dodges taxes on offshore income

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Tuesday, May 21, 2013

The Washington Post: A Senate investigation has concluded that Apple was able to avoid paying taxes on tens of billions of offshore income with a web of entities that had no employees or offices.

Between 2009 and 2012, the company shielded at least $74 billion in profits from U.S. tax laws by setting up subsidiaries in Ireland under a special arrangement, the report said. While the practice of using foreign operations to avoid U.S. taxes is legal and common among multinationals, Apple’s scheme was unprecedented in its use of multiple affiliates that had no semblance of a physical presence, Senate staffers said.

The electronics giant’s rootless subsidiaries had just one purpose: to funnel much of the company’s global profits and dodge billions of dollars in U.S. tax obligations, according to the report by the Permanent Subcommittee on Investigations.

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