APPLE’s chief executive defended the company’s tax strategy in a stormy public meeting with US politicians.
Tim Cook told a senate subcommittee yesterday that the technology business pays every dollar of US tax that it owes. The subcommittee, however, accused Apple of “complicated and pernicious” measures by which to keep its profits out of the US, and taxed at lower rates through the use of holding companies in Ireland.
“We don’t depend on tax gimmicks,” said Cook, adding that Apple doesn’t move intellectual property offshore and sell back into the US, reported City AM.
Cook called on a simpler tax system, and in turn a lower US corporate tax rate. “The tax code has not kept up with the digital age.”
But the committee’s report in Apple made a claim that it had avoided $9bn (£4.6bn) in US taxes – although done nothing illegal.
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
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Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,