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Apple Inc's Stateless Subsidiaries Lower Tax Bills- Senate Report-Reuters

Monday, 20 May 2013 04:59pm EDT 

Reuters reported that using an unusual global tax structure, Apple Inc has held billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a U.S. Senate report on the Company's offshore tax structure concluded on May 20, 2013. In a 40-page memorandum released a day before Apple CEO Tim Cook is scheduled to testify before Congress, the Senate's Permanent Subcommittee on Investigations identified three subsidiaries that have no "tax residency" in Ireland, where they are incorporated, or in the United States, where company executives manage those companies. The subsidiary, which has a Cork, Ireland, mailing address, received $29.9 billion in dividends from lower-tiered offshore Apple affiliates from 2009 to 2012, comprising 30% of Apple's total worldwide net profits, the report said. Apple has exploited a difference between Irish and U.S. tax residency rules," the report said. Ahead of Tuesday's hearing, Apple said on Monday it does not use "tax gimmicks" and that the Company will pay more than $7 billion in U.S. taxes in fiscal 2013. Apple defended the main subsidiary highlighted by the subcommittee's report, saying it does not reduce Apple's U.S. tax liability, the Company said in a comment posted online as part of Tuesday's prepared remarks. Subcommittee staffers said on Monday that Apple was not breaking any laws and had cooperated fully with the investigation. 

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4 May 2015