Apple accused of avoiding billions in taxes

Apple accused of avoiding billions in taxes US congressional investigators on Monday accused Apple of avoiding paying billions in taxes on its international profits by exploiting US tax loopholes and using two Irish subsidiaries that are not technically tax residents of any country.

The Senate permanent subcommittee on investigations released a 40-page report on Apple’s international tax structure ahead of a hearing that will shine a harsh political spotlight on the US technology group.

“Apple sought the Holy Grail of tax avoidance,” said Carl Levin, the Democrat who chairs the panel and will be leading the hearing. “It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere.”

http://link.ft.com/r/19JYUU/GY13GX/WL1GSD/4C80HN/JQ02WT/OS/h?a1=2013&a2=5&a3=20