U.S. Senate report says Apple hid Irish subsidiaries’ profits

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U.S. Senate report says Apple hid Irish subsidiaries’ profits

Using an unusual global tax structure, Apple has kept 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 said on Monday.

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.

Reuters

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