Last week – 21st May 2013 – Accountancy Age reported that Apple had achieved the impossible, they had 3 subsidiaries that were not tax resident any where on earth!
While the US Senate committee held Apple is “one of the US’s biggest tax avoiders”, it noted the business had not done anything illegal.
In the committee’s report, chair Carl Levin said Apple was using “gimmicks” to avoid tax.
“Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven,” he said. “Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere.