Stashing profits in offshore havens to avoid taxes might look unseemly but it also happens to be perfectly legal. Per AllThingsD, it seems that the Securities and Exchange Commission has finished its investigation of Apple’s tax avoidance practices and has found that the company has fully complied with American tax laws. Apple’s tax payments came in the spotlight earlier this year after the Senate Permanent Subcommittee on Investigations found that Apple allegedly “funneled money through three offshore companies to dodge billions in taxes.” Apple CEO Tim Cook defended his company’s practices during Senate testimony by saying that his company did nothing wrong and paid all the taxes that the law required it to pay. Cook then suggested that if lawmakers are unhappy with the taxes major firms like Apple and Google pay then they should change the laws.
SEC: Apple’s tax dodging is perfectly legal
Published Oct 7th, 2013 11:50AM EDT
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Brad Reed has written about technology for over eight years at BGR.com and Network World. Prior to that, he wrote freelance stories for political publications such as AlterNet and the American Prospect. He has a Master's Degree in Business and Economics Journalism from Boston University.
