Apple CEO Denies Avoiding Taxes With Offshore Shell Cos.

Law360, Washington (May 21, 2013, 5:41 PM EDT) -- Apple Inc. CEO Timothy D. Cook on Tuesday defended his company's policy of holding billions of dollars in worldwide revenue in Irish shell corporations and shielding them from U.S. and international corporate taxes, telling a Senate investigations subcommittee that contrary to its report, Apple hasn't undercut its tax responsibilities.

Cook and other Apple executives acknowledged during a Permanent Subcommittee on Investigations hearing Tuesday that the technology giant pays significantly lower taxes on the revenue and investments held in three Irish subsidiaries and he claimed the company...
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