Apple chief to testify today on tax strategy

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Associated Press

Posted on May 21, 2013 at 5:01 AM

Updated Tuesday, May 21 at 6:30 AM

WASHINGTON (AP) — Apple executives will be on the hot seat today when they testify before a Senate subcommittee on the tax strategy of the world's most valuable company.

CEO Tim Cook, the company's chief financial officer and its tax chief are likely to face tough questions. A Senate investigation found Apple uses affiliate companies outside the United States to avoid paying billions of dollars in U.S. income taxes.

The subcommittee last fall derided executives from other technology giants over similar allegations of using their privileged positions to avoid taxes while ordinary Americans must pay them.

Apple released testimony prepared for the hearing yesterday evening that denied using any gimmicks. Apple said it pays "an extraordinary amount" in U.S. taxes -- roughly $6 billion in fiscal 2012.

The statement says Apple "complies fully with both the laws and the spirit of the laws" in the U.S. and overseas.

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