Apple CEO Tim Cook gets testy over tax avoidance talk on ’60 Minutes’

23 Dec 2015 | Author: | No comments yet »

Apple ‘not sidestepping US taxes’.

‘GAME OF CHICKEN’:Apple CEO Tim Cook said bringing profits back to the US would cost the firm 40 percent, which would not be ‘a reasonable thing to do’ Cook’s remarks, made on CBS’ 60 Minutes show, come amid a debate in the US over corporations avoiding taxes through techniques such as so-called inversion deals, where a company redomiciles its tax base to another country.Apple chief Tim Cook emphatically rejected accusations that the world’s richest company is sidestepping US taxes by keeping bundles of cash overseas, suggesting that the claim was politically motivated.Apple Chief Executive Officer Tim Cook, on CBS’s 60 Minutes to be aired on December 20, slammed the governments for considering weaking encryption to add a back door as a solution to prevent attacks, reported Bloomberg.SAN FRANCISCO/BENGALURU — Apple Inc Chief Executive Tim Cook dismissed as “total political crap” the notion that the tech giant was avoiding taxes.

World leaders last month approved a crackdown on tax avoidance by multinationals such as Apple, Google and McDonald’s, major firms whose rock-bottom tax bills have provoked widespread outrage in the United States and beyond. The Senate Permanent Subcommittee on Investigations probed Apple’s tax strategies and found that Apple in 2012 alone avoided paying US$9 billion (S$12.7 billion) in US taxes, using a strategy involving three offshore units with no discernible tax home, or “residence”. It should have been fixed many years ago.” Stanford Graduate School of Business assistant professor of accounting Rebecca Lester thought Cook’s colorful language might reflect frustration about the lack of movement on tax reform in Washington. The empassioned response from Cook followed Rose contending that many members of Congress believe Apple is perpetuating a scheme to pay little or no taxes on $74 billion in overseas revenue. It comes a year after the “LuxLeaks” revelations that some of the world’s biggest companies – also including Pepsi and Ikea – had lowered their tax rates to as little as one percent in secret pacts with tax authorities in Luxembourg.

US President Barack Obama, Chinese leader Xi Jinping and Britain’s Prime Minister David Cameron joined fellow leaders in endorsing a clampdown drawn up by the wealthy nations’ Organisation for Economic Cooperation and Development. The OECD calculates that national governments lose $100-240 billion, or 4-10 percent of global tax revenues, every year because of the tax-minimising schemes of multinationals. We should have both.” After Edward Snowden blew the whistle on government run programmes to spy on its own citizens, companies that provide messaging apps have made their encryption standards more robust. Its 15-point plan, adopted after years of negotiations, seeks to oblige multinationals to pay tax in the country where their main business activity is based.

Apple saves billions of dollars in taxes through subsidiaries in Ireland, where it declares much of its overseas profit. “Apple pays every tax dollar we owe,” Cook told 60 Minutes’ Charlie Rose, according to excerpts from the interview released on Friday.

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