Apple would have paid a tax rate of about 15 per cent last year,
far below the 25.2 per cent it reported, had it not used a form of
reserve accounting that sets it apart from other big US technology
The rare accounting treatment has helped to distract attention from Apple at a time when the tax-avoidance strategies of other cash- rich US tech firms, notably Google, have come under public attack, according to tax experts.
However, Apple's tax planning is likely to come under the microscope tomorrow when chief executive Tim Cook appears before the US Senate's permanent investigations subcommittee.
- Copyright The Financial Times Limited 2013
(c) 2013 Irish Times. Provided by ProQuest LLC. All rights Reserved.
Most Popular Stories
- Bipartisan Budget Deal Gets Key Support in House
- GM to Stop Making Autos in Australia
- Clinton to Keynote Annual Simmons Leadership Conference
- Bitcoin Clones Lurch Onto Financial Scene
- Selena Gomez, Shakira Among Top Hispanic Searches
- How Bitcoin and Other Cryptocurrencies Work
- PhD Project Grooms Business Profs
- It's Primary Time in Texas
- How to Survive a Subzero Stranding
- N.M. Dems Say Nonprofit Helping Martinez Campaign