Keeping Cash Overseas: Apple chief denies tax avoidance
World leaders last month approved a crackdown on tax avoidance by multinationals
SAN FRANCISCO:
Apple chief Tim Cook emphatically rejected accusations that the world’s richest company is sidestepping US taxes by keeping bundles of cash overseas. 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. Cook argued that Apple pays the biggest tax tab in the United States and that it keeps more money overseas than other company because two-thirds of its business is there. “That’s total political ****, there is no truth behind it.” Cook laid the blame on an outdated US tax code, calling for it to be revamped for modern times. “This is a tax code that was made for the Industrial Age, not the Digital Age,” Cook said.
Published in The Express Tribune, December 20th, 2015.
Apple chief Tim Cook emphatically rejected accusations that the world’s richest company is sidestepping US taxes by keeping bundles of cash overseas. 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. Cook argued that Apple pays the biggest tax tab in the United States and that it keeps more money overseas than other company because two-thirds of its business is there. “That’s total political ****, there is no truth behind it.” Cook laid the blame on an outdated US tax code, calling for it to be revamped for modern times. “This is a tax code that was made for the Industrial Age, not the Digital Age,” Cook said.
Published in The Express Tribune, December 20th, 2015.