Apple: Pickin' pockets everywhere and anywhere

Apple accused of 'highly questionable' billion-dollar tax avoidance scheme | Technology | The Guardian: "Apple uses a "highly questionable" web of offshore entities to avoid paying billions in US income taxes, a Senate committee alleged on Monday.

The complex arrangement includes three subsidiaries, based ostensibly in Ireland, which appear not to be designated as tax resident anywhere, the committee said. A source on the committee called them "iCompanies – I for imaginary, invisible".

The commitee said that the arrangement, described by one senator as "the epitome" of tax-avoidance schemes, allowed Apple to pay only very small amounts of tax on much of its overseas profits, thanks to the Irish companies that exist "nowhere" for tax purposes."

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