Apple CEO Tim Cook to testify at Senate hearing on offshore taxes

Apple CEO Tim Cook to testify at Senate hearing on offshore taxes

Apple is the target of a Senate hearing investigating offshore tax practices with the company’s CEO readying to testify at the Senate Permanent Subcommittee.

The iPhone maker has been under fire for its tax practices lately after avoiding to pay as much as $9.2 billion in taxes by performing some financial (though perfectly legal) mumbo-jumbo.

The goal of the hearing is to examine how companies shift profits offshore and how that impacts the tax code. To that end, representatives from Microsoft and HP have already testified in September 2012.

Apple spokesman Steve Dowling told POLITICO that they have been working with the subcommittee and will gladly answer any further questions it might have. He went to reminded us that Apple is one of the largest taxpayers in the United States, and also a company that helps create hundreds of thousands of jobs in the country by keeping its R&D in California, while creating innovative products like the iPhone, iPad and the app store.

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