Senate Panel Accuses Apple of Using Complex Tax Loopholes

A U.S. Senate committee says Apple has avoided paying taxes on billions of dollars in profits by setting up a complex network of off-shore entities.

The Senate panel says Apple created foreign subsidiaries with no employees or physical offices so it would pay little or no taxes on its earnings. It says Apple is holding $145 billion in cash, of which more than $100 billion is held offshore.

Apple chief Tim Cook is scheduled to go before the panel on Tuesday.

It is common for multi-national …

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