Apple's Tim Cook defends tax strategy in Senate
May 22, 2013 00:26
The technology giant Apple has been defending itself against accusations that it's avoided paying tax on tens of billions of dollars in profits. Chief executive Tim Cook told a US Senate committee Apple paid all the taxes it owed, complying with both the law, and the spirit of the law.
He said last year it paid $6bn to the US Treasury, a tax rate of about 30%. The head of a Senate committee panel had earlier accused Apple of exploiting an absurdity in its tax payments. Apple's grilling comes as leading global brands are under growing scrutiny over their tax methods.