The smartphone giant faces new trials saying that they are using subsidiaries in Ireland, The Netherlands, and other low-tax nations as part of their strategy that allows Apple to cut its global tax bill by billions of dollars every year. Just one day before Apple’s CEO Tim Cook is expected to argue for corporate tax reform on Capitol Hill, a fresh report states that the tech giant is avoiding paying taxes on billions of dollars in profits.
Apple has legally distributed almost 70% of its profits overseas, where taxes are often much lower than in the U.S., according to company filings.
Apple said that they do not use “tax gimmicks” and that the company will pay more than $7 billion in U.S. taxes in fiscal 2013.
Subcommittee staffers said that Apple was not breaking any laws and had cooperated fully with the investigation.