Tim Cook to Testify In Front of Senate Committee Over Apple's Tax Practices
Apple CEO Tim Cook will testify in front of the U.S. Senate Permanent Subcommittee on Investigation next week, Politico is reporting. The subcommittee is attached to the U.S. Senate Committee on Homeland Security and Governmental Affairs.
The hearing, titled "Offshore Profit Shifting and the U.S. Tax Code - Part 2" will occur at 9:30AM on Tuesday, May 21 in the Dirksen Senate Office Building.
The Subcommittee will continue its examination of the structures and methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code and related regulations. Witnesses will include representatives from the Department of the Treasury, the Internal Revenue Service, representatives of a multinational corporation, and tax experts.
Representatives from Microsoft and HP testified on September 12 on the same topic.
Apple recently borrowed $17 billion in a bond offering, in part to return cash to shareholders without bringing some of its $100 billion overseas cash pile to the United States. If it were to repatriate that cash to the U.S., it would need to pay a more than $13 billion tax bill.