WASHINGTON (AFP) - Apple chief executive Tim Cook denied on Tuesday using "gimmicks" to dodge corporate taxes as the tech giant came under attack from US lawmakers for using "sham" subsidiaries and "convoluted" strategies to shift profits offshore.
Mr Cook told a congressional panel he was "proud of our contributions to the American economy" as he sought to deflect criticism stemming from a Senate investigation on shifting of profits offshore.
"We don't depend on tax gimmicks," Mr Cook told a Senate Permanent Subcommittee on Investigations hearing. "We don't stash money on some Caribbean island. He said Apple's international subsidiaries have "real operations with real products" and pay required taxes in the countries where they operate.
Facing questions on the panel's investigation showing Apple funneled profits to subsidiaries with no declared tax jurisdiction, Mr Cook said the issue was "complex" and often misunderstood. "The way I look at it is that Apple pays 30.5 per cent of its profits in taxes in the United States," he said.
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