Yesterday, TQ has informed readers that Apple CEO Tim Cook is likely to testify in front of the U.S. Senate on Tuesday, May 21st to explain his company’s offshore tax practices. According to Bloomberg Cupertino-based company has avoided to pay big taxes ($9.2 billion) by purchasing back stock with debt rather than utilising its offshore cash. However, before the hearing at the Senate, the Apple CEO clarified his company’s stance on tax policy, while giving an interview to Polotico.
Here is what Cook has said during the interview: “We don’t have a large presence in Washington, as you probably know, but we care deeply about public policy and believe creative policy can be a huge catalyst for a better society and a stronger economy.”
Cook also made it clear that Apple pays its taxes on everything which the company sells on U.S. soil. The tech giant also says it provides jobs to the people in the country, while taking care of the environment at the same time:
“I can tell you unequivocally Apple does not funnel its domestic profits overseas. We don’t do that. We pay taxes on all the products we sell in the U.S., and we pay every dollar that we owe. And so I’d like to be really clear on that,”
[…]
Cook said, “Apple is contributing in a lot of different ways to the economy, and we’re very, very proud of it, particularly in the job-creation area and the work we do to protect our environment.”
Talking about the domestic business, Cook said again that Apple will not only be producing Macs on U.S. soil but they are manufacturing various components as well, as he said that “we’re going very deep in this project,” as the company has set up assembly location and also producing parts in the following states: Texas, Arizona, Kentucky, Illinois and Florida.
During the interview, Cook also made it known that he is looking forward “to make some clear recommendations, and I trust there will be receptive parties there.” It appears that when Cook will testify in front of the senators during next week, he will give present Apple’s stance in the similar manner.
On the other hand, Apple is one of the largest tax payers in the country, as for the fiscal year of 2012 company paid $6 billion in terms of taxes and it is estimated that next year it could exceed up to $7 billion.
Source: iPhoneinCanada
Photo: AllThingsApple
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