Apple CEO Tim Cook will testify before a Senate subcommittee on Apple’s offshore tax practices, reports Politico.
Apple has been under fire for its tax practices. The company recently avoided paying as much as $9.2 billion in taxes by buying back stock with debt instead of offshore cash, Bloomberg reported. Apple has a reported $100 billion in offshore funds.
HP and Microsoft representatives already testified in a hearing this past September. The subcommittee is examining how companies shift profits offshore and how that impacts the tax code.
The Permanent Subcommittee on Investigations has scheduled this second hearing called, “Offshore Profit Shifting and the U.S. Tax Code – Part 2” for Tuesday, May 21, 2013, at 9:30 a.m. in Room 106 of 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. A witness list will be available Friday, May 17, 2013.