Apple’s chief executive Tim Cook has dismissed, as “total political crap,” the notion that the technology giant was avoiding taxes.
In CBS’s 60 Minutes show, Cook’s remarks come in the middle of a debate in the United States over corporations avoiding taxes through so-called inversion deals techniques, where a company re-domiciles its tax base to another country.
“Apple pays every tax dollar we owe,” Cook told 60 Minutes’ Charlie Rose in an interview.
Cook said it costs 40 percent, at least, to bring the profit in the United States. “I don’t think that’s a reasonable thing to do,” he said.
In Ireland Apple has a subsidiary where Apple saves billions of dollars of taxes, and where it declares much of its overseas profit.
The company holds $181.1 billion in offshore profits which is more than any other company in the US.A recent study based on SEC filings showed if Apple tries to bring the money back to the United States it would owe an estimated $59.2 billion in taxes.
The current tax code was made for the industrial age, and not the “digital age,” Cook said. “It’s backwards. It’s awful for America. It should have been fixed many years ago.”