The Securities and Exchange Commission has officially closed its review of Apple’s 2012 tax disclosures after finding that the company complies with the letter of the law. Apple’s practice of routing cash through international subsidiaries to avoid paying U.S. taxes, or the “Double Irish With a Dutch Sandwich,” was called into question this summer by the Senate Permanent Subcommittee.
After being accused of implementing the “holy grail of tax avoidance” by Senator Carl Levin, Apple has been cleared of any current investigation by the SEC.
Tim Cook and other Apple executives testified at the Senate hearing this summer. “We pay all the taxes we owe,” said Cook at the hearing. “Every single dollar. We not only comply with the laws, but we comply with the spirit of the laws.” For now, the government agrees.
- Source AllThingsD
- Image Reuters