Apple to argue for tax reform, defend tax practices

Apple will argue for a comprehensive corporate tax reform that will levy a “reasonable tax” on foreign earnings and is not dependent on a company’s revenue when it goes before a Senate panel on Tuesday to explain its offshore tax practices.

In prepared testimony released by the company and submitted ahead of Apple chief executive Tim Cook’s hearing on Tuesday before the Senate Permanent Subcommittee on Investigations, Apple denied it employed “tax gimmicks” like using Cayman Islands bank accounts or shifting intellectual property abroad.

via Business feed http://www.scmp.com/business/companies/article/1242551/apple-argue-tax-reform-defend-tax-practices