Washington: Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in US income taxes, a Senate investigation has found.
The world's most valuable company is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued Monday by the Senate Permanent Subcommittee on Investigations.
The strategies Apple uses are legal, and many other multinational corporations use similar tax techniques to avoid paying US income taxes on profits they reap overseas. But Apple uses a unique twist, the report found. The company's tactics raise questions about loopholes in the US tax code, lawmakers say.
The spotlight on Apple's tax strategy comes at a time of fevered debate in Washington over whether and how to raise revenues to help reduce the federal deficit. Many Democrats complain that the government is missing out on collecting billions because companies are stashing profits abroad and avoiding taxes. Republicans want to cut the corporate tax rate of 35 per cent and ease the tax burden on money that US companies make abroad. They say the move would encourage companies to invest at home....
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01:07 PM, May 21, 2013
Mumbai: Section of traders in Maharashtra on Monday night agreed to call off their prolonged agitation protest against the Local Body Tax (LBT) after a meeting with Chief Minister Prithviraj Chavan here. Chavan held lengthy discussions with traders, which ended late on Monday evening, after which some of the participants at the meeting announced that the traders would be calling off the stir. "Traders in Pune, Pimpri Chinchwad, Navi Mumbai...
10:10 AM, May 21, 2013
Mumbai: After more than three weeks, Mumbai traders on Monday called off their strike against Local Boy Tax (LBT). The strike was called off after a meeting took place between Chief Minister Prithviraj Chavan and protesters. All shops will be opened on Tuesday. Traders, wholesalers and manufacturers launched an indefinite strike against the Maharashtra government's LBT which replaces octroi. Chavan held lengthy discussions with traders, which ended late on Monday...
11:13 PM, May 20, 2013
Bangalore: Infosys Ltd, India's No 2 software services exporter, said on Monday it would challenge a $ 5.77 billion income tax demand raised by Indian authorities earlier this month. The demand relates to certain tax benefits on income from software development done overseas at the clients' location and revenue from special economic zones in India, Infosys said in a statement. It said the latest tax demand disregards a clarification by...
10:30 AM, May 20, 2013
Washington: A top White House adviser insisted President Barack Obama learned that the federal tax collection agency had targeted conservative groups only "when it came out in the news" while Republicans continued to press the administration for answers on Sunday. The Obama administration has also been forced on the defensive over its handling of last September's terrorist attack in Benghazi, Libya, that killed the US ambassador and three other Americans,...
09:20 PM, May 19, 2013
New Delhi: Income Tax department has slapped a fresh $ 106 million (about Rs 582 crore) tax demand notice on Infosys, for 2009 fiscal, adding to the tax woes of India's second largest IT firm. The Bangalore-based software services exporter is already contesting additional income tax demands of $ 214 million (about Rs 1,175 crore) for four fiscals years beginning 2005 and said it will take legal recourse against the...
12:28 PM, May 19, 2013
New Delhi: Finance Minister P Chidambaram will inaugurate a two-day conference of top Income Tax department and CBDT officers later this month in the national capital and discuss efforts to maximise revenue collection. The annual conference of Chief Commissioners and Directors General of the I-T department will be held on May 28 and 29. A host of challenges being faced by the department like illegal chit fund companies, ponzi schemes,...
09:55 AM, May 19, 2013
New Delhi: Aam Aadmi Party (AAP) National Convener Arvind Kejriwal on Wednesday attacked Law Minister Kapil Sibal over Vodafone tax case and said all the corrupt ministers have joined the Group of Ministers on CBI autonomy. "Kapil Sibal says he will sort out the tax liability on Vodafone and Hutchinson in an outside court settlement. We have learnt that Kapil Sibal's son is Hutchinson's lawyer," added Kejriwal. While addressing a...
02:42 PM, May 15, 2013
Patna: Rashtriya Janata Dal chief Lalu Prasad held a massive 'Parivartan' rally in Patna as the Income Tax department issued a notice to his party seeking details of expenses for the rally. The rally which is being held at Gandhi Maidan in Patna is the first of its kind by RJD after 2005 when it lost power to the NDA. Lalu Prasad reportedly wanted to use the rally as a...
02:27 PM, May 15, 2013
Mumbai: Amid ongoing stand-off between traders and state government over proposed imposition of Local Body Tax (LBT), Maharashtra Navnirman Sena chief Raj Thackeray on Sunday asked traders to not hold common people to ransom and open their shops. In a press statement issued in Mumbai, Raj said that LBT, to be imposed in Mumbai and some municipal corporations in the state from October 1, either be scrapped or amended. "Henceforth,...
11:47 PM, May 12, 2013
Mumbai: Perturbed by strident opposition to imposition of Local Body Tax (LBT) in Mumbai and some municipal corporations from October 1, Maharashtra Chief Minister Prithviraj Chavan on Sunday asked Congress leaders to "clear misconceptions" pertaining to the levy. "The chief minister asked state Congress leaders, including MPCC chief Manikrao Thakre and Mumbai Congress president Janardhan Chandurkar, to clear misconceptions of traders, merchants and opposition parties about LBT," Chavan was quoted...
11:36 PM, May 12, 2013
Mumbai: Wholesalers in the city would continue to observe bandh against the local body tax (LBT) even as associations representing retailers called off their strike on Saturday. "Despite a section of the retailers calling off the strike, wholesalers' strike against LBT will continue," Federation of Associations of Maharashtra President Mohan Gurnani said in a statement in Mumbai. The Federation of Retail Traders Welfare Association, led by Viren Shah, had announced...
11:24 PM, May 12, 2013
Mumbai: In a good news for people of Mumbai, retailers called off their strike against the Local Body Tax on late Saturday and said they were ready to talk to the government. The announcement came even as the city struggled with shortage of supplies due to the three-week long strike. Supporting the agitation by Maharashtra traders against the newly introduced Local Body Tax which replaces octroi, Indian Merchants' Chamber had...
11:26 PM, May 11, 2013
Mumbai: A fire broke out on the sixth floor of the Income Tax Building in Marine Lines area in south Mumbai on Thursday night but there were no report of casualties. Ten fire engines have been rushed to the spot, fire brigade sources said. The building, called 'Aayakar Bhavan', houses office of the Commissioner of the Income Tax. The fire call was received at 10:20 pm. There were no reports...
01:26 AM, May 10, 2013
Mumbai: Federation of Associations of Maharashtra (FAM) representing 750 trade associations in the state on Thursday said, it would continue with its call for indefinite trade bandh till the LBT (Local Body Tax) is removed, even as the agitation entered 18th day. The decision on indefinite strike was taken at a meeting of traders called by FAM at Azad Maidan on Thursday. Several BJP leaders like Jaywantiben Mehta, Raj Purohit,...
01:06 AM, May 10, 2013
Mumbai: Mumbai's bustling markets on Thursday wore an empty, deserted look. Since Monday, over one lakh traders in the city have shut shop to protest against the Local Body Tax (LBT) that the Maharashtra government has introduced to replace octroi. Traders say that the protest has caused a loss of Rs 75,000 crore so far. But they are not backing down yet. With talks with the government failing, they have...
07:37 PM, May 09, 2013
Mumbai: Markets in Mumbai have been shut for days now as traders fight against the controversial Local Body Tax. It has been estimated that the strike has incurred a loss of almost Rs 75,000 crore and it still counting. From grocery stores to restaurants to apparel stores, the bandh was near total. Around 40 traders were detained for holding a rally without permission at Lohar Chawl. But that was no...
08:41 AM, May 09, 2013
Milan: A Milan appeals court upheld a four-year sentence for tax fraud against former prime minister and centre-right leader Silvio Berlusconi on Wednesday, adding to the complications facing Italy's fragile coalition government. In addition to the jail sentence for tax fraud in connection with the purchase of broadcasting rights by his television network Mediaset, the court's ruling would also bar Berlusconi from holding public office for five years. However, neither...
07:40 AM, May 09, 2013
Raipur: Attacking the BJP government in Chhattisgarh, senior Congress leader Digvijaya Singh on Tuesday said the time has come for people to vote out two-time Chief Minister Raman Singh accusing him of spending public money for his administration's publicity. "Under BJP rule, natural resources were being openly looted. Chhattisgarh government had also come under the scanner over coal and iron ore block allotments," he said. "Statewide corruption is being witnessed...
01:07 AM, May 08, 2013
More than five lakh wholesalers in Maharashtra have called for an indefinite strike starting from Monday. The strike comes in proetst against the Local Body Tax. The retailers claim that Maharashtra is the only state that has a tax in addition to VAT. ...
02:47 PM, May 06, 2013
