Apple Chief Executive Tim Cook made no apology before a U.S. Senate panel on Tuesday for the iPad maker's use of a "highly questionable" tax minimization strategy.<br /><br />By channeling profits into Irish-based subsidiaries, Apple was able to shelter billions of dollars of income from the U.S.'s 35 percent federal corporate tax rate.<br /><br />The three companies are all incorporated in Ireland, but have no country of tax residence, and Apple has negotiated an income tax rate of 2% or less. One of the subsidiaries has not submitted a tax return anywhere in five years.<br /><br />Apple Operations International, which sits atop the company's web of subsidiaries, has never had any employees.<br /><br />Most of Apple's foreign operations are run through the offshore affiliate.<br /><br />By taking advantage of the so-called "check-the-box" loophole, Apple was able to avoid paying $12.5 billion in taxes on its global distribution network.<br /><br />Ireland's deputy prime minister insisted the country's tax regime is not to blame for Apple's exploitation of loopholes in international tax rules.<br /><br /><br />FOR MORE TOMONEWS US, GO TO: http://www.youtube.com/subscription_center?add_user=TomoNewsUS <br />Facebook http://www.facebook.com/TomoNewsUS<br />Twitter @tomonewsus http://www.twitter.com/TomoNewsUS<br />Google+ http://gplus.to/TomoNewsUS<br /><br />FOR FUNNY TAIWANESE ANIMATIONS, GO TO: http://www.youtube.com/subscription_center?add_user=NMAWorldEdition <br /><br />FOR FUNNY TAIWANESE ANIMATIONS IN ENGLISH, GO TO: http://www.youtube.com/subscription_center?add_user=NMAtv <br /><br />FOR TOMONEWS IN JAPANESE, GO TO: http://www.youtube.com/subscription_center?add_user=TomoNewsJP <br /><br />FOR APPLE DAILY ENGLISH, GO TO: http://www.youtube.com/subscription_center?add_user=AppleDailyEnglish
