Madoff Scandal

A four-month long investigation into Apple’s tax affairs by the Securities and Exchange Commission has cleared the company of any wrong-doing in regard to the way the company accounted for taxes in respect of its overseas operations.

A Senate Permanent Subcommittee on Investigations hearing into Apple’s tax affairs had previously accused the company of seeking “the Holy Grail of tax avoidance” over cash held overseas. The hearing proved anti-climatic, with no wrong-doing established, and the investigation handed off to the SEC. The SEC has now closed the case.

Tim Cook made an unequivocal statement during the Senate hearing that Apple used no tax gimmicks … 

We pay all the taxes we owe. Every single dollar. We not only comply with the laws, but we comply with the spirit of the laws. We don’t depend on tax gimmicks.

Cook took the opportunity to propose comprehensive reform of corporate tax laws to allow it to repatriate overseas revenue back to the USA without having to pay U.S. taxes on income the company said had already been taxed overseas.

Via AllThingsD