SEC finds Apple didn’t create “the Holy Grail of tax avoidance” after all

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 …  Read more