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Tim Cook scheduled to testify to Senate about Apple's offshore tax practices

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tim cook
tim cook

Apple CEO Tim Cook has reportedly been called to testify at Tuesday's Senate hearing on offshore profit shifting. The hearing is being conducted by the Permanent Subcommittee on Investigations, which has the authority to investigate things like federal waste, corporate crime, and offshore banking. VPs from Microsoft and HP testified at a similar hearing in September, but both Politico and Bloomberg are reporting that Apple’s CEO himself will be in attendance this time around.

Bloomberg notes that Apple recently got around paying up to $9.2 billion in taxes by using debt instead of overseas profits to finance its stock buyback. Apple is sitting on a huge pile of offshore cash, $94 billion as of January, money that many have been calling for the company to repatriate. Naturally, Apple thinks it’s paying its fair share of tax. In a statement, a company spokesperson said that "Apple is one of the largest taxpayers in the United States, having paid $6 billion in federal corporate income tax in fiscal 2012."