News: Cook says Apple pays tax more than any other firm in a backwards system.
Apple CEO Tim Cook has dismissed tax dodging claims as total political crap, saying that the company pays every tax dollar it owes.
Speaking on CBS show 60 Minutes, Cook said the existing US tax code was written for the industrial age, instead of the digital age.
"It’s awful for America. It should have been fixed many years ago. It’s past time to get it done."
Cook said bringing profits back to the US would cost the company 40%. "I don’t think that’s a reasonable thing to do," he said.
According to the Senate Permanent Subcommittee on Investigations, Apple avoided paying $9bn in US taxes in 2012.
A Federal Communications Commission filing shows that Apple holds $181.1bn in profits offshore, more than any other US company.
A recent study has revealed that the iPhone maker would owe an estimated $59.2bn in taxes if it tried to bring the money back to the US.