Politico reports that Apple CEO Tim Cook is set to testify in front of the U.S. Senate Permanent Subcommittee on Investigation next week. The subcommittee is part of the U.S. Senate Committee on Homeland Security and Governmental Affairs.
The Subcommittee will continue its examination of the structures and methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code and related regulations. Witnesses will include representatives from the Department of the Treasury, the Internal Revenue Service, representatives of a multinational corporation, and tax experts.
The hearing, “Offshore Profit Shifting and the U.S. Tax Code – Part 2” will take place at 9:30AM on Tuesday May 21st in the Dirksen Senate Office Building.
Representatives from Microsoft and HP have testified about the same topic in the past.
Most assuredly the subject of Apple’s $17 billion bond offering will arise during the hearing. The offering was made in order to return cash to its shareholders without returning any of its $100 billion overseas cash hoard back to the U.S. By doing so, Apple was able to avoid paying a huge tax bill.
According to Politico, representatives from the Treasury Department, Internal Revenue Service and other tax experts will also testify at the hearing.