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Apple releases Senate testimony as panel announces it avoided billions in taxes

A congressional panel has found that Apple avoided billions in taxes, the New York Times reports, thanks to an intricate network of subsidiaries throughout the globe. The structure of some of these sub-companies in certain countries made them exempt from paying or filing taxes or record-keeping laws.

The Senate Permanent Subcommittee on Investigations found that Apple kept US$74 billion from the IRS between 2009 and 2012. Apple is not charged, however, with breaking any laws.

Apple has published the full text of its upcoming testimony to the Senate congressional panel, which it's scheduled to make on Tuesday. Among those to testify include CEO Tim Cook. Cook spoke with The Washington Post last week about his ideas to repatriate some of those billions, and points out that the company is focused on creating jobs in the US and most likely will pay $7 billion in taxes to the US in 2013.

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