May 21 (Bloomberg)- Steve Jobs's “Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven,” Democratic Senator Carl Levin of Michigan, chairman of the Senate Permanent Subcommittee on Investigations, said at a news conference yesterday. “Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere.” The world’s most-valuable technology company has $102 billion in offshore accounts and shifted billions in profits out of the U.S. into affiliates based in Ireland, where it negotiated a tax rate of less than 2 percent, according to a report by the panel. The offshore entities of the Cupertino, California-based company have paid little or no tax in recent years, the report said.One Apple affiliate -- Apple Operations International -- generated net income of $30 billion between 2009 and 2012. It declined to declare a tax residence, filed no corporate tax return and paid no income taxes to any nation, the report said.
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