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US raises concern over American firms evading taxes

Earlier in the day, the Apple CEO Tim Cook denied allegations of tax evasion.

Apple tax evasion: CEO Cook remains unapologetic

The report found Apple's three subsidiaries had no official tax residence, which made them pay little or no taxes.

Apple used subsidiaries to dodge billions in taxes: US panel

One of Apple's Irish affiliates reported profits of $30 billion between 2009 and 2012, but since it did not technically belong to any country, it paid no taxes to any govt.