Apple boss Tim Cook defended the iPhone giant today after it was revealed that the world’s most valuable company pays little or no tax on tens of billions of dollars stashed in offshore subsidiaries. The company CEO faced a grilling from lawmakers in what was tagged as ‘Apple bashing day’ on Capitol Hill. Insisting that Apple was an all-American company, Mr Cook brushed off criticism from a Senate panel, saying: ‘We estimate that the App Store has developed over 300,000 jobs in the U.S. None of that activity was there five years ago.’ He said the ‘design and development’ of Apple products remains focused on the United States and blasted America’s tax laws for not keeping pace with ‘the digital age.’
@highlight
Senate subcommittee says Apple skipped $9billion in federal taxes in 2012
@highlight
Says five affiliate companies in Cork, Ireland, used to avoid U.S. tax
@highlight
Report said: 'Ireland has essentially functioned as a tax haven for Apple'
@highlight
But Ireland denied it had any special rates with Apple
@highlight
Sen. Carl Levin said company sought 'Holy Grail' of tax avoidance schemes
@highlight
Apple says it 'complies full with both the laws and spirit of the laws'
@highlight
CEO Time Cook said Apple is 'All-American' and has created over 300,000 jobs in the U.S.
The probe discovered that Apple employs a group of affiliate companies outside @placeholder to avoid paying tax.
That means the other three aren’t legally required to pay taxes in @placeholder because they aren’t managed or controlled in that country, in Apple’s view.