Tim Cook brands tax-avoidance claims 'political crap'

Apple CEO insists firm is not involved in scheme to avoid paying overseas taxes

Apple's chief executive Tim Cook has branded claims his firm is involved in an overseas tax-avoidance scheme "total political crap".

In an interview with US news site CBS - excerpts of which have been published online - Cook defended Apple's tax practices.

"What I told them [Congress] and what I will tell you, is we pay more taxes in this country than anyone," he insisted. "I don't deny [that we should pay a lot] and I am happy to pay that."

He claimed that two thirds of Apple's business is based overseas, and although he "would love" to pay tax on that on home soil, he won't because of what he claims is an antiquated US law which he claims would be too expensive.

"It would cost me 40 per cent and I don't think that's a reasonable thing to do," he said. "This is a tax code which was made for the industrial age, not the digital age. It's backwards and it is awful for America. It should have been fixed years ago."

He flatly denied that Apple is involved in a "sophistcated scheme" to avoid paying taxes overseas.

"That is total political crap. There's no truth behind it. Apple pays every tax dollar we owe."