Ireland to End Tax Arrangement That Saved Apple $40B

Ireland said it planned to shut down a much-criticized tax arrangement used by Apple Inc to shelter over $40 billion from taxation -- but will leave open an even bigger loophole that means the computer giant is unlikely to pay any more tax. A U.S. Senate committee investigation revealed in May that Apple had cut billions from its tax bill by declaring companies registered in the Irish city of Cork as not tax resident in any country. Senator Carl Levin said the company had achieved the "holy grail of tax avoidance" with the structures.