Members of the US Senate’s Permanent Committee on Investigation including chairman Senator Carl Levin (left) and Sen John McCain.

UPDATE:

McCain: #Apple has negotiated a tax rate in Ireland of less than 2pc (something Irish foreign min Eamon Gilmore this afternoon denied)

— Tony Connelly (@tconnellyRTE) May 21, 2013

AOI, Apple’s Irish subsidiary has not paid corporate tax in last five years, Apple FD concedes. Looking v uncomfortable

— lisa o’carroll (@lisaocarroll) May 21, 2013

The investigation by the committee into Apple’s tax affairs has thrown up some glaring contradictions.

Tim Cook Apple CEO (above) has confirmed it has negotiated a special corporate tax rate of less than 2%.

But the Department of Finance says:“We do not have a special extra low corporation tax rate for multinational companies. Ireland’s tax system is statute based so there is no possibility of individual special tax rate deals for companies.”

The report suggests the Irish government is taxing profits made by Apple and other companies at rates below the 12.5% standard.

But the Department of Finance says: “All companies in Ireland pay the standard 12.5% rate on their trading profits arising in Ireland and reports of lower effective tax rates appear to arrive at their figures by running together the profits earned by group companies in Ireland and in other jurisdictions and incorrectly suggesting that Irish tax does or should apply to both,”

Hmm.