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SEC on Apple’s taxes: Move along, nothing to see here

Monday, 7 Oct 2013 | 8:28 AM ET
Customers queue to buy Apple's new iPhone 5c and 5s smartphones outside the Apple Store at Wangfujing on September 20, 2013 in Beijing, China.
Getty Images
Customers queue to buy Apple's new iPhone 5c and 5s smartphones outside the Apple Store at Wangfujing on September 20, 2013 in Beijing, China.

The Securities and Exchange Commission has quietly closed a review of Apple's finances, AllThingsD reported on Monday, only four months after opening a probe into how the tech giant managed its overseas cash and taxation.

AllThingsD reported on its website that in September, regulators sent Apple a letter stating the agency had completed a review of the company's fiscal 2012 annual report. The SEC determined no action was needed against the tech giant, which agreed to provide investors with more information about foreign cash, reinvestment and tax policies, the report added.

The iPhone maker came under heavy scrutiny earlier this year after a Senate Committee claimed Apple was utilizing a strategy known as "Holy Grail of tax avoidance." By some estimates, Apple was paying little or no corporate taxes on more than $70 billion in profits over the past four years.

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