SHELL GAME: Apple Hides $1 Billion A Week From IRS Reviewed by Momizat on . The iPad maker has slashed its tax bill by paying less than 2pc on its overseas profits, as it moves money through offshoots in low-tax countries such as the Br The iPad maker has slashed its tax bill by paying less than 2pc on its overseas profits, as it moves money through offshoots in low-tax countries such as the Br Rating: 0
You Are Here: Home » News » Corporatism/Fascism » SHELL GAME: Apple Hides $1 Billion A Week From IRS

SHELL GAME: Apple Hides $1 Billion A Week From IRS

Screen shot 2013-01-28 at 12.24.46 AM

The iPad maker has slashed its tax bill by paying less than 2pc on its overseas profits, as it moves money through offshoots in low-tax countries such as the British Virgin Islands.

// ]]>

Apple’s completely legal tax avoidance strategies bring the total the company has sheltered from the US tax authorities to $94bn, according to a Sunday Times analysis.

Corporation tax on Apple’s overseas operations amount to just 1.9pc of profits, compared with a tax rate of up to 24pc in the UK and 35pc in the US.

Apple is estimated to have avoided more than £550m in tax in Britain in 2011. Its latest accounts show UK turnover at just over £1bn and profit at £81.3m, generating a tax bill of £14.4m.

// ]]>

However, analysis of its filings in America suggest a more realistic figure for UK turnover is £6.7bn. This would imply an estimated profit of £2.2bn and, at the then corporation tax rate of 26pc, a £570m tax bill, the Sunday Times reports.

READ MORE

Comments

comments

© 2012 Secrets of the Fed

Scroll to top