SHELL GAME: Apple Hides $1 Billion A Week From IRS
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 ÂŁ550m in tax in Britain in 2011. Its latest accounts show UK turnover at just over ÂŁ1bn and profit at ÂŁ81.3m, generating a tax bill of ÂŁ14.4m.