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

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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.




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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.




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However, analysis of its filings in America suggest a more realistic figure for UK turnover is ÂŁ6.7bn. This would imply an estimated profit of ÂŁ2.2bn and, at the then corporation tax rate of 26pc, a ÂŁ570m tax bill, the Sunday Times reports.

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