How one of the world’s biggest companies is avoiding taxes and getting away with it…
Earlier this month, tech behemoth Apple announced that it would create a $1 billion fund for new “jobs” in the United States. The company claimed it would need to borrow money for the initiative, which is an usual statement for a company with more than $250 billion cash on hand to make.
But if Apple were to move some of that money, currently housed in tax havens overseas, back to the United States, the company would have to pay taxes in the United States, and that’s not part of Apple’s business model.
The company could repatriate its vast offshore holdings — which it’s accumulated deliberately, through years of byzantine tax-dodging schemes — but would then have to pay U.S. taxes , which might bump Apple down from The richest corporation in the history of capitalism to merely One of the richest corporations in the history of capitalism.
Apple’s tax avoidance goes back years and spans the globe. Here are just a few other examples of Apple’s attempts to skip out on the bill:
United States: Apple’s tax avoidance diverted at least $74 billion between 2009 and 2012 from its possible U.S. tax bill , and that cash remained offshore
Ireland: Apple Inc. was ordered to pay as much as 13 billion euros ($14.5 billion) plus interest after the European Commission said Ireland illegally slashed the iPhone maker’s tax bill, in a record crackdown on fiscal loopholes that also risked inflaming tensions with the U.S.
Australia: The Australian Taxation Office has sent a tax bill of ¬almost $3 billion to seven of the world’s largest multinationals for ripping off Australians and not paying their fair share of tax. The Daily Telegraph can exclusively reveal the ATO has muscled up and hit seven publicly listed companies with tax bills of between $250 million and $800 million. As well as Rio Tinto, the other companies understood to include BHP Billiton, Microsoft, Apple and Google.
New Zealand: Financial statements for its subsidiary, Apple Sales New Zealand, showed total sales in the last decade had amounted to NZD$4.2bn but income tax of NZD$34m had been apparently paid to the Australian tax office. … Had Apple reported the same healthy profit margin in New Zealand as it did for its operations globally it would have paid $356m in taxes over the period.
United Kingdom: The Telegraph Headline: “Apple Paid No UK Corporation Tax In 2012”
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