Sunday , 14 August 2022
Breaking News
Home » Business » Apple Paid Only 1.9% Tax Outside US!

Apple Paid Only 1.9% Tax Outside US!

Apple paid only 2% corporation tax outside USApple the corporate giant has paid less than 2% corporation tax on it’s profits outside the US, its filing with the US regulators has shown.

Apple paid $713m (£445m) in the year to 29 September on foreign pre-tax profits of $36.8bn (£23.0bn), a rate of 1.9%.

It is the latest company to be identified as paying low rates of overseas tax, following Starbucks, Facebook and Google in recent weeks.

It has not been suggested that any of their tax avoidance schemes are illegal.

All of the companies do pay considerable amounts of other taxes in the UK such as National Insurance and raise large sums of VAT.

Apple’s figures for foreign tax appear on page 61 of its form 10k filing with the Securities and Exchange Commission (SEC).

It had paid a rate of 2.5% the previous year.

Apple channels much of its business in Europe through a subsidiary in the Republic of Ireland, which has lower corporation tax than Britain.

But even Ireland charges 12.5%, compared with Britain’s 24%.

Many multinational companies manage to pay substantially below the official corporation tax rates by using tax havens such as Caribbean islands.

Related stories:

France and Germany officially out of Recession
G.M. Recalls 1.5 Million Cars and Trucks!
Time Magazines Person of the Year 2010: Facebook co-founder Mark Zuckerberg
Infosys in safe hand, confident retiring Infosys founder Narayana Murthy
Verizon Workers on Strike!
Our Heads Are Getting Bigger! Study Finds
IBM Layoffs - Thousands being Fired Worldwide!!
U.S. Unemployment Rate at 5-Year Low