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Report That Apple, Pays Just 2% Tax Overseas

Report That Apple, Pays Just 2% Tax Overseas

Apple is said to be paying less than 2% Tax in some countries as the company channels money through off-shoots in low tax countries and other tax havens such as the British Virgin Islands.

New documents that have been released, reveal that the worlds biggest company paid $713m (?445m) in corporation tax abroad in the year to September 30, as profits grew to a $36.8bn outside America, according to regulatory filings lodged last week.

The company is already well below the United States government corporation tax rate of 35% coming in at only 1.9% and in the UK, which has a rate of 24%, they are hovering around paying only 2.5%

The company has been using legal tax avoidance schemes, channeling much of its earnings through a subsidiary company on an industrial estate, based in County Cork the reports claim.

The current corporation tax in Ireland is about half of that in the UK and many international company’s still pay less than this as their profits are channeled through companies in the Caribbean.

It is estimated that the company has a UK earnings total of roughly ?6.7Bn and this would imply an estimated profit of ?2.2Bn and, at

the then corporation tax rate of 26%, a ?570m tax bill.

In other tax news this week, the Executives of Google, Starbucks and Amazon were hauled in-front of a panel of MP’s to discuss their company tax avoidance within the UK, so far Apple bosses have not made an appearance.

What do you think about the tax schemes in the UK?  Let us know by sending a tweet to @macreviews with your thoughts!

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