Featured Articles

Android Wear installed on 50-100k phones

Android Wear installed on 50-100k phones

Android Wear is a companion app that you need in order to run your new Android Wear watch.

More...
AMD launches 45W desktop Kaveri parts, finally

AMD launches 45W desktop Kaveri parts, finally

AMD has finally launched three 45W Kaveri SKUs, which were in the works for months. The three chips feature configurable TDP,…

More...
Desktop Broadwell LGA is Socket 1150

Desktop Broadwell LGA is Socket 1150

Broadwell was supposed to come in 2014 and it will ship in the last quarter of this year for detachable thin…

More...
Nvidia officially launches the 8-inch Shield Tablet

Nvidia officially launches the 8-inch Shield Tablet

As expected and reported earlier, Nvidia has now officially announced its newest Shield device, the new 8-inch Shield Tablet. While the…

More...
Aerocool Dead Silence reviewed

Aerocool Dead Silence reviewed

Aerocool is well known for its gamer cases with aggressive styling. However, the Dead Silence chassis offers consumers a new choice,…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Wednesday, 22 May 2013 08:56

Apple has no tax shame

Written by Nick Farrell



US Congress meets Apple arrogance

The US Congress had its first significant brush with Apple arrogance and smugness when it tried to grill CEO Tim Cook over his dodgy tax bill.

Cook made no apology saying his company saved billions of dollars in US taxes by funnelling the business through Irish subsidiaries. The only concession he seemed to make was to tell lawmakers that his company backs corporate tax reform, even though it may end up paying more.

Cook’s view appears to be that once the US lowers its corporate tax regime and closed loopholes then Apple will bring its money back. Until the government did what it was told, it would not see much dosh. Cook, in his first congressional testimony since becoming Apple CEO in 2011, said his company is a major taxpayer, handing over nearly $6 billion in cash to the US government in 2012. This sounds a lot, but is actually a tiny percentage of what the government should be expecting from the successful toymaker.

Senator Carl Levin, chairman of the subcommittee said Apple used Ireland as a base for a web of offshore holding companies and negotiated a deal with the Irish government for a tax rate of less than two percent. The top U.S. corporate tax rate is 35 percent.

Cook more or less said “so what” it was all perfectly legal and Apple did not depend on tax gimmicks. Apple does not stash money on some Caribbean island, he said. We guess it does not need too if it has a respectable country like Ireland sitting on its cash pile.

Senator John McCain praised Apple as a success story, but he said the company's tax strategy reflected a "flawed" tax system.

Nick Farrell

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
blog comments powered by Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments