Published in News

Apple hiding billions from taxman

by on28 January 2013

As if hoarding $138 billion is not enough

Consumer electronics juggernaut Apple is apparently hiding billions in offshore tax havens.

According to Apple’s Q4 corporate filings, the company channeled $11 billion into tax havens in a single quarter. The Sunday Times claims the company is sheltering a total of $94 billion in tax havens. However, Apple’s activities are completely legal and the IRS can’t do anything about it.

But Apple’s tax avoidance strategy is not limited to the US. The company is avoided an estimated £550 million in tax in Britain back in 2011. A different analysis suggests a £550 million tax bill. Let’s not forget Kate Middleton is about to have a baby, and babies tend to cost money, so shame on you Apple.

American politicians, from both sides of the political spectrum, like to have their photos taken next to anything Apple.  The company is often viewed as an American success story, as it managed to reinvent itself and come back from the brink to become the world’s second most valuable company.

Although it’s legal, hiding $94 billion in offshore tax havens doesn’t sound too patriotic and wouldn’t make much of a talking point for “patriotic” has-beens running for office.

More here.

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