Big Pharma Buy Incites U.S. Stocks to Rise
Big Pharma Buy Incites U.S. Stocks to Rise
Valeant Pharmaceuticals International Inc. Offers to Buy Botox Giant Allergan Inc.
Valeant Pharmaceuticals International Inc. Offers to Buy Botox Giant A...
U.S. Stocks Advance
U.S. Stocks Advance
Hedge Funds Lowered Bullish Bets on Gold
Hedge Funds Lowered Bullish Bets on Gold
Job Listings

Apple Paid Less Than 2% Corporate Tax Outside of the United States

 

Outside of the United States, Apple Inc paid under two percent corporation tax on the company’s profits, according to a filing with United States regulators. Up to September 29, Apple Inc paid just $713 million for the year on its foreign pre-tax profits of $36.8 billion. This equates to a rate of 1.9 percent.

 

According to the BBC, Apple Inc is just one of a multitude of companies that pays low rates on overseas tax. Those other companies include Google, Starbucks and Facebook. No one has suggested that the tax avoidance activities by these companies is illegal either.



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


 

Each of the companies mentioned above pay other taxes in the United Kingdom and raise large amounts of VAT. One such tax that those companies pay is that of National Insurance. Apple Inc filed its 10-K paperwork with the United States Securities and Exchange Commission and its numbers for foreign tax show up on page 61 of the filing. In 2011, Apple Inc paid a tax rate of 2.5 percent.

 

The majority of business done by Apple Inc in Europe is channeled through a subsidiary in the Republic of Ireland. The Republic of Ireland has lower corporation tax than the United Kingdom. Britain charges 24 percent while Ireland charges 12.5 percent. Many companies use the Caribbean as a haven for getting around paying high tax rates.

Did you like this? Share it:
Apple Paid Less Than 2% Corporate Tax Outside of the United States by

Tagged: , , ,

Posted by on November 5, 2012. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.