Senate Report: Apple Paid Little Or No Taxes To Any Government On Billions In Profits

[Tx4obama]

Apple Paid Little Or No Taxes To Any Government On Billions In Profits

WASHINGTON (Reuters) - Using an unusual global tax structure, Apple Inc has held billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure concluded on Monday.

In a 40-page memorandum released a day before Apple CEO Tim Cook is scheduled to testify before Congress, the Senate's Permanent Subcommittee on Investigations identified three subsidiaries that have no "tax residency" in Ireland, where they are incorporated, or in the United States, where company executives manage those companies.

The main subsidiary, a holding company that includes Apple's retail stores throughout Europe, has not paid any corporate income tax in the last five years.

The subsidiary, which has a Cork, Ireland, mailing address, received $29.9 billion in dividends from lower-tiered offshore Apple affiliates from 2009 to 2012, comprising 30 percent of Apple's total worldwide net profits, the report said.

"Apple has exploited a difference between Irish and U.S. tax residency rules," the report said.

-snip-

Full article here: http://www.huffingtonpost.com/2013/05/20/apple-senate-report-offshore-tax-structure_n_3308741.html

[defacto7]

1. I'm pretty sick of these guys.

It's like everyones eyes are all of a sudden opened!!! Hell, I've been watching this for years and it's general knowledge in congress and the rest of the world that this goes on and has for many years. So for some reason congress has just out of the blue pretend to come up with this "remarkable" finding!!! OK, what's the angle? Just sue the bastards and get it over with.

[Skittles]

2. proud to have never bought an Apple product

f*** them

[dipsydoodle]

3. Apple avoids BILLIONS in taxes with offshore headquarters in Ireland, says Senate report

Apple has avoided paying billions in income tax by holding money in off-shore accounts, according to a damaging U.S. Senate report.

An investigation by a Senate committee said the tech giant sought the 'Holy Grail of tax avoidance' schemes by not declaring tax residency in any country, which could be unique among international corporations.

An Irish subsidiary that earned $22billion in 2011 paid only $10million in taxes,

‘Apple wasn't satisfied with shifting its profits to a low-tax offshore tax haven,’ Sen. Carl Levin, D-Mich., the subcommittee's chairman, said.

‘Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere.’

Read more: http://www.dailymail.co.uk/news/article-2328121/Apple-avoids-BILLIONS-taxes-dummy-headquarters-Ireland-says-Senate-report.html#ixzz2Tv3ePW1w

[RedstDem]

4. part of american culture

Cheat, lie and steal your way to riches, and above all, fuck the rest of you.
That's our culture.

[Sancho]

5. Why pick on Apple? All the big corps are doing this!

It's time for all of them to pay a fair share...