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Apple accused of $74bn US tax evasion
05-21-2013, 10:57 PM,
#1
Apple accused of $74bn US tax evasion
An Apple executive explained: "We don't have an obligation to solve America's problems."

But they sure make money off America’s sheeple…



Apple accused of $74bn US tax evasion

Apple, the US tech company is facing a government investigation after it was accused of evading billions of dollars in US taxes by using Ireland as a tax haven.

The investigation has uncovered a sophisticated scheme involving the creation of an international web of subsidiaries, reports the New York
Times.

The US Senate in a report blamed Ireland of being a tax haven
for the computer maker. In particular the US government condemned
Apple’s Irish tax arrangements, which in its view allow the company
to lawfully avoid billions in US taxes.

Irish Deputy Prime Minister Eamon Gilmore said the issue with
the two Irish subsidiaries allegedly helping Apple to avoid US
taxes arose from other jurisdictions and not the Irish tax system,
adding the Irish tax system is “very transparent”.
The reports claim the computer maker has shielded around $74
billion in profits over the past four years from the US tax
authorities through subsidiaries including two in Ireland.
According to the Senate, Apple instead of taking a traditional path
of opening accounts in offshore zones, created a chain of
subsidiaries, which had no signs of physical presence.
These companies officially registered in offshore zones like
Ireland had no staff apart from top executives. Each of these
companies being an offshore entity was free from taxes as well as
the obligation to file tax returns.

“Apple wasn’t satisfied with shifting its profits to a
low-tax offshore tax haven. Apple successfully 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,” said Senator Carl Levin, chairman of the US Senate
Permanent Subcommittee on Investigations which is holding Apple’s
hearing.

Apple has so far denied claims of tax evasion in its testimony
saying that the current legislation “has not kept pace with the
advent of the digital age and the rapidly changing global
economy.” The tech giant argues that as 61 percent of the
company’s revenue last year came from international sales, foreign
funds are needed for expansion, promotion and
competition.

The iPad and iPhone maker claims that the US system claims too
much from the business – 35 percent of the income, hence the
company has to keep much of its funds abroad. In 2012 Apple
contributed nearly $6 billion in taxes to the US economy.
Apple has become the latest target of the Senate committee led
by Democrat Carl Levin and Republican John McCain on investigating
tax avoidance by US multinational companies.
Other global companies are also in tax avoidance disputes.
Google, Starbucks and Amazon are among them, and they have also
fallen under suspicion of the UK parliament, which is currently
checking their tax integrity.

This article originally appeared on : RT
Article printed from http://www.CommonDreams.org
Source URL: http://www.commondreams.org/view/2013/05/20-0
Unite The Many, defeat the few.

Revolution is for the love of your people, culture, knowledge, wisdom, spirit, and peace. Not Greed!
Soul Rebel Native Son


http://video.google.ca/videoplay?docid=277...enous&hl=en
Reply
05-22-2013, 06:02 AM,
#2
RE: Apple accused of $74bn US tax evasion
How are they doing tax evasion if they "lawfully avoid billions in US taxes"? On a side note, how insane are people that demand legislation to solve problems when it's obvious that people predisposed to destructive behavior simply don't care or adapt to the new pieces of paper (not that I think Apple is evil for not paying taxes Smile )?
Reply


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