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NewsPoster Jul 1, 2013 01:30 PM
Apple avoided UK corporation tax in 2012, report says
Apple paid no UK corporation tax for 2012, according to new filings. The <em>Financial Times</em> reports that Apple <a href="">escaped</a> paying taxes through deductions on share awards to its workers. This is despite the company's three main British subsidiaries -- Apple UK, Apple Europe, and Apple Retail UK -- pulling in a combined &pound;68 million in pre-tax profits. The deductions amounted to &pound;27.7 million.<br /><br />During 2011, by contrast, Apple paid the UK government &pound;11.4 million. The company has come under fire for its tax practices, but <a href=" x.laws/" rel='nofollow'>mainly in the US</a>. Most of the company's cash reserves are held overseas. In 2011, 84 percent of its non-US operating income flowed through Apple Sales International, an Irish subsidiary with no tax residency that paid a tax rate of just 0.05 percent.
Jeronimo2000 Jul 1, 2013 03:19 PM
Shocking. Apple must be the only company on the planet that's actively looking for loopholes in the tax system and using them.
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