Difference between revisions of "Apple and Taxes"
From BigTechWiki
Jump to navigationJump to search
| Line 2: | Line 2: | ||
* Apple used a “cost-sharing agreement” with its Irish subsidiaries, which transferred part ownership of intellectual property created in the U.S. to Ireland to avoid paying taxes in the U.S. | * Apple used a “cost-sharing agreement” with its Irish subsidiaries, which transferred part ownership of intellectual property created in the U.S. to Ireland to avoid paying taxes in the U.S. | ||
* Apple also used a tax loophole which allowed them to declare to the IRS that its three offshore subsidiaries were one company. | * Apple also used a tax loophole which allowed them to declare to the IRS that its three offshore subsidiaries were one company. | ||
* Forbes: Apple “has become famous over the years for deploying legions of accountants to devise offshore tax avoidance mechanisms with names like ‘double Irish with a Dutch sandwich.’” | * Forbes: Apple “has become famous over the years for deploying legions of accountants to devise offshore tax avoidance mechanisms with names like ‘double Irish with a Dutch sandwich.’”<ref>https://www.forbes.com/sites/christopherhelman/2017/04/18/what-americas-biggest-companies-pay-in-taxes/?sh=7115625f2f51</ref> | ||
* July 2020: An EU court ruled that Apple would not have to pay Ireland $14.8 billion in back taxes, which overturned a 2016 ruling that Apple had been giving illegal tax breaks by Dublin. | * July 2020: An EU court ruled that Apple would not have to pay Ireland $14.8 billion in back taxes, which overturned a 2016 ruling that Apple had been giving illegal tax breaks by Dublin. | ||
* Fair Tax Mark reported that Apple had the fifth biggest tax gap of the six companies examined in its study. | * Fair Tax Mark reported that Apple had the fifth biggest tax gap of the six companies examined in its study. | ||
* 2010 To 2019: Apple paid $93.8 billion in income taxes on $548.7 billion in profits after taking in $1,888 billion in revenue. | * 2010 To 2019: Apple paid $93.8 billion in income taxes on $548.7 billion in profits after taking in $1,888 billion in revenue. | ||
* Apple’s cash tax paid amounted to 17.1 percent of its profits, despite a federal headline tax rate of 35 percent in the United States. | * Apple’s cash tax paid amounted to 17.1 percent of its profits, despite a federal headline tax rate of 35 percent in the United States. | ||
Latest revision as of 18:39, 23 March 2022
- Apple avoided taxes by creating three offshore corporations in Ireland, a known tax haven.[1]
- Apple used a “cost-sharing agreement” with its Irish subsidiaries, which transferred part ownership of intellectual property created in the U.S. to Ireland to avoid paying taxes in the U.S.
- Apple also used a tax loophole which allowed them to declare to the IRS that its three offshore subsidiaries were one company.
- Forbes: Apple “has become famous over the years for deploying legions of accountants to devise offshore tax avoidance mechanisms with names like ‘double Irish with a Dutch sandwich.’”[2]
- July 2020: An EU court ruled that Apple would not have to pay Ireland $14.8 billion in back taxes, which overturned a 2016 ruling that Apple had been giving illegal tax breaks by Dublin.
- Fair Tax Mark reported that Apple had the fifth biggest tax gap of the six companies examined in its study.
- 2010 To 2019: Apple paid $93.8 billion in income taxes on $548.7 billion in profits after taking in $1,888 billion in revenue.
- Apple’s cash tax paid amounted to 17.1 percent of its profits, despite a federal headline tax rate of 35 percent in the United States.
