Apple's $42 billion tax loophole closed in Ireland
Source: Reuters
Apple's $42 billion tax loophole closed in Ireland
Oct 16, 2013 9:20 AM (10 hours ago)
But an even bigger loophole remains open.
Ireland said on Tuesday it planned to shut down a much-criticised tax arrangement used by Apple to shelter over $40 billion from taxation - but will leave open an even bigger loophole that means the computer giant is unlikely to pay any more tax.
A US Senate committee investigation revealed in May that Apple had cut billions from its tax bill by declaring companies registered in the Irish city of Cork as not tax resident in any country. Senator Carl Levin said the company had achieved the "holy grail of tax avoidance" with the structures.
Irish leaders protested angrily against the committee's characterisation of Ireland as a facilitator of tax avoidance.
Parliamentary hearings were subsequently held to review Ireland's tax rules amid concerns that damage to its reputation could jeopardise the foreign investment on which its economy relies heavily.
Read more: http://www.crn.com.au/News/360701,apples-42-billion-tax-loophole-closed-in-ireland.aspx
tomm2thumbs
(13,297 posts)'Roy-Chowdhury said Apple could continue its operations largely unchanged by nominating as its tax residence Bermuda or another jurisdiction that does not charge corporate income tax.'
FreakinDJ
(17,644 posts)so Apple could have their Free Trade Agreement
onehandle
(51,122 posts)OCTOBER 7, 2013 - Four months after opening its review of Apples finances, the Securities and Exchange Commission has closed it, having found nothing untoward about the companys handling of its overseas cash and related tax policies.
In a September letter to Apple, released late last week, the SEC said it had completed its review of the companys fiscal 2012 annual report, and would take no action against it at this time. Evidently, theres no need to, as the agency has found Apples disclosures to be sufficient, particularly now that it has agreed to provide investors with more information about its foreign cash, tax policies, and plans for reinvestment of foreign earnings.
The reviews conclusion follows a summer of tax scrutiny for Apple, kicked off by the Senate Permanent Subcommittee on Investigations claim that the company used the Holy Grail of tax avoidance to pay little or no corporate taxes on some $74 billion in profits over the past four years. Apple, of course, disputed that characterization, sending CEO Tim Cook to Washington to tell the subcommittee to its face that the company is a good corporate citizen.
We pay all the taxes we owe. Every single dollar, Cook said during a May hearing. We not only comply with the laws, but we comply with the spirit of the laws. We dont depend on tax gimmicks.
Read more: http://allthingsd.com/20131007/sec-clears-apples-tax-strategy
PoliticAverse
(26,366 posts)onehandle
(51,122 posts)Nothing will change until this second guilded age Congress is gone.
is interested in their accounting -- they don't take positions on taxes unless its grossly out of line with existing tax law, and its the Treasury department's job (or congress) to deal with tax loopholes.
RussBLib
(9,019 posts)...but the politicians are bought and paid for. I'm beginning to think that term limits might be the only thing that could pull us out of this spiral.
CountAllVotes
(20,875 posts)Greedy SOBs (so what else is new?).
for ANY of the parties involved!!!
florida08
(4,106 posts)has been destructive since Reagan lowered the tax rate.
BuddhaGirl
(3,608 posts)What horseshit
*iCheats*