7 Tax Tricks Played By Apple On The U.S. Govt
Bangalore: Cupertino Giant’s CEO Timothy Cook was in front of the Senate panel on Tuesday clearing every situation regarding Apple. But there are some loop holes and Apple’s tax strategy goes according to it. To know how it all works out, we have gathered some strategies that Apple has of its own to understand the tech firm from the outside.
Let us take a look at what they are as compiled by Huffington Post.
#1 Most of Apple’s operations are run through an Irish company with no employees
With regards to why the Apple operations were initially set up in 1980 and why Apple sales go through it, the company has told the investigators that they have no records of it at all. This might give us an overall idea of how Apple has initiated its overall operations.
#2 Apple pays 2 percent or less in corporate income tax in Ireland
First of all Ireland is already a low-tax country and Apple receives ‘special treatment’ from here with a negotiated 2 percent income tax rate. But this in itself is a top line number as between 2009 and 2011, one Irish subsidiary, Apple Sales International paid $21 million in taxes, while it earned a whopping $ 38 billion for an effective rate of .06 percent.