MacNN | Apple avoided UK corporation tax in 2012, report says
Mac News Network View: Standard | Headlines | Categorized | Slim
Mac News Network
Mac News iPod News Reviews Forums
 

Desktop Headlines
Apple avoided UK corporation tax in 2012, report says
Monday, July 1, 2013 @ 1:29pm

Apple paid no UK corporation tax for 2012, according to new filings. The Financial Times reports that Apple escaped 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 68 million in pre-tax profits. The deductions amounted to 27.7 million.



During 2011, by contrast, Apple paid the UK government 11.4 million. The company has come under fire for its tax practices, but mainly in the US. 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.

Comments on this Article
Print Friendly Version
Email to a Friend
Add MacNN to Your RSS Feeds
Buy from the Apple Store


Related Stories:

Most Recent Stories:

  • Apple to drop support of SSL 3.0 due to POODLE vulnerability - 11:55 PM EST
  • Japanese man arrested for 3D printing guns gets two years in prison - 10:58 PM EST
  • Tim Cook posts photo from latest China visit - 10:10 PM EST
  • Twitter introduces Digits, a new way to log into applications - 9:32 PM EST
  • Apple found not guilty of infringing on expired GPNE patents - 9:09 PM EST
  • AT&T reveals third quarter earnings, falls short of estimates - 8:11 PM EST
  • Teardown of iPad Air 2 by iFixit confirms 2GB RAM, smaller battery - 8:00 PM EST

    Today's iPodNN Stories:
  • Japanese man arrested for 3D printing guns gets two years in prison - 10:58 PM EST
  • Giveaway: Rapoo 3920P wireless laser mouse - 4:42 PM EST
  • Barnes & Noble unveils Samsung Galaxy Tab 4 Nook 10.1 - 4:14 PM EST
  • Moto 360 software update ships, wireless charging dock on Google Play - 8:33 AM EST
  • AR start-up Magic Leap secures $542M investment from Google, others - 7:32 AM EST
  • No comments posted on this story yet. Please post yours.
    Your Comments
    In order to post comments, you must be a registered member of the MacNN Forums and logged in. Please login with your MacNN Forums username and password.

    MacNN Forums Login:

    MacNN Forums Password:

    Not a member of the MacNN forums? Register now for free.