Apple's $76bn tax dodge* Also: Petition thing

[charlesr]

http://www.bloomberg.com/news/2013-05-26/apple-s-tax-dodge-should-prompt-rethink-in-ireland.html

Apple set up a bunch of shell companies that were not resident in any country and funnelled the funds via Ireland to Holland and then on to Bermuda. Or something like that. Crazy stuff.

In the US, for example, corporate tax generated 32.1% of all federal taxes in 1952. Today that proportion has fallen to a puny 8.9%.

Anyone going to sign this petition? http://www.avaaz.org/en/g8_tax_havens_p/?fp

In days, governments will discuss whether to plug a gigantic $1 trillion per year corporate tax loophole - enough money to end poverty, put every child in school, and double green investment! Most governments want powerful multinationals to pay these taxes, but the US and Canada are on the fence. To get a deal, we need them to feel the pressure.

$1 trillion is more than every country combined spends on their military. It's bigger than the budgets of 176 nations. It's $1000 each for every family on the planet. And believe it or not, it's the amount that our largest corporations and wealthiest individuals evade each year in taxes.

*Other companies do this too

[Pulstar]

Think of all the Apple hipsters! Their Church is getting slandered! Hahaha.. Twats.

[kryss]

That article has far too many words for them to follow though.

[fishbowlhead]

Every company does this, every one (to one extent/scale or another). If governments dont like it, they should close the loopholes. Their not actually doing anything illegal, so i honestly dont see what the big uproar is about. If your accountant turned round a said we can save billions, millions, thousands, by not breaking the law, you do it.

[CMcK]

Great how attaching Apple to anything gets more hits. Had to laugh at Sen McCain grilling Tim Cook at the recent hearing. Gives Cook grief for the amount of tax Apple pays in the US (most out of any corporation) and then cites GE as a positive example. GE who have their HQ offshore and pay a lower percentage rate of corporate tax in the US than Apple.

But I do agree that tax loopholes should be closed but I do worry it would drive companies away to markets with lower overheads.
Unless there was a universal corporate tax rate the world over there will always be advantages to moving offshore.

[charlesr]

Every company does this, every one (to one extent/scale or another). If governments dont like it, they should close the loopholes. Their not actually doing anything illegal, so i honestly dont see what the big uproar is about. If your accountant turned round a said we can save billions, millions, thousands, by not breaking the law, you do it.

I agree with all this. Thus the petition to actually ensure something is done about it.

And CMcK, corporations are already off-shoring where possible - I don't much can be done to halt that march of "progress". Although personally I think it's a mug's game, because you have to hop from one country to the next every few years as resource becomes more expensive, thus losing knowledge and expertise. Short term thinking.

[wakka]

Oh it's APPLE doing this? Well then it must be big news. You know because they're the only company that ships their cash offshore to avoid tax. I bet the other tech companies are really kicking themselves for not thinking of it too.

Just like the NYT's 'iEconomy' series, for which they won a Pulitzer, highlighting labour conditions in Apple factories...all of which were used by competing tech companies also.

Great how attaching Apple to anything gets more hits.

Precisely.

[charlesr]

I know loads of other companies do this. It's possible I may even have helped set one up. I just wanted to make an Apple fanboy honeytrap. I just wanted to make sure people read the thread and consider whether or not to sign the petition.

[speedlolita]

Imagine the pricing of their products if they DIDN'T avoid paying the full amount!

Thank heavens they do this to keep their products affordable!

[charlesr]

No, no, no. Surely if they had to pay tax, they'd just take it off the salaries of the top Execs?

[GluedOnBeard]

No, no, no. Surely if they had to pay tax, they'd just take it off the salaries of the top Execs?

What kind of world is this one, it sounds good. More like Apple Store staff lose their jobs and other cutbacks anywhere else. Hell Johnny Ive would probably get a raise.

[EJG1980]

I'm going to boycott all technology companies who minimise their tax bills via legal loopholes, who use cheap third world labour to save money, and who would lay off normal staff before even contemplating saving money by cutting executive and boardroom pay.

Incidentally, from now on I will now be posting via smoke signals from my lovely little woodland hut.

[wakka]

I know loads of other companies do this. It's possible I may even have helped set one up. I just wanted to make an Apple fanboy honeytrap. I just wanted to make sure people read the thread and consider whether or not to sign the petition.

Frankly as a religious organisation Apple should be tax exempt anyway

[fishbowlhead]

No, no, no. Surely if they had to pay tax, they'd just take it off the salaries of the top Execs?

Sarcasm of the year

[Brad]

Frankly as a religious organisation Apple should be tax exempt anyway [/COLOR]

Excellent.