Monday, 26 March 2012

Apple, not a friend of the peoples of ...

... the USA !

This behemoth of technology, which unveiled its first shareholder dividend in 17 years last week, has amassed a $100 billion treasure chest from a string of hit products.  Some $64 billion of this amazing pile of gold is kept from the IRS of the USA using overseas subsidiaries, including one in the British Virgin Islands, a tax haven.

Apple has generated more than $40 billion in profits outside America over the past three years. It has paid only £1.1 billion in corporation tax overseas — equivalent to 2.5% of the earnings. Were it to repatriate the cash pile, Apple would have to pay the difference between the headline US corporation tax rate of 35% and the rate on overseas profits — about $20,000,000,000, tax bill.  How much benefit would this bring to the peoples of the USA I wonder.

Apple has declined to comment on the ubiquitous situation.

Similar things happen in the UK, its time the tax havens of the world were abolished, it should be "pay your taxes in full where the income is earned", only then can a degree of justice be experienced by the peoples of this world.

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