Sunday, January 27, 2013

Apple stuffs $1bn a week into tax havens

From Sunday Times -

iPhone display showing Apple share performance
APPLE is stashing almost $1bn a week beyond the reach of the American taxman after ramping up efforts to slash its bill.
The Silicon Valley company squirrelled away more than $11bn (£7bn) in its warren of subsidiaries in low-tax countries and tax havens in the final three months of 2012.
This legitimate manoeuvre raises the amount of cash Apple has shielded from the American authorities to a colossal $94bn, according to documents filed last week. The revelation will inflame public anger over tax avoidance by large corporations, which is raging on both sides of the Atlantic.

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