Apple stuffs $1bn a week into tax havens

From Sunday Times - http://www.thesundaytimes.co.uk/sto/business/Tech_and_Media/article1202350.ece

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.