7 replies to this topic

[Hum]

Gadget giant Apple is avoiding billions of dollars in taxes by setting up small offices around the world to collect and invest the company's profits, according to The New York Times.

Saturday's report said an office in Reno, Nevada, where the corporate tax rate is zero, was one of many that the California-based technology giant uses to legally sidestep state income taxes on some of its gains.

California's corporate tax rate is 8.84 percent.

Record sales of iPhones and iPad tablet computers, particularly in China and other parts of Asia, saw Apple report last week that it made a $39.2 billion profit in the quarter ended March 31.

The Times quoted Apple executives who said the Reno office and others in Ireland, the Netherlands, Luxembourg, the British Virgin Islands and other low-tax places were among the legal methods the company was using to reduce its global tax bill.

The newspaper said Apple had "devised corporate strategies that take advantage of gaps in the tax code," citing former executives who had helped craft those policies.

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[Ently]

A major corporation avoiding paying tax? Can't say i'm surprised

[Stetson]

Already on front page: http://www.neowin.ne...ons-in-us-taxes

[srbeen]

On the flip-side, please name me a corp that ISN'T screwing over the government and people who made them rich?

You're telling me BP, exxon, shell, mobil, and the rest of the HUGE oil companies, coke and pepsico, mcdonalds, etc are NOT taking advantage of legal loopholes to avoid 'the minimum' taxes?

Hell, coke pumps so much water out of the ground its creating HUGE sinkholes they are walking away from and leaving the people to deal with THEIR mess. BP oil spilled billions of gallons of crude in the gulf and killed a ton of wildlife - didn't even see them attempting to think about helping with the cleanup. This isn't even considering their daily operations or how they funnel and launder money through foreign markets and governments.

[smooth_criminal1990]

They're not the only ones, Google do similar things.

[Boz]

it just shows how screwed up the tax system is. These companies are making insane amount of money and not even paying close to what they should be paying while everyone else pays their full share.

The problem is that state economies depend on even what they pay is that nobody is willing to straighten things out. Most of these tech companies reap profits from US economy but are trying to rip off their share of taxes.

Granted, you can't blame companies for doing it. Everybody wants to do it because nobody likes paying their share and wants to make more money, but this just shows how incompetent and corrupt government is where they leave gapping holes in the tax system so those who make money can take advantage of them while normal people can't.

Until we see laws that address these things, the economy will continue getting weak and those who make the most money and have legal loopholes will continue to abuse it. Naturally this won't happen because the system is setup that corporations are now people, lobbying is at it's highest it has ever been, government officials are being paid off blatantly (they are not even hiding it), while the middle class keeps getting destroyed.

I am doubtful though. Nobody has the balls to do it. They all kiss big corporations asses because they don't want to lose what they get. It's pathetic.

[+chAos972]

Everyone does similar things but the spotlight is more on Apple at the moment because their profits are ballooning so rapidly yet their tax isn't increasing proportionally.

[*RedBull*]

Neobond avoids hundreds of quadrillions in tax yearly by investment schemes....oops...I'll shuddup now...