Apple Accuses Of Not Paying Full Taxes In The UK For The Last Financial Year

Posted on Apr 11 2012 - 11:12am by Editorial Staff

Daily Mail reports that Apple is trying to dodge paying taxes in full amount in UK for the last financial year. The report says that Apple earned 6 billion pounds (roughly $9.5 billion) but paid only 10 million pounds (around $16 million) in taxes. The documents show that Apple paid 3.79 million pounds ($6 million) on retail sales of more than 500 million pounds (nearly $800 million).

“Experts say Apple’s total sales in the U.K. are far higher, as many are logged elsewhere,” the Daily Mail writes. “They estimate revenues from Britain accounted for around 10 per cent of its 63 billion pounds (nearly $100 billion) worldwide figure for the year.”

The Daily Mail also alleges that Apple is skirting U.S. taxes. It says that Apple paid U.S. corporation taxes at a rate of 25.3 percent when the law requires 35 percent. Apparently, the tech company said that it paid the lower rate because of “undistributed foreign earnings” that it plans to hold “indefinitely.”

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.