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Apple Pays Just Under 2% on Overseas Profits.


sport02

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Joined
Sep 25, 2010
Messages
19,656
Not a bad days filing for Apple.
Apple paid less that 2% corporation tax on its profits outside the US, its filing with US regulators has shown.

Apple paid $713m (£445m) in the year to 29 September on foreign pre-tax profits of $36.8bn (£23.0bn), a rate of 1.9%.
Apple channels much of its business in Europe through a subsidiary in the Republic of Ireland, which has lower corporation tax than Britain.
BBC News - Apple paid only 2% corporation tax outside US

A couple other links from Sky News and the Guardian.

Apple Paid Just 2% Tax On Overseas Profits

Apple paid less than 2% tax on overseas profit last year | Technology | guardian.co.uk
 

niall78

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Sep 10, 2010
Messages
11,285
Will be handy for them. I heard having indentured wage slaves making your products can be expensive. This might help pay for the suicide prevention nets at some of their Chinese factories.
 
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simeongrimes

It's a bit misleading to say Apple is channeling its European business through Ireland. The fact is Apple's European operation is based in Cork where it employs a couple of thousand people and has done for decades.
 

Red_93

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Mar 20, 2010
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4,678
And they exploit their Irish workers, in many cases renewing contracts on a month-by-month basis, meaning NO job security for workers who have worked there for years. Despite the fact that this has been long ongoing, nothing has been done because the govt are afraid they will close up in Holly Hill.
 

floatingvoter2011

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Communism used to be seen as the biggest threat to democracy. In reality capitalism is now the biggest threat to democracy. MNC's are too powerful for any country to force them to pay realistic tax rates so the workers of the world pick up the tax deficit to the benefit billion dollar corporations and their already wealthy investors.
 

gatsbygirl20

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Dec 1, 2008
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22,790
Less than 2%...Now there's the "elephant in the room" in the true meaning of that phrase...
 

Mr. Bumble

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And they exploit their Irish workers, in many cases renewing contracts on a month-by-month basis, meaning NO job security for workers who have worked there for years. Despite the fact that this has been long ongoing, nothing has been done because the govt are afraid they will close up in Holly Hill.
Actually, since it was set up in 1980, Apple has been an excellent employer and it remains an excellent employer in Cork. They treat and pay their workers very well. Ditto their suppliers. My company was a supplier for many years and I found them to be excellent customers - fair, prompt payment, inclusive and loyal. They have created many jobs indirectly (Alps being a prime example). Apple continue to be a massive employer and Cork would be much poorer without them. Wrt to your point that their jobs are contract only, the majority of the latest jobs being advertised by Apple are full time permanent. Apple jobs in Kerry, Tipperary, Waterford, Cork, Clare, Limerick - Jobs.ie - Jobs in Ireland. Irish Jobs.
 
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Dylan2010

Communism used to be seen as the biggest threat to democracy. In reality capitalism is now the biggest threat to democracy. MNC's are too powerful for any country to force them to pay realistic tax rates so the workers of the world pick up the tax deficit to the benefit billion dollar corporations and their already wealthy investors.
aww...shame its not like the old days where the governments and unions could rob companies blind
 

floatingvoter2011

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Feb 8, 2011
Messages
128
aww...shame its not like the old days where the governments and unions could rob companies blind
When was that then? When has corporation tax been more than personal income tax? Governments are taxing workers to subsidise the multi billion euro profits of multi national corporations. A Universal social charge for people just above minimum wage, no universal social charge on corporate profits. Even the financial transaction tax couldn't be introduced despite the destruction the financial sector have wreaked. We have become hostages to unelected corporations that have become more powerful than elected governments.
 
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simeongrimes

We have become hostages to unelected corporations that have become more powerful than elected governments.
How good would an elected corporation be? Would they last long enough to pay any tax. Look at the kind of people we elect and imagine doing business with them.
 

Pudna

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Joined
Jan 26, 2011
Messages
1,925
Less than 2%...Now there's the "elephant in the room" in the true meaning of that phrase...
No elephant Gatsby, educate yourself on international law and Apple arrangements, then you will know that you have no chance of forcing Apple to pay more, but it could be a good line for your union members.
 

greenwithirony

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Joined
Sep 25, 2007
Messages
2,785
Communism used to be seen as the biggest threat to democracy. In reality capitalism is now the biggest threat to democracy. MNC's are too powerful for any country to force them to pay realistic tax rates so the workers of the world pick up the tax deficit to the benefit billion dollar corporations and their already wealthy investors.
It's going to get a helluva lot worse: http://www.politics.ie/forum/economy/196146-totalitarian-corporate-power-grab-continues-apace.html
 

GDPR

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Jul 5, 2008
Messages
224,093
Actually, since it was set up in 1980, Apple has been an excellent employer and it remains an excellent employer in Cork. They treat and pay their workers very well. Ditto their suppliers. My company was a supplier for many years and I found them to be excellent customers - fair, prompt payment, inclusive and loyal. They have created many jobs indirectly (Alps being a prime example). Apple continue to be a massive employer and Cork would be much poorer without them. Wrt to your point that their jobs are contract only, the majority of the latest jobs being advertised by Apple are full time permanent. Apple jobs in Kerry, Tipperary, Waterford, Cork, Clare, Limerick - Jobs.ie - Jobs in Ireland. Irish Jobs.
But they're American and multinational, is that not enough for you, God damn your eyes!!!!
 
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Dylan2010

When was that then? When has corporation tax been more than personal income tax? Governments are taxing workers to subsidise the multi billion euro profits of multi national corporations. A Universal social charge for people just above minimum wage, no universal social charge on corporate profits. Even the financial transaction tax couldn't be introduced despite the destruction the financial sector have wreaked. We have become hostages to unelected corporations that have become more powerful than elected governments.
do you not remember all the strikes in big steel and car companies in the 70's in the UK and elsewhere. As one couldnt move a steel plant easily they were there to be shaken down by the unions and high taxes. Anyway how can additional transfers from companies like Apple to quangos or the US defense budget be good for mankind?
 

Mr. Bumble

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But they're American and multinational, is that not enough for you, God damn your eyes!!!!
Mea culpa. I'll burn the Stars and Stripes outside their factory in atonement.
 

floatingvoter2011

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Messages
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do you not remember all the strikes in big steel and car companies in the 70's in the UK and elsewhere. As one couldnt move a steel plant easily they were there to be shaken down by the unions and high taxes. Anyway how can additional transfers from companies like Apple to quangos or the US defense budget be good for mankind?
Corporations gain access to markets and protection with copyright law etc. Transfers to the US defense budget? Is the US defense budget not spent on products from multi national corporations and used to secure markets for these corporations and others?

If multi national corporations paid more tax, the tax burden on workers and consumers would decrease thus there would be more disposable income in the economy to be spent on the goods and services produced by these corporations. Instead profits are concentrated in the hands of an already very wealthy elite. The richest 1% of the population of western countries has seen their wealth increase by 14% since the start of the global financial crisis.

These companies spend fortunes trumpeting their social responsibility and in supporting "worthy" causes. Cut out the PR bullsh*t and just pay your fair share.
 

greenwithirony

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2,785
http://www.politics.ie/forum/economy/188835-wheres-money-corporate-cash-holdings-now-2-trillion-ez-alone.html
£750 billion ($1.19 trillion) in the U.K.

How has this come to pass?

Companies are piling up cash for a combination of reasons, say analysts. One is a reaction to the financial crisis. Companies that built excessive debts before the crisis are paying them down. Firms also are hoarding cash because of broken banking systems: Banks have retreated from lending and companies are building cash buffers to compensate. For continental Europe, where companies still draw a majority of their finance from banks rather than from the capital markets, the retreat of bank lenders is significant.

Mr. Tilford argues that another reason is government policies. "Excessive fiscal austerity," he says, "has snuffed out Europe's tentative economic recovery and threatens a swath of the euro zone with a slump." Why invest to produce goods and services for economies that have little prospect of growing?

Other factors may play a role. Lower corporate tax rates and labor-market reforms aimed at reducing the power of trade unions have boosted the income of the corporate sector versus the household sector. (my emphasis)

This suggests, Mr. Tilford argues, that policies aimed at further depressing the share of labor in national income will further undermine economic growth. He suggests increasing corporate income won't help spur investment—while squeezing households by cutting wages will damp growth.
Companies Hoard Cash, Damping Growth - WSJ.com
 
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Dylan2010

Corporations gain access to markets and protection with copyright law etc. Transfers to the US defense budget? Is the US defense budget not spent on products from multi national corporations and used to secure markets for these corporations and others?

If multi national corporations paid more tax, the tax burden on workers and consumers would decrease thus there would be more disposable income in the economy to be spent on the goods and services produced by these corporations. Instead profits are concentrated in the hands of an already very wealthy elite. The richest 1% of the population of western countries has seen their wealth increase by 14% since the start of the global financial crisis.

These companies spend fortunes trumpeting their social responsibility and in supporting "worthy" causes. Cut out the PR bullsh*t and just pay your fair share.
if companies paid more tax, then governments would spend more which destroys wealth. I'm all for cutting back on free money that companies get and their excessive legal protection and there is a bit of the 2 wolves and a sheep deciding whats for dinner about the whole thing.
 
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