Apple paying just 1.9% tax on overseas profits

Apple paid less than two per cent in tax on its overseas profits, documents revealed yesterday, after the iPad and iPhone giant managed to slash the amount that foreign taxmen receive.

Apple paid 556 million Euro (713 million Dollar) in corporation tax outside the US in the year to September 29, despite its foreign pretax earnings surging by more than 50 per cent to 28,7 billion Euro, papers filed with US regykatırs reveled.

Companies are able to sidestep the taxman by constructing complex global structures that allow them to move money through off shore havens.

Apple channels much of its business in Britain and Europe through a subsidiary based on an industrial estate in Co Cork, The Sunday Times reported.

Ireland‘s corparation tax is 12,5 per cent, roughly half the level it is in the UK.

The technology giant’s overseas tax rate fell to 1.9 per cent, compared to 2.5 per cent the previous year and a headline corporation tax rate of 24 per cent and 35 per cent in the UK and US, respectively.

The slide in its overseas tax rate came as Apple sold 125 million iPhones, 58 million iPads and 13,5 million MacBook laptops worldwide, including the US.

The California-based firm is the latest company to come under scrutiny for making a poor contribution to overseas coffers after Starbucks, Facebook and Google were faced with similar criticism.

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