Apple ‘Avoiding Billions In Global Taxes,’ Report Claims
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.
“Legal methods”. So, just like any other corporation whose purpose is to maximize profits. And this is “news” why exactly?