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  •  Apple's Irish connection (10+ / 0-)

    http://www.reuters.com/...

    The Irish loophole behind Apple's low tax bill

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    Apple now channels most of its overseas sales through three companies that are incorporated in Ireland but for tax purposes are resident in no jurisdiction. U.S. rules that allow companies incorporated abroad not to pay U.S. taxes complement that arrangement.

    Apple tax head Phillip Bullock told the U.S. Senate Permanent Subcommittee on Investigations on Tuesday that one of these three subsidiaries, Apple Operations International (AOI), had not submitted a tax return anywhere for five years.

    All three were registered in Ireland in 1980 and reregistered as unlimited companies in 2006, which means under Irish law that they do not have to publish annual accounts, so the subcommittee's report was the first time the current structure had been publicly revealed.

    Peter Vale, tax partner at accountants Grant Thornton in Dublin, said it was unusual for companies incorporated in Ireland not to be tax resident there, but it is legal.

    I want 1 less Tiny Coffin, Why Don't You? Support The President's Gun Violence Plan.

    by JML9999 on Tue May 21, 2013 at 09:27:51 PM PDT

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