TweakTown
Tech content trusted by users in North America and around the world
6,000 Reviews & Articles | 38,740 News Posts
TRENDING NOW: Intel's Core i7-5960X CPU has already been overclocked to 6.2GHz

Apple's Australian branch gets hit with $28.5 million in back taxes

Apple Australia hit with $28.5 million bill for back taxes after Apple used tax havens to avoid payi

| Business, Financial & Legal News | Posted: Nov 16, 2012 11:31 pm

Apple's Australian branch has taken a bit of a hit today after the country and continent of Australia billed Apple $28.5 million in back taxes. The back taxes relate to Apple and its use of tax havens such as Nevada, Ireland, and Luxembourg to avoid paying taxes on earned income, which saves them a fair amount of money.

 

TweakTown image news/2/6/26793_10_apple_s_australian_branch_gets_hit_with_28_5_million_in_back_taxes.jpg

 

Apple Australia pulled in $4.9 billion in revenue over the last year from sales of Macs, iPads, and iPhones. This new tax bill amounts for more than 25 percent of the tax bill now paid by Apple. With the new taxes, Apple's tax bill for the year ending September 24, 2011, amounts to $94.7 million.

 

Apple isn't the only one getting in trouble for using tax havens. Amazon has recently been hit with $252 million USD in back taxes by France. Amazon uses Luxembourg to avoid paying taxes in the European region. It will be interesting to see if any other countries come after Apple for back taxes...and how Apple's stock responds if any do.

NEWS SOURCES:9to5mac.com

Related Tags

Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.

Do you get our news RSS feed? Get It!

Got an opinion on this news? Post a comment below!

Latest Tech News Posts

View More News Posts
Check out TweakTown Polls on LockerDome on LockerDome

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases