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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.

@tracehagan
Published Fri, Nov 16 2012 5:31 PM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

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.

Apple's Australian branch gets hit with $28.5 million in back taxes | TweakTown.com

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 SOURCE:9to5mac.com

Trace is a starving college student studying Computer Science. He has a love of the English language and an addiction for new technology and speculation. When he's not writing, studying, or going to class, he can be found on the soccer pitch, both playing and coaching, or on the mountain snowboarding.

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