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 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.
- > NEXT STORY: More GTA V details released, PC version will be released a few months after the console releases
- < PREVIOUS STORY: Recommended WiiU GamePad range is on the conservative side