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Tag: taxes

One-time tax holiday for Apple's overseas cash gains traction in D.C.

Apple today has over $150 billion worth of cash in the bank. Only problem is, the vast majority of that cash (~$138 billion) is held in overseas accounts. For some time now, Apple has been reluctant to bring that cash back to the United States because it would be subject to a 35 percent corporate...

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Apple accused of tax fraud in Italy

Reuters is reporting that an Apple subsidiary in Italy is currently under investigation for tax fraud. According to a judicial source cited by Reuters, authorities in Italy are currently investigating whether or not the Apple subsidiary in question hid US$1.34 billion in revenue from tax...

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Irish MPs vote to let Apple off the tax inquiry hook

The chairman of the Irish parliament's finance committee has led a vote which has decided Apple will not face any questions over its tax practices in the country, according to The Guardian. The Irish Parliament originally agreed to conduct a tax inquiry into Apple's practices in the country after...

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Apple made £68 million in the UK last year, paid £0 corporation tax

Apple is once again under fire in the UK for paying no taxes last year, even though the company earned £68 million (US$103 million) in the country. Apple got around paying UK taxes by offering employees £40 million worth of stock, which the company could then write off as a business...

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France orders Apple to pay $6.5M in taxes

Apple has been ordered to pay US$6.5 million (5 million euros) in taxes in France by SACEM (Google translation), a French organization which doles out the "copie privée" tax to writers, artists, producers, musicians and other content creators. The "copie privée" is a tax in some...

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Ireland says it has no special "tax deal" with Apple; Senators Levin and McCain dispute claim

Despite claims to the contrary, Ireland Ambassador Michael Collins this past week penned a letter to US Senators Carl Levin and John McCain exclaiming that Ireland has no special tax deal with Apple. The letter reads in part: First, Ireland's tax system is set out in statute - so there is no...

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Former US Senator John E. Sununu defends Apple's tax practices

Former New Hampshire Senator John E. Sununu on Monday penned an op-ed piece for the Boston Globe defending Apple's tax practices. Just last week, of course, a trio of Apple executives made their way down to Washington D.C. to answer questions before a congressional subcommittee regarding Apple's...

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TUAW TV Live: Taxes, Texas and Tim

Today on TUAW TV Live, cohost Shawn "Doc Rock" Boyd and I will be conversing about a number of topics. Yesterday saw Apple CEO Tim Cook being grilled by a Senate committee about corporate taxes and at the same time passing along a hint that a "refreshed Mac line" will be manufactured in the Great...

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Ireland distances itself from Apple's tax inquiry

Ireland has responded to criticism from Senater Carl Levin (D-Mich.) that Irish tax laws allowed Apple to avoid playing taxes on tens of billions of dollars in profits using Irish subsidiaries. So what did Ireland have to say for itself? In a statement to RTE, Ireland's national broadcast...

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Apple releases Senate testimony as panel announces it avoided billions in taxes

A congressional panel has found that Apple avoided billions in taxes, the New York Times reports, thanks to an intricate network of subsidiaries throughout the globe. The structure of some of these sub-companies in certain countries made them exempt from paying or filing taxes or record-keeping...

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Tim Cook talks Apple's tax situation ahead of next week's Senate hearing

Earlier this week we reported that Apple CEO Tim Cook is slated to testify at an upcoming Senate hearing focusing on the offshore tax practices of American corporations. As it stands now, Apple currently has over US$100 billion holed up overseas that it's hesitant to repatriate due to...

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Tim Cook to testify at Senate hearing on offshore tax practices

Political is reporting that Tim Cook is set to testify at a Senate hearing next week that is investigating the offshore tax practices of American corporations: Apple CEO Tim Cook is expected to testify at the Senate Permanent Subcommittee on Investigation's hearing Tuesday, POLITICO has...

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France mulls 'culture tax' on devices like the iPhone

Reuters reports that France, in an effort to generate money to help fund cultural initiatives, is considering implementing a special tax on smartphones and tablets. The proposal falls under France's "cultural exception" policy, enacted to ensure that the arts in France can continue to thrive in the...

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Daily Update for April 3, 2013

It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get all the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the inline player...

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Apple defends its tax practices in the New York Times

A recent New York Times article slams Apple for avoiding billions in state and federal taxes using common corporate loopholes. Apple didn't take kindly to this report and has issued a four-paragraph response defending its practices. The Cupertino company says it pays "an enormous amount of...

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