According to recent financial statements of technology titan Apple, the company earned an estimated GBP6 billion in the United Kingdom. Despite these towering figures which destroyed much of its competition, the company allegedly paid only a measly GBP10 million in United Kingdom corporation tax within the past year.
Following allegations of Google and web retailer Amazon's evading UK tax laws, Apple is the newest tech firm accused of not paying the correct amount of tax responsibility in the country.
The company holds its British operations in Ireland's industrial area of Cork. The region is notoriously popular in the industry due to its low corporation tax rates.
The United Kingdom charges multinationals a hefty 24% corporation tax unlike Ireland's 12.5%. Logically, the latter is the more attractive option for tech firms. Tax havens are also very popular sites to conduct high level businesses, such as the British Virgin Islands.
Apple's subsidiaries Apple (UK) Ltd. and Apple Retail UK Ltd. were only able to pay GBP6.1 million and GBP3.8million worth of corporation tax respectively.
Join the Conversation