Info-Graph: Apple may face a $19 billion in back taxes

Apple is one of the wealthiest corporation in the world, making a net profit of $40 billion last year. But it has paid an effective tax rate of less than 2 percent in Ireland over ten years.

Socialist Worker

Apple is one of the wealthiest corporation in the world, making a net profit of $40 billion last year. But it has paid an effective tax rate of less than 2 percent in Ireland over ten years.

It funneled its money through Irish subsidiaries such as Apple Sales International (ASI), which reported sales income of $74 billion over four years but paid hardly any tax.

The Apple corporation did a deal with the Irish Revenue Commissioners in 1991 and 2007 to get away with this tax scam.

But the US Senate began an investigation and dubbed Apple ‘the largest tax avoider in the US’.

The EU Commission then started its own investigation and found that Apple got a tax subsidy from Ireland which broke EU rules about state aid.

Apple may face a $19 billion in back taxes according to JP Morgan Chase & Co. analyst Rod Hall. That could relieve a lot of social suffering in Ireland.

It would build 80,000 social housing units and end the housing crisis.

It would abolish the waiting lists in hospital almost overnight.

But the Irish government says it does not want Apple’s money.

It is even paying out huge money to barristers and law firms to fight a case to protect Apple.

The government just wants to mill people here through water taxes, property taxes, and USC.

It is time for change.

Info-Graph >>> Click to enlarge the picture

Apple InfoGraph

 

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