Apple moved billions offshore to avoid Australia tax: Report
Published on Mar 6, 2014 11:35 AM
SYDNEY (AFP) - United States tech giant Apple was on Thursday accused of shifting nearly A$9 billion (S$10.2 billion) in untaxed profits from its Australian operations to Ireland over the past decade.
An investigation by the Australian Financial Review obtained 10 years worth of financial accounts for Apple Sales International - an arm of the organisation it called the "secretive" Irish company at the heart of the group's international tax arrangements.
It claimed an estimated A$8.9 billion in untaxed profits from Australia had been moved to a tax haven structure in Ireland, paying just 0.7 percent of its turnover in tax.
Last year, Apple reported pre-tax earnings in Australia of only A$88.5 million after sending an estimated A$2 billion from its Australian sales to Ireland via Singapore, it reported.
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