In order to avoid full amount of tax of U.K today, Apple is accusing that owes for the financial year 2011, according to U.K report in the Daily Mail.
This reports states that Apple has earned around $9.5billion (6billion pound), and only paid 10 million pounds in the shape of taxes which is much below from U.K tax standard.
From Apple’s retail divisions, documents have been gathered in 2010 that also show the company paid less tax than is typical for selling products in U.K. These documents reveal that Apple only paid $3.79 million on more than 500 million pounds (around $800 million) of retail sales.
Many experts say that total sales of Apple in U.K are much higher as many logged elsewhere, Daily Mail writes. They also estimated the revenue from Britain that is around 10% of its 63 billion pounds.
The Daily mail also states that Apple is skirting U.S taxes. The report tells Apple paid 25.5% of corporation tax of U.S. but at that time law requires 35%. Technical company also said it paid low rates because of undistributed foreign earning.
This news came to into knowledge in midday trading today when Apple’s market capitalization crossed the figure of $600 billion mark and also set the record for the company.
According to Next web, iPad manufacturer also hired Symantec former chief Accounting Officer Philip Bullock in order to lead the tax department.
Many other companies are also trying to avoid taxes!
The Experts allege that mostly Tech Company trying to dodging U.K taxes. Amazon and Google are also seeking to avoid from tax in U.K. However, Google says that it has submitted tax according U.K. tax law.
A Google spokesperson told to Geekscover.com that we have an obligation to our stakeholder to set efficient structure of tax. And our existing structure is according to tax rules in all those countries where we are operating.
Other companies like Apple and Amazon did not respond for comment.