The iPad maker has slashed its tax bill by paying less than 2pc on its overseas profits, as it moves money through offshoots in low-tax countries such as the British Virgin Islands. Apple’s completely legal tax avoidance strategies bring the total the company has sheltered from the US tax authorities to $94bn, according to a Sunday Times analysis.
Corporation tax on Apple’s overseas operations amount to just 1.9pc of profits, compared with a tax rate of up to 24pc in the UK and 35pc in the US.
Apple’s employees have donated $307,000 to Obama and only $28,910 to Mitt Romney. Apple itself has spent millions on lobbyists with the top issue being taxes. Apple spent most of its time lobbying in favor of H.R.1834: Freedom to Invest Act of 2011. What is this grandly named act of freedom? It’s a one time tax cut allowing companies to pay a lower tax rate on overseas revenues.