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Apple Did Not Pay UK Corporation Tax in 2012

Jul 1 2013, 3:04pm CDT | by , in News | Apple

Apple has reportedly not paid corporate taxes in the UK during last fiscal year ended on September 2012. Apple earned an operating profit of £68 million and paid nothing in terms of corporation tax to the government of UK.

Apple Did Not Pay UK Corporation Tax Last Year
 
 

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Apple Did Not Pay UK Corporation Tax in 2012

Apple Did Not Pay UK Corporation Tax Last Year

Apple Inc. is a giant tech firm but it still dodges its taxes. It is being reported that Apple paid no corporate taxes in the U.K. during last fiscal year. The Financial Times report reveals the fact that Apple's latest filings show that it gained profit of $103.6M (£68m) in 2012. Despite of its big profit, the tech giant did not pay a single penny in terms of tax to the U.K. government. But it paid £11.4 million in terms of tax to the U.K. authorities on its operating profit of £60.4m in 2011.

But Apple's CEO stated during D11 conference in May that its company did not dodge any taxes. Tim Cook has to give explanation because in same month, US Senate Committee stated that Apple “left very small earnings, and correspondingly small tax liabilities, in countries around the world”. It actually accused Apple of dodging $10 billion of US tax in a year.

Apple is managed to dodge U.K. taxes with the help of made stock awards schemes. The company made tax deductions by awarding £27.7M stock awards to employees. The award money is deductible and Apple adjusts all of its taxes in it. Now Apple has to pay no money in terms of taxes. But this is not fair. It is also not suitable to the image of a big company like Apple.

Image Credit: Getty Images

 

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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