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  • New Report Reveals Apple's Ample Cash Down Under


    Known for hoarding its cash as efficiently as it generates cash, Apple has huge reserves of green stashed all over the world. But only recently have we learned of the important role Australia has played in building Apple's fiscal fortress.

    According to a new report from AFR, raking in and then moving out cash earned down under helped Apple successfully and lawfully avoid paying taxes on profits totaling in the billions. Apple has shifted well over $8 billion in untaxed profits from its Australian operations "to a tax haven structure in Ireland in the last decade," an investigation by The Australian Financial Review reveals.

    This discovery comes on the heels of some pretty intensive investigative research on the part of the AFR. All told, the Financial Review obtained a solid decade worth of financial accounts for Apple Sales International, the ultra-secretive Irish company "at the heart of Apple’s international tax arrangements."

    “Newspapers have had lots of stories about tax avoidance by Microsoft and Google and Apple, but there are hardly any numbers,” said one source quoted in today's report. “Now, for the first time, there are numbers for the profits that escaped from Australian tax.”

    As MMi reported earlier this week, Apple CFO Peter Oppenheimer - the man largely responsible for Apple's ability to shrewdly move and store its financial masses across the global landscape - plans to retire from Apple in September.

    Source: AFR
    This article was originally published in forum thread: New Report Reveals Apple's Ample Cash Down Under started by Michael Essany View original post