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Thread: New UK Tax Law May Hinder Apple's Tax Avoidance Strategies

  1. #1
    What's Jailbreak? Michael Essany's Avatar
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    Default New UK Tax Law May Hinder Apple's Tax Avoidance Strategies

    Apple, Google, and other tech giants have faced hash criticism over the years for their stashing of billions in cash overseas for the purpose of avoiding paying taxes on those large sums of cash.

    To be clear, the companies are all compliant with law, which allowS for such strategies to be implemented, even though they they don't feel particularly savory to those who believe said companies aren't paying their fair share.

    But a new U.K. law is taking aim at such practices.

    "Multinationals which shift their profits offshore to avoid tax now face being slapped with a levy," Sky News reports. "The diverted profits tax (DPT), which has come into force, aims to crackdown on the controversial practice which has sparked criticism of companies like Google, Starbucks, Amazon and Apple."

    The tax in question -- dubbed the "Google Tax" -- will result in firms facing a 25% tax on profits "artificially siphoned offshore." The effort will lead to the British treasury seeing an intake of millions more in what would have been otherwise lost tax revenue.

    Not surprisingly, some are calling on U.S. lawmakers to impose a similar tax law to force companies to pay up.

    Source: Sky News

  2. #2
    Won't happen in the US. Our government has been bought out by these same corporations.

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