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Apple publishes execs' opening statements from US Senate testimony

post #1 of 89
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After Apple chief executive officer Tim Cook and chief financial officer Peter Oppenheimer appeared before the U.S. Senate Permanent Subcommittee on Investigations to explain the tech giant's offshore tax practices, the company has made available the opening statements as read in testimony.

Subcommittee


The short documents, released just hours after the Senate hearing, sum up Apple's main arguments as presented to the subcommittee on Tuesday.

Central to the hearing was Apple's tax practices, which Cook defended by saying, "We pay all of the taxes we owe ? every single dollar. We not only comply with the laws, but we comply with the spirit of the laws."

At issue are so-called "ghost" corporations Apple set up in Ireland to avoid U.S. corporate taxes, the most well known being Apple Operations International in Cork. The company's subsidiaries are cost sharing arrangements, which Apple said help fund research and development, as well as the creation of new jobs in America.

Cook's opening statement in full:


Oppenheimer's statement:

Tuesday's hearing is part of the Senate's investigation into loopholes large multinational corporations exploit to avoid paying high U.S. taxes. Previously, Microsoft and Hewlett Packard's tax practices went under the microscope, though Apple's recent hearing garnered the most media attention as Cook himself chose to visit Washington to explain his company's actions.
post #2 of 89

How about posts including McCain and Levin? Now there's some entertaining insanity.

Proud AAPL stock owner.

 

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Proud AAPL stock owner.

 

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post #3 of 89
post #4 of 89

Just don't tax it that way.

 

Sent from my iPhone

post #5 of 89

Rand Paul got it right:
Quote:
"I'm offended by the spectacle of dragging in Apple executives," said Senator Rand Paul, a Kentucky Republican. "What we need to do is apologize to Apple and compliment them for the job creation they're doing."
Instead of "bullying" Apple executives, Mr. Paul said, "we should have brought in a giant mirror to look at the reflection of Congress. If you want to assign blame, look in the mirror and see who created this mess.
"Apple hasn't broken any laws, yet Apple is forced to sit through a show trial," he said.

Cook should simply say:

"If we've broken the law, tell us what we did wrong and we'll fix it and pay any taxes and penalties due. If we didn't break the law, then get off our backs. If you don't like the flipping tax code, fix it instead of going on witch hunts against law-abiding companies." Then "Any other questions before I go back to California and do my job?"
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post #6 of 89
Quote:
Originally Posted by jragosta View Post

Cook should simply say:

"If we've broken the law, tell us what we did wrong and we'll fix it and pay any taxes and penalties due. If we didn't break the law, then get off our backs. If you don't like the flipping tax code, fix it instead of going on witch hunts against law-abiding companies." Then "Any other questions before I go back to California and do my job?"

 

I so wish he could and would have. The problem is, these guys are a bunch of fucking mafia goons. They would have gone after him and Apple.

The state is nothing more than a criminal gang writ large.

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post #7 of 89
Quote:
Originally Posted by MJ1970 View Post

I so wish he could and would have. The problem is, these guys are a bunch of fucking mafia goons. They would have gone after him and Apple.

That's obviously why he didn't do it. However, I wonder. Apple is paying an extremely high tax rate in the US - far more than most companies. They do not appear to be playing tax games like many companies. What could the Senate actually do to them (especially in today's climate where the Senate and the House can't even agree on what day of the week it is)? While they could make their life difficult in little ways, I wonder if it would be outweighed by the PR benefit of standing up to the Senate's chief thugs. Maybe we'd see the headlines that Apple got its groove back.

Obviously, Cook played it conservative and felt that it was right to do so. Since he's got access to an army of top advisors, it was probably the most reasonable decision. In the end, we'll never know what would have happened if he gave the Senators the middle finger and told them to go diddle themselves.
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post #8 of 89
I wonder about the use of the word "re-patriate," in particular, the "re" part of it. If the money is earned outside of the US, we have to think that it was never IN the US. If it was never in the US, how could it be re-patriated? Patriated perhaps but not repatriated.

I believe Cook et. al. have used this term in error and to their great disadvantage.
post #9 of 89

Perhaps it's called "repatriated" because (theoretically at least) every $ should have been born in the US, so it's coming home?

 

Not an argument against your point about the money being earned overseas, just a thought on the use of the term.

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post #10 of 89
There's a couple of videos here with the opening statements:




Unfortunately the second video cuts short of the whole hearing but it still covers a decent amount. The girl sitting behind McCain is hot so even if you don't like listening to tax reform, the videos are worth a look. Tim mentioned that Texas will be where the next US Mac will be built. His expectations for tax reform include around 25% US Corporate Tax rate and single digit repatriation tax rate.

The international Corporation Tax they paid was just $900m. They make 60% of their profits overseas but paid $900m. They pay $6b US rates where the earnings make up 40% of their profits. Tim also mentioned that the gross margins are actually higher on iOS products than Mac products too, which is why international profits are higher because Macs sell better in the US than worldwide but iOS products are popular everywhere and have a higher gross margin.

Some of the senators seemed to be liking the idea of them paying so little to foreign governments - it's ok to avoid paying taxes as long as it's not US taxes but screw every other country.

There are obviously two ways to look at this and both highlighted in the videos. A negative for US businesses is that if Apple is allowed to bring overseas profits in at <10%, it makes it harder for a US-based company to compete with them internationally. On the other hand (the way Tim sees it) is that bringing money back into the US allows them invest in US operations.

I don't agree most with Tim's side of things. If they brought back $50b and had to pay just 9% tax, they'd keep $45.5b vs $32.5b. The latter is plenty to invest more in the US if they wanted to and the taxes would obviously be invested in the US and it's not likely they'd invest the extra they'd get from a single digit rate. There will have to be conditions in place if they lower the rate so that if they say that by having the lower rate, they will invest in jobs and manufacturing they actually do it. I think they should have a credit reward program so keep the repatriation tax high but allow them to claim what they bring back against taxes related to manufacturing and employment. If they don't stick to their word then they don't get the credits.

That means they get the lower rates and government gets increased investment in the US economy, job creation etc.

That just leaves the small issue of every other country in the world getting seriously screwed out of Corporation Taxes.
post #11 of 89

Crikey, $900m.  That may not be technically criminal, but it's tempting to call it that.  Outrageous that this has been allowed to happen.

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post #12 of 89

Why dont they pull in the big banks like JP Morgan, Goldman Sachs and Bank of America ?   After all they rob trillions of dollars from the tax payer, use the same loopholes, commit fraud ( robo signing ) manipulation ( libor ) and we get stuck footing the bill.    

post #13 of 89
Quote:
Originally Posted by SpamSandwich View Post

How about posts including McCain and Levin? Now there's some entertaining insanity.

As in ... "I am going to repeat the question / accusation ... again and again and again ...even though you totally answered me and showed me I was wrong because that is what we always do and the news folks edit everything so I look good on (insert TV station of choice) ..."
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post #14 of 89

> His expectations for tax reform include around 25% US Corporate Tax rate and single digit repatriation tax rate.

 

Apple is dead wrong about this. Greedy. (Remember, as much as we love the products that they are ruthless as a business.)

post #15 of 89
Quote:
Originally Posted by Marvin View Post

There's a couple of videos here with the opening statements:




Unfortunately the second video cuts short of the whole hearing but it still covers a decent amount. The girl sitting behind McCain is hot so even if you don't like listening to tax reform, the videos are worth a look. Tim mentioned that Texas will be where the next US Mac will be built. His expectations for tax reform include around 25% US Corporate Tax rate and single digit repatriation tax rate.

The international Corporation Tax they paid was just $900m. They make 60% of their profits overseas but paid $900m. They pay $6b US rates where the earnings make up 40% of their profits. Tim also mentioned that the gross margins are actually higher on iOS products than Mac products too, which is why international profits are higher because Macs sell better in the US than worldwide but iOS products are popular everywhere and have a higher gross margin.

Some of the senators seemed to be liking the idea of them paying so little to foreign governments - it's ok to avoid paying taxes as long as it's not US taxes but screw every other country.

There are obviously two ways to look at this and both highlighted in the videos. A negative for US businesses is that if Apple is allowed to bring overseas profits in at <10%, it makes it harder for a US-based company to compete with them internationally. On the other hand (the way Tim sees it) is that bringing money back into the US allows them invest in US operations.

I don't agree most with Tim's side of things. If they brought back $50b and had to pay just 9% tax, they'd keep $45.5b vs $32.5b. The latter is plenty to invest more in the US if they wanted to and the taxes would obviously be invested in the US and it's not likely they'd invest the extra they'd get from a single digit rate. There will have to be conditions in place if they lower the rate so that if they say that by having the lower rate, they will invest in jobs and manufacturing they actually do it. I think they should have a credit reward program so keep the repatriation tax high but allow them to claim what they bring back against taxes related to manufacturing and employment. If they don't stick to their word then they don't get the credits.

That means they get the lower rates and government gets increased investment in the US economy, job creation etc.

That just leaves the small issue of every other country in the world getting seriously screwed out of Corporation Taxes.

Sorry if I am being slow ... but I'm not seeing where you quote the actual tax paid on earnings in each individual country where the profits are generated by sales in those countries prior to sending the net profit to Ireland to be used to invest etc..
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post #16 of 89
Some people criticizing McCain and Levin might consider the goal of the hearing is not necessarily to beat up Apple, but to point out the absurdity of the means Apple goes to to lower its tax burden. Obama ran on a platform of closing down corporate tax loop holes, and met with Jobs to discuss the matter. However, the Tea Party extremists have killed the idea of compromise making it impossible to get this done.
post #17 of 89
Originally Posted by TBell View Post
…the absurdity of the means Apple goes to to lower its tax burden.

 

… Having subsidiaries in the countries in which it does business.

 

OOOHOOHOOHOOOOOO, so absurd¡

 

Take the rest of your political crap to PO.

Originally Posted by Slurpy

There's just a TINY chance that Apple will also be able to figure out payments. Oh wait, they did already… …and you’re already fucked.

 

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Originally Posted by Slurpy

There's just a TINY chance that Apple will also be able to figure out payments. Oh wait, they did already… …and you’re already fucked.

 

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post #18 of 89
If the subsidiaries exist solely to provide a channel to evade tax I'd say that's a pretty absurd state of affairs.

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post #19 of 89
Quote:
Originally Posted by Crowley View Post

If the subsidiaries exist solely to provide a channel to evade tax I'd say that's a pretty absurd state of affairs.

 

Agreed. But what's absurd is that they have to go to such lengths to keep the money they've earned.

The state is nothing more than a criminal gang writ large.

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post #20 of 89

No, what's absurd is that they've been allowed to.  An effective tax rate of less than 5% for outside the US is pretty sickening.  If you hate government and tax in the US that's fine, do what you want over there, but let citizens of other countries be disgusted at what's been allowed to happen in our own back yards.

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post #21 of 89
Quote:
Originally Posted by Crowley View Post

No, what's absurd is that they've been allowed to.

 

Clearly we strongly disagree.

 

 

Quote:
Originally Posted by Crowley View Post

An effective tax rate of less than 5% for outside the US is pretty sickening.

 

Sickening? On what objective basis have you arrived at this conclusion (and this rate)?

 

 

Quote:
Originally Posted by Crowley View Post

If you hate government and tax in the US that's fine, do what you want over there, but let citizens of other countries be disgusted at what's been allowed to happen in our own back yards.

 

Not sure what you're getting at.

The state is nothing more than a criminal gang writ large.

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post #22 of 89
Quote:
Originally Posted by MJ1970 View Post

Sickening? On what objective basis have you arrived at this conclusion (and this rate)?

Why do I need an objective basis, is the fact that I feel a bit sick not good cause for me as a free-minded individual to label something as sickening?  I find a corporation having a lower effective corporation tax rate below the lowest individual income tax rate in my country to be pretty sickening.

$900m total overseas corporation tax paid.
60% of profits generated overseas.
$41b total profit in 2012

A quick and dirty calculation gives $25b total overseas profit, of which $900m is less than 4%.  Not a professional estimate, but a ballpark figure for my purposes.
Edited by Crowley - 5/21/13 at 4:42pm

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post #23 of 89
Quote:
Originally Posted by Crowley View Post

 

Why do I need an objective basis, is the fact that I feel a bit sick not good cause for me as a free-minded individual to label something as sickening?  I find a corporation having a lower effective corporation tax rate below the lowest individual income tax rate in my country to be pretty sickening.

 

You don't have to. At that point then, it's merely your personal feeling and opinion. Mine is different. It's not sickening to me at all. So there...we volleyed two feelings back and forth.

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post #24 of 89

What an unproductive exchange.  We should form a government.

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post #25 of 89
Quote:
Originally Posted by Crowley View Post

What an unproductive exchange.  We should form a government.

 

Nah. I don't steal and kill.

The state is nothing more than a criminal gang writ large.

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post #26 of 89
Tim Cook 1 - Senator Levine ) :-)
post #27 of 89
Quote:
Originally Posted by Crowley View Post

An effective tax rate of less than 5% for outside the US is pretty sickening.

It was even worked out at less than 2% tax earlier last year:

http://www.guardian.co.uk/technology/2012/nov/04/apple-paid-low-overseas-tax

It wasn't immediately obvious at the time if they were confusing taxes Apple wasn't due to pay but this hearing was clearer:

http://www.zdnet.com/apple-congress-face-off-over-taxes-cook-testifies-7000015663/

"Johnson asked Bullock about tax paid in foreign countries. "Apple paid over $900 million in income tax in fiscal 2012.""

Their profit was $41b in 2012 and they said 60% of profits are overseas so even $900m of $24.6b = 3.6% rate.

Reports keep confusing it though:

http://uk.reuters.com/article/2013/05/21/uk-usa-tax-apple-ireland-idUKBRE94K0BJ20130521

"The main subsidiary, a holding company that includes Apple's retail stores throughout Europe, has not paid any corporate income tax in the last five years, the report said.

Apple's arrangement has allowed it to pay just 1.9 percent tax on its $37 billion (24 billion pounds) in overseas profits in 2012, despite the fact that the average tax rate in the countries of the Organisation for Economic Co-operation and Development (OECD), its main markets, was 24 percent in 2012."

The holding company (Apple Operations International) is not liable for income tax so it's not that important - Tim had to keep repeating that. Apple is paying US taxes on the interest AOI makes but the interest is listed in their 10K filing as $522m in 2012 so it's not that they're talking about with the $900m, that's taxes on the profits of non-US operations, which is pretty low. There's a regional breakdown in the 10K:

http://investor.apple.com/secfiling.cfm?filingID=1193125-12-444068

and they have 5 subsidiaries managing various income. There's a lot of interesting numbers in that document actually. They even split up unit numbers. 4.6m desktops (25%), 13.5m laptops (75%), 35.1m iPods, 125m iPhones, 58m iPads. Revenue-wise, the iPhone is $80.4b out of $156.5b and the iPad is $32b so over 70% revenue is iOS and as Tim said in the hearing, their gross margins are higher on iOS devices. The iPod makes less than their desktop line now too.

European Corporation tax rates are around 25%, margins should be similar everywhere. China is the same. Their effective Corporation Tax rate overseas should be at least 5x what it is. Tim said it would be significantly higher this year. As long as he means the rate and not just the amount.
post #28 of 89
(Ugh. Trying to post on AI from iPad is still such an idiotic mess. See below)
post #29 of 89
Quote:
Originally Posted by anantksundaram View Post

In what way? Frankly, I think the whole country would have rallied behind Cook.

 

Possibly. It would have been a gamble. There's a fairly strong anti-corporate/anti-capitalist/anti-rich sentiment/streak running through the culture these days. But you may be right. We'll never know.

 

 

Quote:
Originally Posted by anantksundaram View Post

Moreover, if a company with the power and presence of Apple cannot or will not put these fools in their place, what hope is there for the rest of us?

 

That's the scary part.

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post #30 of 89
Quote:
Originally Posted by MJ1970 View Post

Quote:
Originally Posted by jragosta View Post

Cook should simply say:


"If we've broken the law, tell us what we did wrong and we'll fix it and pay any taxes and penalties due. If we didn't break the law, then get off our backs. If you don't like the flipping tax code, fix it instead of going on witch hunts against law-abiding companies." Then "Any other questions before I go back to California and do my job?"

I so wish he could and would have. The problem is, these guys are a bunch of fucking mafia goons. They would have gone after him and Apple.

In what way? Frankly, I think the whole country would have rallied behind Cook.

Moreover, if a company with the power and presence of Apple cannot or will not put these fools in their place, what hope is there for the rest of us?
post #31 of 89
Quote:
Originally Posted by tomhayes View Post

> His expectations for tax reform include around 25% US Corporate Tax rate and single digit repatriation tax rate.


Apple is dead wrong about this. Greedy. (Remember, as much as we love the products that they are ruthless as a business.)

Uh... What?
post #32 of 89
Quote:
Originally Posted by Marvin View Post

The girl sitting behind McCain is hot so even if you don't like listening to tax reform, the videos are worth a look. 

Works for me ;-)

 

Shut up and go away, you useless, pathetic FUDmonger - Tallest Skil
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post #33 of 89
Quote:
Originally Posted by Crowley View Post

If the subsidiaries exist solely to provide a channel to evade tax I'd say that's a pretty absurd state of affairs.

Nonsense.

First, the subsidiaries do not exist for that reason. If you read Cook's statement, he specifically points out that they're REQUIRED to have subsidiaries in some countries in order to do business there. Furthermore, there's a significant benefit to the consumers to be dealing with the local company.

But even if you were true, why is it absurd? Apple is a public company. That means that providing the best return they can for shareholders is a key objective. So why shouldn't they operate in a way that's consistent with all laws but still provides more money for shareholders? If the countries receiving nearly a billion dollars in taxes don't like it, they're free to raise their tax rates or eliminate loopholes.

Apple is operating within the law - and they don't even skirt the law like some companies do (for example, Google's transferring of IP out of the country and then licensing it back at inflated rates). Criticizing them for obeying the law is ridiculous.
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post #34 of 89
Quote:
Originally Posted by anantksundaram View Post

In what way? Frankly, I think the whole country would have rallied behind Cook.

Moreover, if a company with the power and presence of Apple cannot or will not put these fools in their place, what hope is there for the rest of us?


Hear hear.
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post #35 of 89
Forgive my stupidity... but do senate subcommittees ever call members of congress before them to justify THEIR actions??? I suspect that Apple has dozens (if not hundreds) of lawyers who study every loophole in every law to determine exactly what is legal. The problem is not the corporations that take advantage of laws, but the fact that congress has passed these laws that are designed to benefit these large CORPORATIONS. It seems to me that the guilt lies with the legislators that have proposed and passed the laws!!!

If Apple and other companies didn't take advantage of tax laws that benefit them, their stockholders would crucify them. ... And rightfully so!

It might be more productive to learn that (perhaps) Exxon-Mobil or JP Morgan influenced politicians to propose and pass laws that benefit corporations that keep money off-shore!!... As opposed to their normal action of grandstanding by summoning (possibly) law-abiding Americans (including sports figures or other celebrities, or anyone who can focus the media on these politicians!!) to testify and make the 'summoned' look guilty of being deceptive and dishonest. Congress... Look in the mirror for starters. Once we have confidence in your ethics, then you can start to throw stones!

(Sorry to indiscriminately throwing Exxon-Mobil and JP Morgan 'under the bus'... but is seems that there are many other corporations with more motivation to influence lawmakers that Apple!! Note: I'm actually not the biggest Apple fan in the world, but I do respect what they have accomplished!)
post #36 of 89
Quote:
Originally Posted by john02142 View Post

Forgive my stupidity... but do senate subcommittees ever call members of congress before them to justify THEIR actions??? I suspect that Apple has dozens (if not hundreds) of lawyers who study every loophole in every law to determine exactly what is legal. The problem is not the corporations that take advantage of laws, but the fact that congress has passed these laws that are designed to benefit these large CORPORATIONS. It seems to me that the guilt lies with the legislators that have proposed and passed the laws!!!

If Apple and other companies didn't take advantage of tax laws that benefit them, their stockholders would crucify them. ... And rightfully so!

It might be more productive to learn that (perhaps) Exxon-Mobil or JP Morgan influenced politicians to propose and pass laws that benefit corporations that keep money off-shore!!... As opposed to their normal action of grandstanding by summoning (possibly) law-abiding Americans (including sports figures or other celebrities, or anyone who can focus the media on these politicians!!) to testify and make the 'summoned' look guilty of being deceptive and dishonest. Congress... Look in the mirror for starters. Once we have confidence in your ethics, then you can start to throw stones!

(Sorry to indiscriminately throwing Exxon-Mobil and JP Morgan 'under the bus'... but is seems that there are many other corporations with more motivation to influence lawmakers that Apple!! Note: I'm actually not the biggest Apple fan in the world, but I do respect what they have accomplished!)
It
post #37 of 89
It was a waste of time, obvious to me they have nothing but fluff to stand on... but I did Like to see Tim Cook his appearances are far and few between.......Levine probably needs money for some more $14,000 toilets...
post #38 of 89
Imaginary quote: "You're taxing it wrong.."
post #39 of 89
Quote:
Originally Posted by jragosta View Post

Nonsense.

First, the subsidiaries do not exist for that reason. If you read Cook's statement, he specifically points out that they're REQUIRED to have subsidiaries in some countries in order to do business there. Furthermore, there's a significant benefit to the consumers to be dealing with the local company.

 

AOI and ASI have had a net income of over $100b since 2009.  They have no employees.  The sole purpose of these subsidiaries is to act as a legal owner of owner of product and IP so that both can be cleansed of any tax obligations.  Computers and devices are bought from China cheaply and sold on to Europe expensively, and the existence of AOI allows them to pay almost zero (<1%) on the profit from that markup.  ASI does a similar thing with IP.  Products never go anywhere near there, an AOI employee never handles a product, and ASI doesn't employee any IP lawyers.  It's Apple China selling to Apple Ireland then selling on to Apple EuropeanCountry, and avoiding tax at each step of the way.

 

No consumers ever deal with these companies, and they are not necessary in order for the company to do business there, Apple have a separate retail presence in Ireland.

 

Nonsense?  It's very good sense, a very clever arrangement.

 

 

Quote:
Originally Posted by jragosta View Post


But even if you were true, why is it absurd? Apple is a public company. That means that providing the best return they can for shareholders is a key objective. So why shouldn't they operate in a way that's consistent with all laws but still provides more money for shareholders? If the countries receiving nearly a billion dollars in taxes don't like it, they're free to raise their tax rates or eliminate loopholes.

Apple is operating within the law - and they don't even skirt the law like some companies do (for example, Google's transferring of IP out of the country and then licensing it back at inflated rates). Criticizing them for obeying the law is ridiculous.

 

I'm not criticising Apple.  There's the AI defensiveness again.  I'm criticisizing the state of affairs that has allowed Apple to do this. That's what's absurd.  Apple shouldn't have been able to be this clever and avoid so much tax.


Edited by Crowley - 5/22/13 at 3:35am

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post #40 of 89
Quote:
Originally Posted by Crowley View Post

AOI and ASI have had a net income of over $100b since 2009.  They have no employees.  The sole purpose of these subsidiaries is to act as a legal owner of owner of product and IP so that both can be cleansed of any tax obligations.  Computers and devices are bought from China cheaply and sold on to Europe expensively, and the existence of AOI allows them to pay almost zero (<1%) on the profit from that markup.  ASI does a similar thing with IP.  Products never go anywhere near there, an AOI employee never handles a product, and ASI doesn't employee any IP lawyers.  It's Apple China selling to Apple Ireland then selling on to Apple EuropeanCountry, and avoiding tax at each step of the way.

No consumers ever deal with these companies, and they are not necessary in order for the company to do business there, Apple have a separate retail presence in Ireland.

Nonsense?  It's very good sense, a very clever arrangement.



I'm not criticising Apple.  There's the AI defensiveness again.  I'm criticisizing the state of affairs that has allowed Apple to do this. That's what's absurd.  Apple shouldn't have been able to be this clever and avoid so much tax.

Your statement "Computers and devices are bought from China cheaply and sold on to Europe expensively, and the existence of AOI allows them to pay almost zero (<1%) on the profit from that markup."

It seems, like Levin and McCain you totally ignore the repeated testimony by Apple that the sales occur in the various countries in Europe where the appropriate taxes are paid on those profits. The net proceeds are then transferred to Ireland.

What part of 'the income has already been taxed' are you missing? Do you think countries like Britain would allow Apple UK to collect revenues from sales tax free? What our esteemed American Congress want is to be able to do what amounts to double taxation. Ironically, the UK and USA have a tax treaty that allows me as an ex pat to not be double taxed on my income from the UK now I am resident in Florida where I choose to pay my taxes. Which all goes to show the US tax system is an absurd mix of complex and convoluted variances. The solution IMHO is for the US to move to a territorial tax system and avoid double taxation arguments. Then again I am no tax expert and perhaps there are better solutions.

Here is a mind boggling, brief break down of worldwide tax systems. I'm not surprised there are loopholes! ~ 1biggrin.gif

http://en.wikipedia.org/wiki/International_taxation
Edited by digitalclips - 5/22/13 at 7:42am
Been using Apple since Apple ][ - Long on AAPL so biased
nMac Pro 6 Core, MacBookPro i7, MacBookPro i5, iPhones 5 and 5s, iPad Air, 2013 Mac mini, SE30, IIFx, Towers; G4 & G3.
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Been using Apple since Apple ][ - Long on AAPL so biased
nMac Pro 6 Core, MacBookPro i7, MacBookPro i5, iPhones 5 and 5s, iPad Air, 2013 Mac mini, SE30, IIFx, Towers; G4 & G3.
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