Apple's Irish subsidiary rakes in $69.3 billion profit from global operations

Posted:
in General Discussion
Earnings from Apple's European subsidiary, and main European Union headquarters in Cork, Ireland, have risen $11.69 billion year over year.




Apple has a substantial presence in Ireland, which it has been expanding with new hires and new product testing facilities, but it's also the official base for all of the firm's non-US work. So Apple Operations International is headquartered on Apple's Holyhill campus in Cork, but the profits include those of all other countries outside the States.

According to The Irish Times, directors of the Cork subsidiary report that a majority of the group's net sales are from outside Ireland.

Overall, for the financial year ending September 24, 2022, Apple Operations International reportedly saw daily pretax profits of $189.87 million per day. That's a 2% rise on the year ending September 2021, and sales were 5.5% higher than that period, at $222.75 billion.

Across its global operations, Apple paid corporation tax of $7.69 billion, which is a 73% increase on the $4.44 billion paid the previous year. The accounts do not specify, however, how much corporate tax was paid in Ireland itself.

Apple's accounts, filed with Ireland's Companies House, do state that the regular 12.5% corporate tax charge would have meant $8.66 billion in corporation taxes. However, Apple continues to be embroiled in a long-running legal case regarding the tax rates it was offered by Ireland's government.

The accounts do also note that the final figures may vary because Apple is considering asking the Irish Minister for Finance "to reduce the recovery amount for certain taxes paid to other countries."

Apple Operations International reported that it employs 56,639 people across its subsidiaries. Some 6,000 of those are based in Ireland, which together with its international funds, previously meant the Irish Times called it the country's biggest company.

Read on AppleInsider

Comments

  • Reply 1 of 5
    blitz1blitz1 Posts: 442member
    Let’s make sure Apple pays the fair 15% taxes
    DAalsethchutzpah
  • Reply 2 of 5
    chasmchasm Posts: 3,378member
    blitz1 said:
    Let’s make sure Apple pays the fair 15% taxes
    I’m all for that pretty much worldwide — and so is Tim Cook — but there will always be certain deductions that affect that figure, for any corporation. Exploration costs for energy companies, for example, or (to take the other tack) reduction of resource use via renewable energy sources, well-paying job creation, local investments in facilities and so forth will always affect that 15 percent somewhat.

    In Ireland, the rate is not 15 percent, it’s 12.5 percent — and looking at what Apple paid on its non-US profits was about 11.5 percent, so not much of a break really.

    Multinational corporations like Apple need to be subject to a global corporate tax that includes the US and is distributed fairly based on profits by country, which would eliminate the use of tax havens and “shopping” for lower tax rates.
    watto_cobrachutzpahHedware
  • Reply 3 of 5
    HedwareHedware Posts: 90member
    We know that Apple uses Ireland to avoid paying taxes on the revenue it earns on sales in each and every country. It’s called tax dodging, tax avoidance, and the like.  Before the responses come in from Americans saying it is good American business they need to remember that Apple is avoiding paying taxes in the use through its Irish money laundering scheme. 
  • Reply 4 of 5
    Nothing different here than at GM or GE.  
    GE has a habit of paying little or no taxes to the IRS.  
    GM has often sold more cars in China than in the US.  
    Remember that the US is only about 4.5% of the world population.  
    China and India are closer to 18.5% of the world population (each).  
    Without China and India, there would be LOTS of layoffs in the US.  
    The EU is about a third larger by population than the US.  
    https://www.worldometers.info/population/china-eu-usa-japan-comparison/  
    https://worldpopulationreview.com/    

    edited April 2023
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