Apple stuffs $1bn a week into tax havens | The Sunday Times

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Apple stuffs $1bn a week into tax havens

Simon Duke Published: 27 January 2013

iPhone display showing Apple share performance Apple kept £7bn from tax

APPLE is stashing almost $1bn a week beyond the reach of the American taxman after ramping up efforts to slash its bill.

The Silicon Valley company squirrelled away more than $11bn (£7bn) in its warren of subsidiaries in low-tax countries and tax havens in the final three months of 2012.

This legitimate manoeuvre raises the amount of cash Apple has shielded from the American authorities to a colossal $94bn, according to documents filed last week. The revelation will inflame public anger over tax avoidance by large corporations, which is raging on both sides of the Atlantic.

Apple last week lost its crown as the world’s most valuable company, yet it remains one of the world’s most profitable businesses. Since the launch of the iPhone in 2007, its cash pile has swollen from about $15bn to $137bn.

The company parks most of its cash overseas, hidden from America’s Internal Revenue Service.

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