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Apple Inc. (AAPL) Answerable About Fair Share Of Tax

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A report is published on Thursday that showed Apple Inc. (NASDAQ:AAPL) transferred billions in untaxed profits to Ireland from its Australian operations in last ten years. Now the government warned the companies to pay their fair share of tax. The company transferred an approximated Aus$8.9 billion (U.S.$8.1 billion) in untaxed profits to a tax haven structure in Ireland from Australia, paying just 0.7 percent of its revenue in tax, according to the newspaper.

However, the tech giant is remained silent on this report but the company has earlier said that all the laws imposed by the tax office are fulfilled by the company and no illegal activity is done.
It is also reported that the company announced pre-tax earnings of only Aus$88.5 million in Australia after sending an approximately Aus$2 billion to Ireland via Singapore from its Australian sales.

Now the government will take steps to pick up tax about which companies have given dodge and that Canberra was tightening the matter through the G20, according to Finance Minister Mathias Cormann.
He also added that fair share of tax is not paid by all the major companies around the world. However, business operating firms should pay their fair share of tax where they earn income.
A trend is adopted by large business operating firms particularly the digital and Internet companies that they lessen their tax bills by transferring their money around the globe to areas where rates are cheapest.

According to IMF chief Christine Lagarde who said in a meeting of G20 finance ministers in Sydney last month that getting full reports for incomes from global companies is a debatable and hectic issue and procedure. She also asked governments to establish necessary international tax arrangements to solve this matter as early as possible.

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