Wonder if they’ll bother to read the whole piece

Brussels has shelved plans for a sweeping new digital tax, just hours after Apple revealed that it shifted a record £720m of profits into Ireland from its British operations last year.

Terror!

It came after Apple published accounts showing that the iPhone maker’s three UK-headquartered businesses paid dividends worth just over £600m to their Irish parent in the year to September 2020. Another £120m was paid out in December.

Oh, hang on, it’s not shifted any profits at all. It’s declared them, paid the tax upon them then moved the net of tax end amount.

It is understood that the payments were made after incurring UK tax.

Points will be awarded for spotting who gets this wrong.

3 thoughts on “Wonder if they’ll bother to read the whole piece”

  1. Why send it to Ireland then, why not straight back to the US? Or is it just an admin thing, Ireland is Europe HQ so all individual European country remittances go there first and then get amalgamated into payments back to the mothership?

  2. As Tim says. Irish company will own all the shares in the European companies, so they have to pay the dividends up to it first.

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