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Apple Unit in Japan Said to Pay $118M to Cover Underreported Tax

posted by janrinok on Monday September 19 2016, @01:01AM   Printer-friendly
from the again dept.

Arthur T Knackerbracket has found the following story:

An Apple iTunes unit in Japan agreed to pay 12 billion yen ($118 million) in tax after local authorities determined it had underreported income, according to local media.

The Tokyo Regional Taxation Bureau levied the fee after concluding the unit had not been paying a withholding tax on Japanese earnings, Reuters reported late Thursday, citing a report by broadcaster NHK. The report said the unit was sending part of the profits it earned from fees paid by subscribers in Japan to another Apple unit in Ireland to pay for software licensing.

Apple is one of many US technology companies that have benefited from stashing cash overseas. That maneuver lets the companies avoid paying hefty taxes they could face by bringing the cash back to the US.

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  • (Score: 4, Insightful) by PartTimeZombie on Monday September 19 2016, @02:24AM

    by PartTimeZombie (4827) on Monday September 19 2016, @02:24AM (#403593)

    avoid paying hefty taxes they could face by bringing the cash back to the US.

    The taxes they would pay if they bought the money back to the US are not hefty, but are often described as hefty in the media.
    As far as I can tell they would pay something like 38% (percent of profits, not income).
    The people who work for Apple (and everyone else who earns a salary) pays tax on their income, not their profit, but their taxes are not described as hefty. It seems like a narrative that always presents the big multinational as somehow being hard done by.

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  • (Score: 0) by Anonymous Coward on Monday September 19 2016, @04:45AM

    by Anonymous Coward on Monday September 19 2016, @04:45AM (#403619)

    But think of the CHILDREN !!
    Children are wholly owned subsidiaries of megacorp that they would prefer you to think of as helpless little orphans.