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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: 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.