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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: 2) by bob_super on Monday September 19 2016, @06:42PM

    by bob_super (1357) on Monday September 19 2016, @06:42PM (#403899)

    I'm very convinced that Apple only dodged 118 millions in taxes...
    I need to declare myself a Company Person, so I can optimize (I didn't say cheat) and dodge my legal obligations. If I get caught, I'll consent to paying a tiny fraction of what everyone knows I should own, and spin it as being the good guy!

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