{"id":15332,"date":"2012-04-30T07:46:22","date_gmt":"2012-04-30T06:46:22","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=15332"},"modified":"2012-04-30T07:46:22","modified_gmt":"2012-04-30T06:46:22","slug":"apple-forgot-to-mention-luxembourg","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/04\/30\/apple-forgot-to-mention-luxembourg\/","title":{"rendered":"Apple forgot to mention Luxembourg"},"content":{"rendered":"<p><a href=\"http:\/\/middleclasspoliticaleconomist.blogspot.co.uk\/2012\/04\/whiny-apple-pioneered-avoidance.html\" target=\"_blank\">Kenneth Thomas makes a very good point about Apple's tax accounting<\/a>. As he has pointed out this morning:<\/p>\n<blockquote><p>Some commenters on my article [on Apple] last month actually cited .. 10-K figures as proof that nothing was amiss. As it turns out, the company's reporting has other major gaps. Its<a href=\"http:\/\/investor.apple.com\/secfiling.cfm?filingID=1193125-11-282113&amp;CIK=320193\">\u00a02011 10-K Annual Report<\/a>\u00a0states that it has only two \"significant\" foreign subsidiaries, both based in Ireland. Apparently its Luxembourg subsidiary -- with over $1 billion in 2011 sales, according to\u00a0<em>The Times<\/em>\u00a0-- is not significant. Nor are its subsidiaries in the Netherlands and the British Virgin Islands, despite their importance in keeping Apple's worldwide taxes low. Because Apple only deems its Irish subsidiaries \"significant\" and does not report on any others' existence, the\u00a0<a href=\"http:\/\/www.gao.gov\/assets\/290\/284522.pdf\">Government Accountability Office report<\/a>\u00a0of 2008 on tax haven subsidiaries was misled into saying that the company had only one such subsidiary. We can only wonder how many other tax haven subsidiaries are omitted from companies' SEC filings.<\/p><\/blockquote>\n<p>Now do you see why <a href=\"http:\/\/www.taxresearch.org.uk\/Documents\/CBC.pdf\" target=\"_blank\">we need\u00a0country-by-country reporting<\/a>? This optional disclosure of what the\u00a0company\u00a0thinks significant has to end.<\/p>\n<p>Incidentally so does the arrangement where Irish subsidiaries need not file accounts on public record - which Apple has used since 2005. That's deliberately\u00a0creating\u00a0opacity and if ever proof were needed that Ireland is a\u00a0secrecy jurisdiction that's it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kenneth Thomas makes a very good point about Apple&#8217;s tax accounting. As he has pointed out this morning: Some commenters on my article [on Apple]<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/04\/30\/apple-forgot-to-mention-luxembourg\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,103,10,32],"tags":[],"class_list":["post-15332","post","type-post","status-publish","format-standard","hentry","category-ireland","category-luxembourg","category-tax-avoidance","category-tax-havens"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/15332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=15332"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/15332\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=15332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=15332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=15332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}