Nobel economist calls Apple’s tax arrangement ‘fraud’

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Apple holds $216 billion out of its $232 billion fortune overseas.
Photo: Ste Smith/Cult of Mac

Apple’s decision to hold $216 billion out of its total $232 billion fortune overseas amounts to a “fraud,” claims Nobel economist Joseph Stiglitz.

Stiglitz, who is advising Hillary Clinton’s presidential campaign, said that there is something “obviously deficient” about U.S. tax laws which make this a possibility — and singled Apple out as one such beneficiary.

Hold onto your seats! Here’s an update on the Apple tax investigation

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Ireland has a few more weeks to wait to find out if it's broken the law.
Photo: Jim Merithew/Cult of Mac

After having initially been promised for a Christmas deadline, it now appears that both Apple and Ireland will have to  wait until February to receive the verdict of European Union regulators on whether or not Ireland has broken international tax rules by letting Apple shelter profits worth tens of billions of dollars there.

Apple Didgeridon’t Pay Their Australian Taxes, Investigators Claim

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Tim Cook, Phil Schiller and others sold Apple stock at a time when it was hitting record highs.
Tim Cook, Phil Schiller and others sold Apple stock at a time when it was hitting record highs.

Apple has been accused of shifting close to $8.1 billion in untaxed profits from its Australian operations to Ireland over the past ten years.

An investigation by the Australian Financial Review got hold of a decade’s worth of financial accounts for the Irish-based “Apple Sales International” — which supposedly show how Apple shifted untaxed profits from Australia to Ireland, where the company pays just 0.7% tax on its turnover.