All items tagged with "tax loophole"

Ireland plans to close tax loophole that helped Apple save billions

Photo: The Dark Knight

Photo: The Dark Knight

Ireland will apparently announce plans to phase out its “Double Irish” tax arrangement that has allowed companies like Apple and Google to save billions, according to a Reuters report citing sources familiar with the matter.

Over the past 18 months, the country has been criticized by both the United States and Europe for tax loopholes that let companies slash their overseas tax rate to single digits. Preliminary findings by the European Commission recently slammed a “sweetheart” tax deal on the part of Ireland that allowed Apple to avoid paying taxes by building up a massive offshore cash pile of $137.7 billion in the country.

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Closing A Tax Loophole May Result In UK Customers Paying More For Apps

(Credit: Getty Images)

(Credit: Getty Images)

Have UK Apple users seen the end of 69p app downloads?

Britain’s Chancellor of the Exchequer George Osborne has closed a tax loophole, which may result in iTunes and App Store prices in the UK rising by as much as 20% from 2015. The loophole meant that international companies including Apple were able to sell digital content in Britain through Luxemburg, where tax is as low as 3% — compared to the 20% it is charged at in the UK.

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