G20 countries want to close tax loopholes for tech titans

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money
Apple is one of the tech giants which shift profits to reduce tax payments.
Photo: Ste Smith/Cult of Mac

A group of G20 finance ministers met over the weekend to discuss closing loopholes used by tech giants to reduce their corporate taxes.

The hope is that common rules across would stop companies like Apple booking their profits in low-tax countries, such as Ireland. This is currently done regardless of where end customers may be located.

Get the help of a CPA and make filing taxes easier with Visor [Deals]

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Visor offers a new way to do your taxes, using a convenient app to connect with expert advisors.
Visor offers a new way to do your taxes, using a convenient app to connect with expert advisors.
Photo: Cult of Mac Deals

The average American spends about 13 hours each year dealing with taxes. That’s a lot of work to get money you’ve already earned. For years the options were either fork over money to a tax advisor, or grind through the DIY process. A new app-based solution called Visor offers a third way.

France’s president wants to tax U.S. tech giants an extra $792 million

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money
Funds could help pay some of the emergency funds Macron recently announced.
Photo: Pictures of Money/Flickr CC

Beleaguered French president Emmanuel Macron is hoping to win back public favor by putting in place tax hikes on American tech giants doing business in Europe.

France has reportedly been working with other countries in the European Union to introduce a digital tax on companies including Apple, Amazon, Facebook, and Google. The new taxes, set to be introduced in January, could pull in $792 million.

Germany’s finance minister wants tech giants to pay higher taxes

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money
The EU has long been pushing tech companies to pay more in taxes.
Photo: Ste Smith/Cult of Mac

In an op-ed for a German newspaper, Germany’s finance minister Olaf Scholz proposes a global minimum rate of corporation tax as one way to ensure that multinational corporations like Apple pay domestic taxes in line with the profits that they earn.

The European Union (EU) has long been attempting to get tech giants to stop using complex accounting tricks to shuffle profits around to minimize the amount that they pay in each country.

Apple downplays asset value in pursuit of tax rebate

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Apple Park
Apple has beef with the folks calculating its asset value.
Photo: Matthew Roberts/Maverick Imagery

Apple plays down its financial milestones these days, and there’s a good reason for that: tax.

According to a new report, Apple is one of a few companies which are “particularly aggressive” in downplaying the value of the property they own for tax purposes. Specifically, Apple thinks it’s been overtaxed on the buildings, land, lab equipment, and other expenses — and it wants to reclaim millions of dollars as a result.

Apple lists good deeds to avoid Cupertino ‘head tax’

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Apple Park Close up
Apple has long been based in Cupertino, where Steve Jobs grew up.
Photo: Apple

Apple is the reason why most non-locals know the name Cupertino. Just in case free international advertising wasn’t enough, however, the company just sent a letter to the Cupertino City Council, outlining all the nice things Apple does to benefit its hometown.

Although it doesn’t mention it, the letter conveniently arrives on the eve of a discussion on whether to impose a “head tax” on Apple employees in the area.

Cupertino postpones vote on ‘head tax’ on Apple employees

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Blind survey
Cupertino decided to not raise additional taxes this year on employees working at Apple Park.
Photo: Duncan Sinfield

Cupertino’s city government decided to ask voters next year whether it should charge businesses a tax on every worker. Apple is the city’s largest employer, so most of the cost would have fallen on the iPhone maker.

The original plan, while vague, was to use the additional revenue to create more affordable housing options and improve Cupertino’s transit system.

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Earnings call
Tim Cook and Luca Maestri will reveal Apple's Q1 earnings on February 1.
Photo: Jim Merithew/Cult of Mac

How Apple’s going to spend its massive fortune, this week on The CultCast

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CultCast Tim Cook money
Apple's bringing home its massive fortune.
Photo: Business Insider

This week on a very spicy edition of The CultCast: Tim Cook is thrilled with the new U.S. tax overhaul, and has some exciting plans to spend Apple’s massive fortune. Plus: Forget other smart speakers — we’ll tell you why we’re now even more excited for HomePod. And stick around for our favorite movies, shows and sausages in an all-new, very weird “What We’re Into!”

Our thanks to Squarespace for supporting this episode. It’s simple to accept Apple Pay and sell your wares with your very own Squarespace.com website. Enter offer code CultCast at checkout to get 10% off any hosting plan.

Leaked documents reveal Apple’s newest tax haven

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Apple is made of money.
Apple's tax practices save it billions of dollars.
Photo: Ste Smith/Cult of Mac


Dodging taxes is still one of Apple’s top priorities.

The iPhone-maker has come under serious fire in both the U.S. and internationally for its tax practices, but according to a new batch of leaked documents, the company is still doing everything it can to avoid paying the full amount.