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Apple Evades Billions in Corporate Taxes, NY Times Reports

The New York Times accused Apple of evading billions of dollars in taxes by setting up subsidiary companies in tax-free or low-tax states and countries. Apple, based in Cupertino, Calif., uses a small office in state-tax-free Nevada to manage and invest its profits, allowing it to bypass California’s 8.84% corporate tax rate. Apple’s Nevada-based subsidiary asset management company is called Braeburn Capital. Apple has taken its Reno approach worldwide, and the company’s ability to find tax loopholes around the world is functioning as a template for many transnational corporations....

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Published By: Mashable - Sunday, 29 April, 2012

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