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Submission + - Apple Avoids $1bn Tax Each Week (

mrbluze writes: As part of a wider investigation in the UK, it is revealed that by entirely legal means, Apple manages to avoid paying $1 billion in tax obligations to the US Government, paying only 2% of its overseas profits as tax.

Apple is estimated to have avoided more than £550m in tax in Britain in 2011. Its latest accounts show UK turnover at just over £1bn and profit at £81.3m, generating a tax bill of £14.4m.

However, analysis of its filings in America suggest a more realistic figure for UK turnover is £6.7bn. This would imply an estimated profit of £2.2bn and, at the then corporation tax rate of 26pc, a £570m tax bill, the Sunday Times reports.

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Apple Avoids $1bn Tax Each Week

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Parkinson's Law: Work expands to fill the time alloted it.