“Apple Australia chief Tony King has vehemently rejected suggestions the technology giant has employed ‘strategies’ to reduce its tax rates in Australia,” Fran Foo reports for The Australian. “Both Apple and Google have been under the spotlight for allegedly avoiding paying the full amount of tax based of profits gained in Australia.”
“Today the tech giants appeared before a Senate inquiry into corporate tax avoidance in Sydney, where they and Microsoft confirmed they are being audited by the Australian Taxation Office,” Foo reports. “The inquiry heard Apple Australia paid $80 million in tax last year despite revenues of $6 billion. It posted a profit of $250m. Mr King said Apple is taxed on profits and not revenue and that Apple pays ‘all of our due taxes in Australia,'”
“Citing media reports, South Australian senator Nick Xenophon asked Mr King to confirm if Apple had previously sent $9bn in untaxed profits to Ireland,” Foo reports. “‘No, we haven’t shifted any profits (overseas),’ Mr King said. Earlier, in his opening comments, Mr King said Apple ‘pays all the taxes it owes, in accordance with Australian law.'”
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MacDailyNews Take: Legal.