Wednesday, 10 January 2018

Apple to pay the UK £137 million in extra taxes

After an extensive audit by UK tax body HM Revenue and Customs (HMRC), Apple Europe has agreed to pay over £137 million (around $185 million) in extra taxes, reports The Guardian. The payment includes interest on unpaid tax, covering several years until September 2015, mirroring “the company’s increased activity.”
Apple operates two primary subsidiaries in the UK called Apple Europe Ltd and Apple Retail UK Ltd. Apple Europe Ltd provides marketing, financial and support services, while Apple Retail UK Ltd runs Apple’s online and physical stores across the UK. The Guardian notes that Apple Europe reported a pre-tax profit of £297 million in the 18 months to April 1st, 2017. It paid taxes of £57 million during that period and the £137...
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