GSA UK - Apple paid less than 2% tax on profit made outside the United States last year.

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Apple paid less than 2% tax on profit made outside the United States last year.

Apple paid less than 2% tax on profit made outside the United States last year.

5 Nov 2012 12:00 AM | Anonymous

The iPhone and iPad maker paid $713m (£445m) in overseas corporation tax on foreign profits of $36.87bn (£23bn) in the year to the end of September. That translates as a tax rate of 1.9%, compared to a headline corporation tax rate of 35% in the US and 24% in the UK.

The details were revealed in Apple's 10K filing with the US Securities and Exchange Commission (SEC). Apple has not broken any laws by arranging its tax payments this way, but it is likely to reignite debate about the astonishingly small amount of tax US multinationals pay in the UK.

Google, Amazon and Starbucks will be hauled before the Commons public accounts committee on Monday to explain why they pay so little tax to the exchequer.