Apple paid only 2% tax outside US

Apple paid less than 2% corporation tax made on profits outside the US, according to documents submitted to the US Securities and Exchange Commission. It paid a higher 2.5% the previous year. After Starbucks, Facebook and Google, Apple is the latest company identified in recent weeks as paying low rates of overseas tax. A BBC report however said it has not been suggested that any of these companies’ tax avoidance schemes are illegal. Apple paid $US713 million on foreign pre-tax profits of $36.8 billion. This covered the period January up to end September this year. Apple’s total profits for 2012 were up 24%, according to the BBC.

Read the full story on BBCNews.