‘At nearly $600 bn, Apple’s market value now dwarfs the annual output of Switzerland — the world’s 18th largest economy. Like Google, Amazon and Facebook, the iPhone maker is powerful enough to boss around many nations. In practice, these companies are able to display an extraordinary disregard for the idea that a fair slice of their vast wealth should go back to society through taxes.
‘By shuffling money around tax havens, Apple paid only £10m in UK corporation tax last year — even though it generates about $10 bn of annual sales here. There will always be countries willing to use low tax to lure large companies. Only co-ordinated action can stop a damaging race to the bottom.’
‘At nearly $600 bn, Apple’s market value now dwarfs the annual output of Switzerland — the world’s 18th largest economy. Like Google, Amazon and Facebook, the iPhone maker is powerful enough to boss around many nations. In practice, these companies are able to display an extraordinary disregard for the idea that a fair slice of their vast wealth should go back to society through taxes.
‘By shuffling money around tax havens, Apple paid only £10m in UK corporation tax last year — even though it generates about $10 bn of annual sales here. There will always be countries willing to use low tax to lure large companies. Only co-ordinated action can stop a damaging race to the bottom.’
