Thursday, June 06, 2013

Nonsense from Avaaz

From the latest outraged petition:

Apple, one of the world's wealthiest companies, paid $0 in tax on $78 billion they made in recent years by setting up shell corporations in low-tax countries and posting profits abroad. This kind of global tax evasion gives multinational firms a huge advantage over smaller domestic companies. It's as bad for a healthy market economy as it is for democracy and economic stability.

Except, well, it's just bollocks, really. Apple does pay tax - in the USA, in the UK (albeit not much here - but that's the EU for you). Apply doesn't set up shell companies or post profits abroad. What it is doing is not repatriating profits made abroad to the USA, because of the way US corporate tax law works.

The real problem is that the idiots' meme (Lady Hodge, GMG and the LHTD - all enthusiastically evading tax themselves, of course) is winning. I despair, sometimes.
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