Apple\u2019s main Irish-registered entity reported pre-tax profits of $71bn in 2023 in financial accounts filed with the Companies Registration Office here this week.Although the company\u2019s filings do not break down where tax was paid, it includes, but is not limited to, corporation tax paid in Ireland where Apple is understood to be among the biggest, if not the biggest, single payer of corporation tax.The accounts are for the California-headquartered technology giant\u2019s Irish-registered Apple Operations International Limited, which acts as a parent company for dozens of subsidiaries outside the US.The Irish arm\u2019s turnover last year was $222.8bn, well over half of the global tech giant\u2019s total sales, including in the United States.Today’s News in 90 Seconds – March 28th Pre-tax profit was up from $69.3bn in 2022. The Irish arm\u2019s turnover last year was $218.89bn, down slightly from 2022 but making up more than half of the organisation\u2019s total sales, including in the US market.The dividend paid by the Irish headquartered arm jumped dramatically, to just over $92bn in 2023 from $20bn a year earlier. Dividends paid to the group\u2019s US parent are liable to taxation in the US.Meanwhile, net tax paid by the Irish entity rose again in 2023, although at a much slower pace than the preceding number of years. The accounts show the business here paid $7.871bn in tax. It was up from $7.69bn in 2022, $4.44bn paid out by the same business in 2021 and $2.38bn in 2020.The total of corporation tax collected by the Irish government last year was \u20ac23.8bn, itself a massive increase on levels paid a decade ago. A report earlier this week from the Parliamentary Budgetary Office at the Houses of the Oireachtas found the corporation tax take increased 23pc on average each year between 2014 and 2022, before it stabilised last year.The rise in the amount of tax paid by Apple Operations International Limited is therefore in line with the Irish Government\u2019s corporation tax trend. Corporation tax surged as adjustments to global tax rules kicked off massive changes in many multinationals\u2019 corporate structures and intra-company management of profits and tax, but with still highly unpredictable longer-term consequences.In Apple\u2019s case, the tech giant appears to have exhausting so-called deferred tax assets that helped substantially keep a cap on its overall tax bills in recent years.The latest Apple Operations International Limited accounts don\u2019t show any remaining intra group deferred tax assets. It had already decreased to $812m by September 2022, the end of its tax year, from $4bn a year earlier and $7bn a year before that.It is understood these intra group deferred tax assets included Irish capital allowances, which provide businesses with tax breaks based on investments including their purchase of intellectual property from elsewhere in a corporate group \u2013 such as an Irish unit buying intellectual property from a sister company in another tax jurisdiction.As recently as 2016, the Apple unit’s intra group deferred tax assets were as large as $22.5bn according to previous analysis by UCC economist Seamus Coffey, an expert in Ireland\u2019s corporate tax regime.Apple is thought to be among a number of large multinationals that \u201con-shored\u201d intellectual property to Ireland following the global tax reforms in 2015. These reforms limited the benefits of holding assets elsewhere and so ended schemes like the so-called \u2018Double Irish\u2019 that had helped businesses radically limit tax bills.<\/p>\n","protected":false},"excerpt":{"rendered":"
Apple’s Irish-registered entity, Apple Operations International Limited, reported pre-tax profits of bn in 2023. The entity paid .871bn in tax, contributing to the total corporation tax collected by the Irish government. The company’s dividend paid jumped to bn in 2023. Apple appears to have exhausted deferred tax assets that helped lower its overall tax bills in recent years. The company no longer has any remaining intra group deferred tax assets.<\/p>\n","protected":false},"author":6,"featured_media":5967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[247,4015,186,3385,33,3681,4016,2933,415,2294,3398,1823,187,3752,1130,4012,185,3331,2247,284,3255,1065,4014,1682,544,380],"class_list":["post-5966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-apple","tag-apple-operations-international-limited","tag-business","tag-california","tag-companies","tag-corporate-income-tax","tag-corporate-tax-trends","tag-dividend","tag-government","tag-income","tag-income-tax","tag-increase","tag-international","tag-investments","tag-ireland","tag-irish-arm","tag-main","tag-news","tag-profit","tag-property","tag-reforms","tag-tax","tag-tax-payments","tag-technology","tag-united-states","tag-us"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n