HMRC stings Apple with £136 million bill for back taxes
Tech giants are often criticised for using complex tax loopholes to bank more of their profits than arguably they should, but occasionally the authorities do manage to find fault in their accounts . Following "an extensive audit" of Apple's books, HM Revenue & Customs scored itself an additional £136 million in back taxes, plus interest, from the company. The Financial Times spotted the payment in the financials of Apple Europe, a UK subsidiary that performs sales support, marketing and other duties for other Apple subsidiaries. According to the FT , HMRC reasoned that Apple Europe did not receive appropriate commission for sales leads from an Ireland-based subsidiary over a number of years up to 2015. Less commission, less taxable income... you get the idea. Apple Europe's financials say the £136 million adjustment "reflects the company's increased activity," and we can't definitively know HMRC's side of the story since it doesn't...