April 30, 2012
Gadget giant Apple is avoiding billions of dollars in taxes by setting up small offices around the world to collect and invest the company’s profits, according to The New York Times.
Saturday’s report said an office in Reno, Nevada, where thecorporate tax rate is zero, was one of many that the California-based technology giant uses to legally sidestep state income taxes on some of its gains.
California’s corporate tax rate is 8.84 percent.
Record sales of iPhones and iPad tablet computers, particularly in China and other parts of Asia, saw Apple report last week that it made a $39.2 billion profit in the quarter ended March 31.