Apple Inc. (AAPL): Double Irish Could Mean Double Trouble

It’s hard to imagine that Apple Inc. (NASDAQ:AAPL) won’t feel renewed pressure in both the US and Europe over new revelations that the iPhone manufacturer paid virtually no corporation tax for years on billions of dollars of revenue earned in other countries using the infamous ‘double Irish’.

Apple: Unexplained lower taxes

Accounts uncovered for an unlimited Irish entity known as Apple Sales International (ASI), show that Apple Inc. (NASDAQ:AAPL) paid just $36 million of taxes on a staggering $7.11 billion in profits between 2004 and 2008. With Ireland’s official corporation tax rate of 12.5%, that means the tech giant avoided $850 million of Irish taxes. More worryingly, the official accounts do not explain how the rate was decided or even in what...