New corporate tax measures aimed at preventing multinational companies making profits in the UK and then shifting them overseas where they incur lower taxes could potentially impact a number of tech companies, including Apple, Google and Amazon.
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Members of the UK government are seeking to close a tax loophole that currently allows online music, app, and book downloads to avoid the country’s 20% “value added tax” in favor of much lower international tax rates, reports The Guardian. If the push is successful, iTunes customers in the UK will instead be taxed at the appropriate rate for their own country.
However, the new law won’t go into effect until January 1, 2015, so there’s still time for things to change. Supporters of the change say that it will lead to more fair competition among foreign and domestic companies, since UK-based companies are currently at a major disadvantage due to the higher tax rate.
Tax ▪ November 13, 2013
According to a report from Reuters, Apple is apparently under investigation in Italy related to unpaid taxes on more than $1.34 billion. The report quotes a “a judicial source with direct knowledge of the matter” and noted that the investigation is currently underway with authorities in Milan.
Milan prosecutors say Apple failed to declare to Italian tax authorities 206 million euros in 2010 and 853 million euros in 2011, one of the sources said, confirming a report by Italian magazine L’Espresso.
“The Apple investigation is under way,” the judicial source said on Wednesday, without giving details.
Reuters notes that Italian authorities in June handed down prison sentences and hundreds of million in fines for unpaid taxes to fashion designers Domenico Dolce and Stefano Gabbana.
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