Great excitement in the financial world – on Friday 3rd of August, Apple became the world’s first trillion dollar company. A mind-blowing amount of money that is more that the economic output of New Zealand and a host of other countries.
We can’t deny that Apple has developed great products. This article was written on a Macbook. But the company has also avoided paying taxes as much as possible. Apple had $811 million in sales in NZ in 2017, yet managed to whittle its profit down to $29.7 million (ODT 4 Aug). That would mean cost of sales was a whopping 96% of income – or some very creative accounting. For over a decade, Apple reputedly paid very little in taxes anywhere. Continue reading