LUXEMBOURG (Hypebot) – Two-thirds of the money Apple’s iTunes collects outside of North America is being funneled through iTunes Sàrla, a Luxembourg holding company that is charged no tax thanks to special agreement signed in 2008. This new revelation comes after heavy criticism of the US based company for paying a less than 1% per tax in Ireland on sales of iPhones, iPads and computers.
Apple Sheltered $2.5 Billion In 2013
Tax documents obtained by The Australian Financial Review show the Luxembourg agreement harbored revenue that grew from €353 million ($508 million) in 2009 to €2.05 billion ($2.5 billion USD) in 2013.
The analysis was based on documents obtained by the International Consortium Of Investigative Journalists as part of their reporting which also outed Amazon and other major companies that use Luxembourg to shelter earnings from taxation. "The landlocked European duchy has been called a “magical fairyland” for brand-name corporations seeking to drastically reduce tax bills," according to the report.