Tag - Taxes
Apple has had to pay 452 million Chinese yuan ($71 million US) in back taxes in China, along with a 65 million yuan ($10 million) fine after an audit by the Ministry of Finance, which has recently been cracking down on taxation of US companies, showed the company understated its sales and over-reported its profit. The iPhone maker, which has recently risen from seventh to third place in the Chinese market (after briefly reaching the top spot) did not contest the finding.
Apple has filed its latest quarterly report with the US government, and in so doing noted that an ongoing European Commission investigation of Ireland and its government's corporate tax rate could "require Ireland to recover from the company past taxes covering a period of up to 10 years reflective of the disallowed state aid," calling that potential amount "material." While difficult to gauge, the eventual impact could be in the billions for Apple.
Apple paid more than twice as much in taxes in Australia for 2014 as it did in 2013, but still managed to grow profits in the country -- despite increasing scrutiny about its legal but aggressive tax avoidance techniques. According to documents filed with the Australian Securities and Investments Commission (ASIC), Apple paid AU$80.4 million in taxes for 2014 ($64 million US) compared to just AU$36.4 million (roughly $32 million US at the time) in 2013.
Microsoft's tax troubles aren't limited to the US, according to a report from a Chinese news agency. The software company is being accused of tax evasion in the country, after years of posting heavy losses in a Chinese-based subsidiary. As a result, Microsoft is paying the Chinese government $137 million in back taxes and interest.
Microsoft filed a lawsuit against the Internal Revenue Service (IRS) on Monday, seeking information relating to the agency's probe into the software giant's tax records. The suit, filed with the US District Court for the District of Columbia, accuses the IRS of "unlawfully" withholding information that was requested through a Freedom of Information Act (FOIA) request.
A solid performance this past holiday season may have left online retail giant Amazon with as much as $9 billion in cash and investments. This according to industry analysts and investors, who are forecasting larger than ever revenues for the retailer's December quarter. The financial success, though, could spell trouble for Amazon, as the growing cash pile could lead to renewed scrutiny over the company's tax contributions around the world.
Now AAPL Stock: 151.71 ( + 1.44 )
Cirrus creates Lightning-headphone dev kit
Apple supplier Cirrus Logic has introduced a MFi-compliant new development kit for companies interested in using Cirrus' chips to create Lightning-based headphones, which -- regardless of whether rumors about Apple dropping the analog headphone jack in its iPhone this fall -- can offer advantages to music-loving iOS device users. The kit mentions some of the advantages of an all-digital headset or headphone connector, including higher-bitrate support, a more customizable experience, and support for power and data transfer into headphone hardware. Several companies already make Lightning headphones, and Apple has supported the concept since June 2014. http://bit.ly/29giiZj
Apple Store app offers Procreate Pocket
The Apple Store app for iPhone, which periodically rewards users with free app gifts, is now offering the iPhone "Pocket" version of drawing app Procreate for those who have the free Apple Store app until July 28. Users who have redeemed the offer by navigating to the "Stores" tab of the app and swiping past the "iPhone Upgrade Program" banner to the "Procreate" banner have noted that only the limited Pocket (iPhone) version of the app is available free, even if the Apple Store app is installed and the offer redeemed on an iPad. The Pocket version currently sells for $3 on the iOS App Store. [32.4MB]
Porsche adds CarPlay to 2017 Panamera
Porsche has added a fifth model of vehicle to its CarPlay-supported lineup, announcing that the 2017 Panamera -- which will arrive in the US in January -- will include Apple's infotainment technology, and be seen on a giant 12.3-inch touchscreen as part of an all-new Porsche Communication Management system. The luxury sedan starts at $99,900 for the 4S model, and scales up to the Panamera Turbo, which sells for $146,900. Other vehicles that currently support CarPlay include the 2016 911 and the 2017 models of Macan, 718 Boxster, and 718 Cayman. The company did not mention support for Google's corresponding Android Auto in its announcement. http://bit.ly/295ZQ94
Apple employees testing wheelchair features
New features included in the forthcoming watchOS 3 are being tested by Apple retail store employees, including a new activity-tracking feature that has been designed with wheelchair users in mind. The move is slightly unusual in that, while retail employees have previously been used to test pre-release versions of OS X and iOS, this marks the first time they've been included in the otherwise developer-only watchOS betas. The company is said to have gone to great lengths to modify the activity tracker for wheelchair users, including changing the "time to stand" notification to "time to roll" and including two wheelchair-centric workout apps. http://bit.ly/2955JDa
SanDisk reveals two 256GB microSDXC cards
SanDisk has introduced two 256GB microSDXC cards. Arriving in August for $150, the Ultra microSDXC UHS-I Premium Edition card offers transfer speeds of up to 95MB/s for reading data. The Extreme microSDXC UHS-I card can read at a fast 100MB/s and write at up to 90MB/s, and will be shipping sometime in the fourth quarter for $200. http://bit.ly/294Q1If
Apple's third-quarter results due July 26
Apple has advised it will be issuing its third-quarter results on July 26, with a conference call to answer investor and analyst queries about the earnings set to take place later that day. The stream of the call will go live at 2pm PT (5pm ET) via Apple's investor site, with the results themselves expected to be released roughly 30 minutes before the call commences. Apple's guidance for the quarter put revenue at between $41 billion and $43 billion. http://apple.co/1oi1Pbm
Twitter stickers slowly roll out to users
Twitter has introduced "stickers," allowing users to add extra graphical elements to their photos before uploading them to the micro-blogging service. A library of hundreds of accessories, props, and emoji will be available to use as stickers, which can be resized, rotated, and placed anywhere on the photograph. Images with stickers will also become searchable with viewers able to select a sticker to see how others use the same graphic in their own posts. Twitter advises stickers will be rolling out to users over the next few weeks, and will work on both the mobile apps and through the browser. http://bit.ly/29bbwUE