Apple Inc has paid $36.4 million in tax for 2013 fiscal year despite declaring revenues of over $6 billion in Australia. The Cupertino-based tech giant generated $52 million after paying $88.5 million, according to The Australian. The company had acquired a net profit after tax from $58.5 million in 2012 to $40.1 million when Apple paid taxes in Australia.
Despite a drop in profits, Apple Inc hit an an all-time high in revenues from $5.99 billion in 2012 to $6.1 billion in 2013. According to documents filed in the Australian Securities and Investments Commission, Apple Inc Australia had paid $154 million dividend to its parent company in the U.S.
Apple Inc Q1 FY2014 earnings summary
Apple Inc has released its Q1 FY 2014 earnings and surpassed analysts' and its own expectations with $57.6 billion sales with earnings per share of $14.50. The Cupertino-based tech giant announced that the company sold 51 million iPhones, 26 million iPads and 4.8 million Macs. The iPhone and iPad sales for Q1 FY 2014 broke records as Apple claimed they were both quarterly and all-time highs.
Apple continues to enjoy strong demand outside of the United States with international sales accounting for 63 per cent of Apple's Q1 FY 2014 revenue.
In a press release, Apple Inc CEO Tim Cook announced the company is "really happy" with record-breaking iPhone and iPad sales, including the strong performance of Macs in the world market. He also acknowledged the continued growth of iTunes, software and services. Mr Cook added that Apple loves having loyal, satisfied and engaged customers.
Chief Financial Officer Peter Oppenheimer stated that Apple was able to generate a cash flow of $22.7 billion from operations. The company returned $7.7 billion in cash to Apple's shareholders by offering dividends and share buybacks. Mr Oppenheimer said cumulative payments under the program have now reached more than $43 billion.
OECD to curb use of corporate tax havens
Apple Inc is one of the several multi-billion dollar companies including Microsoft and Google Australia to be under scrutiny for the use of tax havens to reduce tax payments.
In 2013, the Organisation for Economic Cooperation and Development (OECD) was asked to develop measures to stop corporations from using tax havens to escape local tax payments.