Apple's tax avoidance strategies are no longer a secret (and nor are those of its rivals). But it doesn't make them any easier to stomach. It's today been revealed that the company shifted $8.6bn in profits from Australia to the loophole land of Ireland over the past ten years. That's one big suitcase.
Reporting just $88.5 million in pre tax earnings for 2013 down under, you'd have to be a financial genius to figure out how to move all that erroneous cash around. Financial geniuses which Apple obviously has an army of. There's a fascinating look at the process over at the Australian Financial Review, and with Apple carrying out similar practices in the UK, it'll make your blood boil. [AFR]