US corporations are legally avoiding hundreds of billions dollars in taxes every year. On Tuesday business journalists focused on Apple's latest profit figures. What got less attention was the company's announcement that it was going to start borrowing money as a mechanism to avoid tax.Apple announced $9.5bn in profits in the first quarter of 2013. According to corporate filings, Apple allocates more than 70 per cent of its profits overseas to countries with lower tax rates, these profits are held in subsidiaries in countries like the Netherlands and Ireland before being moved again to off-shore tax havens in the carribean.
