Apple sold $4.2 billion of product in New Zealand, paid $0 local taxes
The big technology story in New Zealand this weekend is about Apple's tax bill. Or rather, the lack thereof.
The electronics giant sold $4.2 billion (NZD) worth of products in New Zealand, but it didn't pay any local tax at all. That's according to a Saturday report from the New Zealand Herald. Apple did pay $37 million in income tax based on its New Zealand sales, but it paid that money to the Australian government, since that's where the New Zealand operation is run from.
The arrangement to send the tax on New Zealand profits to Australia has been in place since at least 2007. Experts confirmed the arrangement is legal under New Zealand law.