Share This Article
Apple’s European subsidiary, headquartered in Cork, Ireland, has reported a significant increase in earnings for the financial year ending September 24, 2022. The company’s profits rose by $11.69 billion year-over-year, with daily pretax profits of $189.87 million per day, a 2% rise from the previous year. Apple Operations International’s sales were also 5.5% higher than the previous year, at $222.75 billion.
Apple’s presence in Ireland has been expanding with new hires and new product testing facilities, and it serves as the official base for all of the company’s non-US work. The directors of the Cork subsidiary report that a majority of the group’s net sales are from outside of Ireland, with the company’s global operations paying a total of $7.69 billion in corporation tax, a 73% increase from the previous year.
However, the company is embroiled in a long-running legal case regarding the tax rates it was offered by Ireland’s government. Apple’s accounts, filed with Ireland’s Companies House, state that the regular 12.5% corporate tax charge would have meant $8.66 billion in corporation taxes, but the company is considering asking the Irish Minister for Finance “to reduce the recovery amount for certain taxes paid to other countries”.
Apple Operations International employs 56,639 people across its subsidiaries, with 6,000 based in Ireland alone. This, along with its international funds, previously made it the country’s largest company, according to the Irish Times.
- Apple Expands Revamped Maps app to Six European Countries
- Federal Jury to Hear Masimo’s Patent Infringement Claims Against Apple Watch
Apple’s Holyhill campus in Cork serves as the official headquarters for all of the company’s non-US work, and its profits include those of all other countries outside the States. As the company’s presence in Ireland continues to expand, it remains to be seen how the legal case surrounding its tax rates will be resolved.