Tag: tax

Tesla Turns a Profit For the Fourth Quarter In a Row, Chooses Austin For Next Gigafactory

Tesla turned a profit of $104 million in the second quarter of 2020. “As a result, Tesla has now been profitable for four straight quarters for the first time in company history — an elusive benchmark the company has long sought,” reports The Verge. The company also announced it will build its newest Gigafactory near Austin, Texas. CNBC reports: The area…

Apple Wins Fight Over $14.9 Billion Tax Bill in Blow To EU

Apple won its court fight over a record 13 billion-euro ($14.9 billion) Irish tax bill in a crushing blow to European Union Competition Commissioner Margrethe Vestagerâ(TM)s crackdown on preferential fiscal deals for companies. From a report: The judgment by the EU’s lower court on Wednesday vindicates Apple Chief Executive Officer Tim Cook’s challenge against a decision he labeled as “political crap.”…

Apple’s UK Stores Paid $7.7M in Tax Despite $1.7B in Sales

The UK retail arm of Apple paid just $7.7m in taxes last year despite raking in almost $1.7bn in sales, according to the company’s latest accounts. From a report: Revenue at Apple Retail UK, which operates 38 of the company’s stores in the UK, rose by more than 15% in the 12 months to 28 September. But after costs and expenses…

Chinese Bank Required Two Western Companies to Use Tax Software With a Hidden Backdoor

A Chinese bank required at least two western companies to install malware-laced tax software, according to a new report from the cyber-security firm Trustwave. “The two companies are a UK-based technology/software vendor and a major financial institution, both of which had recently opened offices in China,” reports ZDNet: “Discussions with our client revealed that [the malware] was part of their bank’s…

Microsoft is Permanently Closing All Physical Retail Stores

Microsoft has announced it will permanently close all of its physical retail stores and transfer most of its resources to online channels. From a report: This comes after the computing giant shuttered the outlets in late March due to the COVID-19 crisis. In what Microsoft is touting as a “new approach to retail,” the company said its retail store employees will…

IRS Used Cellphone Location Data To Try To Find Suspects

The Internal Revenue Service attempted to identify and track potential criminal suspects by purchasing access to a commercial database that records the locations of millions of American cellphones. The Wall Street Journal reports: The IRS Criminal Investigation unit, or IRS CI, had a subscription to access the data in 2017 and 2018, and the way it used the data was revealed…

Tesla Acquires $5 Million Worth of Land Outside Austin To Build ‘Cybertruck Gigafactory’

Tesla is acquiring $5 million worth of land outside of Austin, Texas to build its new factory. CEO Elon Musk refers to it as “Cybertruck Gigafactory” because it will be where Tesla produces its new electric pickup truck. Electrek reports: Last month, Electrek exclusively reported that Tesla’s next factory is going to be in Austin. After our report, Tesla leaked that…

Trump Administration Escalates Global Fight Over Taxing Tech

The U.S. investigation targets nine countries, plus the European Union, that have adopted or are considering new taxes that would hit American companies like Google and Amazon. From a report: The Trump administration said on Tuesday that it would open an investigation into taxes on digital commerce that have been adopted or proposed in nine countries and the European Union, escalating…