Technology
Apple routed up to $50 billion of profit through Singapore to save $2.7 billion
Apple has made Singapore its largest tax shelter, attributing up to $50 billion of profits to its hub there and saving about $2.7 billion in tax, the Financial Times reported. That is slightly more than the $2.6 billion the company saved through its Irish headquarters, the arrangement at the centre of a long-running European state-aid dispute. The disclosure comes as governments look for revenue to fund infrastructure and industrial policy, and as scrutiny of large technology companies' effective tax rates widens.