Corporate welfare: Taxpayers fork out $25m for Apple
Monday, 30 October 2017, 12:46 pm
Press Release: New Zealand Taxpayers' Union
Corporate welfare: Taxpayers fork out $25m for Apple
30
OCTOBER 2017
The world’s most profitable company is set to receive up to $25 million per year in
corporate welfare grants, thanks to Callaghan
Innovation’s ‘growth grant’ programme. Last week it
was revealed that the Apple bought PowerbyProxi, a major
recipient of the R&D grants.
Taxpayers’ Union
Executive Director, Jordan Williams, said:
“First
it was money for Larry Ellison’s Oracle, then French
company Gameloft, and now Apple is getting in on the action.
Our Government’s corporate welfare schemes make New
Zealand a laughing stock. We pay for R&D and don’t even
require the results to stay in New Zealand.”
“Designed in California, funded by Kiwi taxpayers.
Anything that results from the R&D ends up in the pockets of
Apple’s shareholders. It’s nuts.”
“Callaghan
Innovation is trying to defend the grants by pointing out
that they couldn’t have known the business would be bought
by Apple. But that’s mischievous. Korean giant, Samsung,
has owned a substantial equity stake since
2013.”
ENDS
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The New Zealand Taxpayers' Union is an independent activist group, dedicated to being the voice for Kiwi taxpayers in the corridors of power. It's here to fight government waste and make sure New Zealanders get value for money from their tax dollar. New Zealanders are invited to join and donate at http://taxpayers.org.nz
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