Apple's 10-K shows Singapore now cuts its tax bill more than Ireland
Apple's fiscal 2026 10-K shows Singapore cut its taxes by a net $2.7 billion, edging out Ireland at $2.6 billion.
Apple · Macfolio · 9 November 2026
Apple's annual report for fiscal 2026 shows that Singapore has become a bigger tax lever for the company than Ireland. The Form 10-K, filed with the SEC on November 3, 2026 for the year ended September 26, 2026, includes a new country-by-country tax rate reconciliation. The Financial Times reported that Apple saved about $2.7 billion through Singapore versus about $2.6 billion through Ireland, and the filing supports that reading.
What the filing says
Apple adopted accounting standard ASU 2023-09 for fiscal 2026, which requires more detailed tax disclosures. Key lines:
- Income before taxes: $159.2 billion, of which $95.5 billion was foreign
- Tax at the 21% U.S. statutory rate would have been $33.44 billion
- Actual provision for income taxes: $27.06 billion, an effective rate of 17.0%
- Singapore rate difference, including incentives: minus $5.49 billion, partly offset by a $2.51 billion Singapore minimum top-up tax and $311 million of other items, a net reduction of about $2.7 billion
- Ireland rate difference: minus $3.46 billion, offset by $897 million of other items, a net reduction of about $2.6 billion
- Cash taxes paid: $34.6 billion, including $4.96 billion to Ireland and $3.25 billion to Singapore
The FT's figure of roughly $50 billion in profit booked through Singapore is its own analysis, not a line item we found in the filing.
Why it matters, and what it does not mean
Apple's effective tax rate rose from 15.6% in fiscal 2025 to 17.0%, and the Singapore top-up tax line reflects global minimum tax rules starting to bite. The filing also shows $22.5 billion in gross unrecognized tax benefits, positions tax authorities could still challenge. This is not evidence of wrongdoing, and it does not affect product prices, warranties, or App Store terms for customers.
Our take: for anyone tracking Apple as a vendor, the signal is stability. Apple's tax structure is shifting toward Asia, and minimum tax rules are already narrowing the gap. Expect more scrutiny in future filings, not a sudden change in how Apple sells hardware or services.
Caveats: the net Singapore and Ireland figures are our arithmetic from Apple's reconciliation table, and we are not tax advisers.