Taxing times for S'pore as corporate strategy faces scrutiny

[SINGAPORE] At first sight, tiny Singapore does not look like one of Apple Inc's priority markets: It has no official Apple Store and doesn't even rate a mention in the company's latest annual report.

Apple South Asia Pte Ltd, its Singapore entity, however, booked US$14.9 billion in revenue for the 12 months to September 2012 - more than it would have received had the country's entire 5.3 million population each bought an iPhone 5S, an iPad Air and a MacBook Pro.

There is nothing illegal about the accounting…