Apple settled on Jersey for new tax shelter after Irish rule change

Apple 'secretly' moved cash to Jersey to escape tax, Paradise Papers report claims

A trove of documents known as the Paradise Papers have reportedly shed light on Apple's search for a new place to store the huge sums, after more than two decades of benefiting from artificially low taxes in Ireland.

"The move affected two of its most important subsidiaries, one of which is thought to hold the key to a company cash pile worth more than $250 billion", The Guardian reported, based on records shared by the International Consortium of Investigative Journalists (ICIJ).

They reveal how Apple sidestepped a 2013 crackdown on its controversial Irish tax practices by actively shopping around for a tax haven.

The world's most valuable company noted that it has earmarked $36 billion to cover deferred USA taxes.

This week there have been reports over Apple tax affairs and also a number of company's after lots of documents were leaked in the Paradise Papers.

Apple has defended its tax arrangements after reports revealed it had shifted its mountain of offshore cash from Ireland to a tax haven in the English Channel. For instance, the company said its 2015 corporate reorganization was "specially created to preserve its tax payments to the United States, not to reduce its taxes anywhere else".

An Apple spokesman told The Irish Times earlier this week that it had paid Irish corporation tax of $1.5 billion in the three years 2014 to 2017, or approximately $500 million per year.

ABC's Four Corners on Monday night revealed Nike sold around $500 million of sportswear in Australia past year, but recorded profits of just 2 per cent of its sales, therefore paying just $4.5 million in tax.

Meek Mill Judge's Beef Behind Stiff Prison Sentence ... Attorney Claims
This update has stirred reactions on social media, and one of those who has shown the rapper support is comic actor, Kevin Hart . What do you think about the Meek Mill prison sentence? However, a judge said both arrests were a breach of his probation.

Ireland's approach to Apple's tax payments has been under scrutiny by the European Commission since 2014, and the state was ordered a year ago to reclaim €13bn in illegal tax benefits from the company.

Outlets that have perused the papers - a large scale leak of financial documents from offshore law firm Appleby - say they show how the company used the firm to help it scout around to keep its tax costs low.

Apple boss Tim Cook stressed at the time that the company paid the tax it owed.

The Paradise Papers disclosures come as President Trump's administration seeks to overhaul the USA federal tax code.

For its part, Apple insists the new structure has not lowered its taxes.

"That remains to be seen if we will open more cases after the Paradise Papers".

Apple on Monday responded to the claims, suggesting that the move was part of its corporate restructuring to comply with Ireland's rules and to ensure that "tax obligations and payments to the United States were not reduced". "We've paid over $35bn in corporate income taxes over the past three years, plus billions of dollars more in property tax, payroll tax, sales tax and VAT", the company said in a statement. Instead they would be taxed by the country where the money is made.

Related News:

  • West Ham appoint Moyes after Bilic sacking

    West Ham appoint Moyes after Bilic sacking

    Moyes' appointment has been greeted with dismay by many West Ham fans, given his lack of success since leaving Everton in 2013. West Ham are in 18th place in the Premier League table, and already appear to have been dragged into a relegation battle.
    Everyone is getting 280 characters on Twitter

    Everyone is getting 280 characters on Twitter

    Long-form tweeting is now the standard for everyone, and the changes are in the process of rolling out to all users. Only five percent of Tweets sent were longer than 140 characters and only two percent were over 190 characters.
    Pay for your pizza using Facebook Messenger!

    Pay for your pizza using Facebook Messenger!

    According to reports, all major banks in the United Kingdom are taking part in the service. This is the first time Messenger has extended payments since launching in the US.
  • TCU campus all clear after armed shuttle driver fires shot

    TCU campus all clear after armed shuttle driver fires shot

    Aerial footage shows police cars on a road near the university's football stadium, with a white shuttle parked nearby. The shooter did not hit the other employee, but as he was leaving in a shuttle bus, bumped the other employee.
    IOS 11.2 Release Date Tips & Tricks

    IOS 11.2 Release Date Tips & Tricks

    The symbol is known in unicode as FE0F, a variation selector used to display characters in other languages that support them. So what is the cause of the problem? It appears to be happening to people with new iPhones using 11.1 IOS software.
    Broadcom offers to buy mobile chipmaker Qualcomm for $103 billion

    Broadcom offers to buy mobile chipmaker Qualcomm for $103 billion

    Broadcom made a $105 billion offer for Qualcomm Monday in what will be the largest technology deal ever if it's successful. M&A strategy, we believe Broadcom potentially sees accretion in the Qualcomm Technology Licensing segment".
  • Pulwama encounter: Three terrorists, Army jawan killed in gunbattle

    Pulwama encounter: Three terrorists, Army jawan killed in gunbattle

    IGP Kashmir zone, Muneer Khan said: "We will ask Pakistan to collect the body of Masood Azhar's nephew as JeM has owned it". One of the terrorists killed in the Pulwama encounter was the nephew of Jaish-e-Mohammad chief, Maulana Masood Azhar .
    Elliott's injunction appeal hearing set for Thursday in NY  federal court

    Elliott's injunction appeal hearing set for Thursday in NY federal court

    Elliott was not charged by prosecutors for an alleged assault reported to police in Columbus, Ohio, in July 2016. District Court Judge Katherine Polk Failla denied Elliott an injunction after a status hearing in NY on Monday.
    Security personnel, three terrorists killed in Pulwama encounter

    Security personnel, three terrorists killed in Pulwama encounter

    He said the search operation led to a gunbattle after the militants fired towards the security forces' positions. Identified as Sham Sundar he was killed during an encounter between government forces and militants.
  • DHS ends Temporary Protected Status for Nicaraguans, delays decision for Hondurans

    DHS ends Temporary Protected Status for Nicaraguans, delays decision for Hondurans

    While spared on Monday, Honduran TPS recipients say the extension just draws out the fear that their permits will not be renewed. The officials said the administration would support any effort by the U.S.
    Idea rolls out unlimited voice calling for Rs 179 with 1GB data

    Idea rolls out unlimited voice calling for Rs 179 with 1GB data

    However, unlike Jio's plans, the voice calls on Airtel's new plan are limited to 300 minutes per day and 1,200 minutes per week. For the same plan subscribers might have to pay Rs 357 or Rs 347 in some cases, a report by TelecomTalk said on Monday.
    IOS 11.1 keyboard glitch prevents certain users from typing 'I'

    IOS 11.1 keyboard glitch prevents certain users from typing 'I'

    Further, the error doesn't appear in any other places on the Mac, such as when I view tweets that look weird on my iPhone . If you type a lowercase "i", the software has been autocorrecting it to an uppercase "A" plus an extra odd character.


Most liked

Trump Hammers Japanese Automakers on Trade
Calls for the Japanese to build more vehicles in the US have echoed through American politics for decades. Trump's comments ignited a social media storm, as well as bringing forth a flurry of helpful facts.

Nokia 5 with 3GB RAM variant launched in India at Rs. 13499
To recap on the spec sheet of the handset, Nokia 5 is equipped with a 5.2-inch display with a resolution of 1,280 x 720 pixels. The usual connectivity options like dual-SIM support and 4G VoLTE are also present in the smartphone.

Manchester City a 'big problem' for Premier League title hopefuls, acknowledges Conte
Arsene Wenger is the only manager to have bested Pep Guardiola while he has managed Barcelona, Bayern Munich and Manchester City . City (71%) and Arsenal (65%) have the highest average ball possession in the Premier League this season.