Apple 'moved offshore funds to Jersey' after Ireland tax crackdown

Mont Orgueil Castle on Jersey the British tax haven

Mont Orgueil Castle on Jersey the British tax haven

Apple said that after its reorganisation it is paying more Irish tax than before.

Apple maintained that the "vast majority of the value in our products is indisputably created in the United States", the home to design, development engineering and more for the company.

At the start of 2015, the company restructured its affairs in Ireland, and changed the tax residency of Apple Sales International (ASI) and Apple Operations International (AOI) to Jersey, allowing them to maintain their ultra-low tax rates.

In its post, Apple insisted it is the world's biggest taxpayer, paying more than $35 billion in corporate income taxes during the past three years, plus billions more in taxes on property, payrolls, sales and value-added tax, or VAT.

"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).

Apple said it believes comprehensive worldwide tax reform is essential, and that it has for many years been advocating for simplification of the tax code.

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"The debate over Apple's taxes is not about how much we owe but where we owe it", Apple said. It said it pays an effective tax rate of 21 per cent on foreign earnings.

A new trove of financial documents have been leaked demonstrating that companies like Apple and Nike are using tax havens in the Carribean and Europe to save billions of dollars for the wealth elite.

Panorama's Paradise Papers reporting team alleges Apple subsidiaries holding its untaxed offshore cash were shifted to Jersey in the Channel Islands.

Apple settled on Jersey, which had a tax rate of zero for foreign companies.

Apple's 2017 accounts showed it made $44.7bn outside the USA and paid $1.65bn in taxes to foreign governments, a rate of about 3.7%.

"Jersey was to play a significant role in Apple's newly configured Irish tax structure set up in late 2014", the publication said.

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Paradise Papers documents also show details of offshore deals involving Queen Elizabeth II, the USA commerce secretary, a fundraiser for Canada's prime minister and others. "We don't stash money on some Caribbean island".

"The changes we made did not reduce our tax payments in any country", Josh Rosenstock told the Times.

The EC then took Ireland to the European Court of Justice earlier this month when the Irish government had failed to reclaim any of the money since the order was given.

In a statement, Apple said that it paid "every dollar it owes in every country around the world" and said changes to its corporate structure in 2015 were to preserve tax payments in the U.S. rather than lower them elsewhere.

The cache of 13.4 million secret documents came largely from Appleby, a Bermuda-based law firm that helps businesses and wealthy individuals find tax shelters. In 2014, Apple paid a tax rate of 0.005 percent.

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