Paradise Papers: Apple moved offshore tax haven to Jersey after Ireland crackdown
08 November, 2017, 09:32 | Author: Barbara Daniel
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.
It is the latest revelation from the vast set of papers throwing light on the offshore activities of certain companies and individuals. There is no suggestion that those involved acted illegally.
The tiny island of Jersey in the English Channel has reportedly become a tax haven for companies like Apple.
Collectively, the leaked documents paint a picture of a company looking for a jurisdiction where it would pay low or non-existent taxes, and could operate with discretion in a stable political environment unlikely to change suddenly.
Apple's hunt for a tax haven is a familiar tale, said Reuven Avi-Yonah, director of the global tax program at the University of Michigan Law School, who also reviewed the Appleby documents.
Apple's actions were not illegal and the companies have since moved out of Jersey.
"We believe every company has a responsibility to pay the taxes they owe and we're proud of the economic contributions we make to the countries and communities where we do business". "We don't depend on tax gimmicks", he went on. "We do not stash money on some Caribbean island".
Apple didn't immediately respond to CNET's request for comment but told ICIJ and the other investigative media outlets that "the changes we made did not reduce our tax payments in any country".
In Apple's case, it held its cash in Ireland to pay a much smaller tax rate than the 35 percent level in the US.
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.
In Budget 2014, following months when the Government here faced repeated attacks over a low corporation tax rate and its popularity with global brands such as Apple, Facebook and Google, the Government moved to rebuild its reputation overseas.
Although it was aimed at Double Irish structures, the potential rule change would ban all Irish companies from claiming tax residency in a tax haven.
Then-finance minister Michael Noonan said the reform was necessary because the tax loophole had "caused Ireland great reputational damage" and "the solution was in our hands". In fact, our payments to Ireland increased significantly and over the last three years we've paid $1.5 billion in tax there - 7% of all corporate income taxes paid in that country.
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