Apple reportedly moved cash to island to avoid Irish taxes

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

Speaking at the Web Summit in Lisbon, the European competition commissioner said she had raised questions about Apple's tax structure before new details were revealed about its affairs in the Paradise Papers leak.

"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 CEO Tim Cook in May 2013 testified before Congress about his company's tax practices. "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", it said.

Apple said this was to ensure that tax obligations and payments to the U.S. were not reduced.

Apple shifted much of its offshore wealth in the face of a tax crackdown on a haven it had in Ireland, according to reporting Monday on the Paradise Papers on the iPhone maker's tax strategy.

Until 2013 Apple had funneled earnings from outside of the Americas through Ireland, which enabled the company to pay as little as 2% in corporation tax.

Apple has accumulated more than $128 billion of profit offshore, and probably much more, that is not taxed by the United States and hardly touched by any other country.

An investigation by the European Commission concluded the rate of tax for one of Apple's Irish companies for one year had been just 0.005%. And even if the company can get an "official assurance of tax exemption" - even better!

More news: With NZ offer rejected, Manus refugees doubt USA resettlement prospects

But Apple has come under fire both in the USA and the European Union for its tax practices. "The changes we made did not reduce our tax payments in any country".

"We believe every company has a responsibility to pay the taxes they owe".

World champion Lewis Hamilton has found himself at the centre of an global tax avoidance scandal.

Congressional Republicans are also seeking to impose a 10 percent tax on some of the profit that USA businesses say is earned offshore - half the rate they are proposing for profit in the United States.

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.

It alleges that Apple lawyers sent a questionnaire to the offshore finance firm Appleby, seeking to discover what tax havens like the British Virgin Islands, Bermuda, the Cayman Islands, Mauritius, the Isle of Man, Jersey and Guernsey could do for Apple.

In a statement, the States said: 'Jersey does not want abusive tax avoidance schemes operating in the Island and expects financial services providers to abide by a voluntary code to say they will not take on this kind of business.

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