Apple relocated overseas cash to Jersey tax haven, leaked docs reveal

United Kingdom Channel Islands Jersey La Corbiere Point La Corbiere Lighthouse

Tech giant Apple moved offshore funds to the Channel Islands after a crackdown on tax laws in Ireland, according to reports.

Apple CEO Tim Cook in May 2013 testified before Congress about his company's tax practices.

"US multinational firms are the global grandmasters of tax avoidance schemes that deplete not just USA tax collection but the tax collection of most every large economy in the world", former corporate tax adviser Edward Kleinbard was quoted as saying by the NYT.

The German newspaper Sudendeutsch Zeitung gave the New York Times and the International Consortium of Investigative Journalists access to the "Paradise Papers," which are secret files that detail alleged corporate strategies of clients of the Appleby Law Firm, based in Bermuda, that specializes in tax shelter schemes.

"We strongly support efforts from the global community toward comprehensive worldwide tax reform and a far simpler system".

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Google Maps/BI " The debate over Apple's taxes is not about how much we owe but where we owe it.

But the iPhone maker still won't say how much profit it makes through its Irish companies - making it impossible to gauge whether $1.5bn is a lot of tax to pay in three years or not.

The incentive, known as a capital allowance, offered Irish companies big tax deductions over many years if they spent money buying expensive intangible property.

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.

Paradise Papers documents show Apple's two key Irish subsidiaries, Apple Operations International and Apple Sales International, were managed by Bermuda-based legal firm Appleby's office in Jersey from the start of 2015 until early 2016, the BBC said.

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The Papers are just a few of the hundreds of thousands leaked from offshore law firm Appleby, which recently warned its super-rich clients of a data breach in September a year ago, reminiscent of the data breach in 2015 on Panamanian law firm Mossack Fonseca. But while the other two Irish companies took up residency in Jersey, Apple Operations Europe became tax resident in Ireland, the country of its incorporation.

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

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

"Additional tax is then also due in the United States when the earnings are repatriated", the statement said.

A company spokesman told the Times that the company told regulators in the USA and European Commission of the reorganization of its Irish subsidiaries at the end of 2014 and said the moves did not reduce its tax payments in any country. That allowed the Isle of Jersey to cut its corporate tax rate to zero percent a decade ago.

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