Apple defends new tax haven after Ireland gets tough

08 November, 2017, 01:09 | Author: Valerie Burke
  • Apple defends new tax haven after Ireland gets tough

There's no indication Apple has done anything illegal.

The tiny island of Jersey in the English Channel has reportedly become a tax haven for companies like Apple.

The NYT and the International Consortium of Investigative Journalists cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung and shared.

Cupertino also claims that it remains the world's biggest taxpayer, and says that its move to Jersey was to comply with the new Irish laws, and was not intended nor has in fact created a tax benefit for the firm.

The company said in a statement: "The debate over Apple's taxes is not about how much we owe but where we owe it". The selective treatment allowed Apple to pay an effective corporate tax rate of 1 percent on European profits in 2003, according to the commission a year ago.

There is an ongoing legal battle between the Irish government, Apple and the European Union to claw back more money off the tech company.

Leaked documents known as the "Paradise Papers" shed light on how the law firm was used by major corporations and the wealthy to avoid paying taxes.

The regulators ordered Apple to pay Ireland an extra €13 billion in tax, both Apple and Ireland are appealing this.

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Apple said the new structure did not reduce tax payments in any country and "ensured that our tax obligation to the United States was not reduced".

Paradise Papers: Which famous figures are named in leak of secret tax details?

Apple is one of many USA technology companies that have benefited from stashing cash overseas.

The technology company introduced significant changes to its non-US structures in 2015 in the wake of Ireland's decision to close a controversial tax loophole used by the corporation. That maneuver lets the companies avoid paying hefty taxes they could face by bringing the cash back to the US. As Breitbart News reported in June 2016: "Tech companies, including Apple, Cisco Systems and Google pay lower overseas tax rates than their non-tech USA peers, such as Boeing or Johnson & Johnson".

As Apple came under pressure in the USA and Europe about what was called the "double Irish" scheme, it enlisted offshore finance law firm Appleby to find a new place to stash cash out of the reach of tax collectors, reports said.

The company said it "pays every dollar it owes in every country around the world", including tax in the U.S.at the standard rate of 35% and an effective rate of 21% on foreign earnings.

By the start of 2015, Apple had restructured its affairs in Ireland, including securing tax residency in Jersey for Apple Sales International and Apple Operations International, two of the three Irish shadow companies highlighted in the US Senate investigation a year earlier. That allowed the Isle of Jersey to cut its corporate tax rate to zero percent a decade ago.

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