Paradise Papers: Apple moved offshore billions to new tax havens

By: |
New Delhi | Published: November 7, 2017 3:58:39 AM

Apple revamped its overseas subsidiaries to take advantage of tax loopholes on the European island of Jersey after a crackdown on Ireland's loose rules began in 2013.

Paradise Papers, Apple IT sectorApple moved the tax home of two Irish subsidiaries to Jersey. (Reuters)

Apple revamped its overseas subsidiaries to take advantage of tax loopholes on the European island of Jersey after a crackdown on Ireland’s loose rules began in 2013, according to The New York Times and the International Consortium of Investigative Journalists.

The news outlet and the non-profit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung (“ZOOT-doi-cheh DZEYE-tung”) and shared.

The moves came after a US Senate subcommittee found in 2013 that Apple had avoided tens of billions of dollars in taxes by using overseas havens. The paper said Apple has $128 billion in offshore profits untaxed by the US

Apple moved the tax home of two Irish subsidiaries to Jersey, a self-governing island in the English Channel between Britain and France. Apple didn’t immediately comment.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Indian Oil Company blamed for Sri Lanka fuel shortage
2Bank of Maharashtra cuts MCLR by 0.5% for all tenors
3Microsoft CEO Satya Nadella on India visit, interacts with employees in Hyderabad