Apple's 'Jersey tax avoidance links' to be investigated

After a Tax Crackdown, Apple Found a New Shelter for Its Profits

Apple said to the paper that it complies with laws and supports comprehensive worldwide tax reform and a simpler tax system. If an Irish company spent $15 billion on such rights it could claim a $1 billion tax deduction annually for 15 years.

Margrethe Vestager has announced she is taking another look at Apple's tax affairs after hitting out at technology companies for undermining democracy and allowing "fear" and "greed" to drive anti-competitive behaviour.

Apple moved the operation that holds most of its offshore cash out of Ireland to the Channel Island following a tax crackdown in the Republic.

The Paradise Papers is the name for a huge leak of financial documents that is throwing light on the world of offshore finance.

The documents, obtained by German newspaper Süddeutsche Zeitung, were reviewed by the International Consortium of Investigative Journalists (ICIJ), along with a number of publications, including the New York Times and the Guardian.

CNET is unable to verify whether the documents are real or have been altered.

Specifically, to avoid paying $9 billion in USA corporate taxes in 2012, Apple allegedly used a strategy that involved rapid transfers of cash between three offshore units with no tax "residence".

Ezekiel Elliott's Case on Thursday's Docket at 2nd US Court of Appeals
Quinn told reporters on Monday that he will prepare for the Cowboys to have their No. 1 running back come Sunday. The trio of backs took the work last week in practice before Elliott rejoined the team.

Apple CEO Tim Cook slammed the ruling as "total political crap" and argued that there's "no reason for it in fact or in law". After a lengthy inquiry, it found that the company had avoided tens of billions of dollars in taxes by shifting profit into Irish subsidiaries that the panel's chairman called "ghost companies".

Apple has come under fire for tax avoidance in the past, including drawing the ire of a bipartisan United States Senate committee that accused the company of seeking "the holy grail of tax avoidance".

But Apple has come under fire both in the U.S. and the European Union for its tax practices.

Earlier this year, the European Commission revealed its intention to issue a noncompliance action against Ireland for failure to collect tax from Apple. The selective treatment allowed Apple to pay an effective corporate tax rate of 1 percent on European profits in 2003, according to the commission previous year.

World champion Lewis Hamilton has found himself at the centre of an worldwide tax avoidance scandal. As a result, the European Union slapped Apple with a $14.5 billion tax bill in mid-2016.

That prompted Apple to seek an alternative and, according to the BBC investigation of the Paradise Papers, the company identified Jersey - a UK Crown dependency that makes its own tax laws and has a zero per cent corporate tax rate for foreign companies.

Apple's law firm, Baker MacKenzie, had 14 questions for offshore law firm Appleby as it looked at its offices in the Cayman Islands, the British Virgin Islands, Bermuda, the Isle of Man, Guernsey and Jersey.

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