Reveal Explains Revelations From The Paradise Papers

  • Reveal Explains Revelations From The Paradise Papers

Reveal Explains Revelations From The Paradise Papers

The news outlet and the non-profit investigative organization cited confidential records that were obtained by the German newspaper Suddeutsche Zeitung and shared.

The 13 million documents that make up the so-called Paradise Papers were leaked - some say hacked - from specialist law firm Appleby, which has an office on Jersey.

Although it was aimed at Double Irish structures, the potential rule change would ban all Irish companies from claiming tax residency in a tax haven.

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

Apple has continued to avoid the heavier taxes that some countries would like to exact by moving parts of its company to Jersey, the Paradise Papers have revealed. "Since then all of Apple's Irish operations have been conducted through Irish resident companies", the spokesman said. For instance, the company said its 2015 corporate reorganization was "specially created to preserve its tax payments to the United States, not to reduce its taxes anywhere else".

In its post, Apple insisted it is the world's biggest taxpayer, paying more than $35 billion in corporate income taxes during the past three years, plus billions more in taxes on property, payrolls, sales and value-added tax, or VAT. 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.

Apple previous had its European headquarters in Ireland and the EU regulators told both Apple and Ireland that the company did not pay enough taxes.

Apple is already embroiled in controversy with the European Commission after the latter announced that Ireland must collect about €13bn in back taxes allegedly owed from the iPhone maker.

In 2013, Apple was accused by two of America's most senior politicians of using Ireland to help cut its global tax bill to nearly zero.

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

"When Ireland changed its tax laws in 2015, Apple made changes to its corporate structure to comply".

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.

MORE: Paradise Papers: how do offshore tax avoidance schemes work? Instead they would be taxed by the country where the money is made. 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".

"There was no tax benefit for Apple from this change and, importantly, this did not reduce Apple's tax payments or tax liability in any country", Apple said, stating it had "paid billions of dollars in USA tax on the investment income of this subsidiary".