SAN FRANCISCO: Apple shifted much of its offshore wealth from Ireland to a tax haven in the British Isles, according a review of leaked Paradise Papers documents on Nov 6. In its lengthy post, Apple said it moved profits to Jersey while making corporate changes to adapt to Irish tax laws tightening in 2015. “Since then, Apple has paid billions of dollars in US tax on the investment income of this subsidiary,” Apple said. Prior to 2014, Apple had taken advantage of tax rules to route overseas revenue through Irish subsidiaries to minimise taxes. Apple settled on Jersey, which had a tax rate of zero for foreign companies.

Source: The Star November 07, 2017 08:26 UTC