Apple settled on Jersey, a dependency of the United Kingdom, which had a tax rate of zero for foreign companies, reports indicated. Prior to 2014, California-based Apple had taken advantage of tax rules to route overseas revenue through Irish subsidiaries to minimize taxes. Apple settled on Jersey, a dependency of the United Kingdom, which had a tax rate of zero for foreign companies, reports indicated. demand for some $14.5 billion in taxes based on a ruling that its tax structure in Ireland amounted to illegal state aid. Appleby was cited as the source of much of the leaked financial data that has resulted in searing revelations in recent days.

Source: The Hindu November 07, 2017 02:17 UTC